Hi everyone, in this technical analysis I want to follow up on the previous idea, now that we have more information on what happened with the recent price movements on BTC.
Here I published that I believed the price would move downwards even though the price was only halfway the horizontal zones. This wasn't a good suggestion in retrospect, why would a trend suddenly reverse if it's not at a pivotal point such as near a horizontal resistance zone.
If we zoom in and look at the blue box, we can see that the price beautifully continued directly towards the first one of resistance. Now, on the 1h we are seeing an immediate rejection candle. I suggest to enter a short position towards the support zone, and only then enter a long position for the next bullish continuation of BTC
Retrace imminent, if not now, then later today for sure!! Nice chart thanks for sharing !
MistaTino
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Cant wait to place that 5 year long
Trading-Guru
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@cryptontino, Haha, love it! Just note though that even on a sideways moving asset you can earn a lot of money. You don't necessarily need a price move of 20k to 100k in 5 years on BTC to earn 5x on your principal. You can also earn a x5 in a year with a move of 20k to 21k as long as you use the internal deviations properly :)
MistaTino
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@Trading-Guru, Fair enough, A combination of both would be my plan, Always nice to know u are in the green while taking risky trades. THanks for sharing Guru
Darenno1
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@Trading-Guru, Imho parabolic move is coming for bitcoin like it did previously and 100k should be accessible at the end of 2021.
Trading-Guru
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@Darenno1, Not saying it won't! Just trying to make a point that it's not a necessity for earning a ton of money trading bitcoin :)
eveltonmatos
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We are thinking the same thing
Trading-Guru
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@eveltonmatos, hehe confluence by traders , not by indicators! I like it
AmithS
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Trading-Guru
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@AmithS, Thatnks for sharing AmithS! So I guess we have a very similar idea here, I just want to ask about one thing specifically. Are you sure it's a good idea to put place C directly below place A? I'd say there is a chance on a reversal through the horizontal support from A.