Greetings, Bitcoin traders!
I`m here to present you my lastest technical analysis of the daily BTCUSD chart and a promising trading idea based on the price patterns and technical indicators!
After taking a look at the latest pattern breakouts, like "Flag" pattern in Q418 - Q119 and TrIangle in the end of March, I have come to a conclusion that the traders pay increased attention to the classical trend patterns, thus, have high rate of reliability. This makes me confident in the idea of recent bullish channel formation, where the price is moving above the MAs of the Alligator indicator with AO above the zero line and in the green zone. This classical technical indicators help me to determine the current trend, which is a bullish one.
Today`s bar has reached the upper side of the price channel (5700), and rebounded from it. I believe, the following scenario of price dynamics will play out:
BTCUSD will retrace to the lower side of the price channel (5250), which coincides with the green line of the Alligator (strong level of support) rebound from it, and continue the current trend, growing momentum and reaching new local highs within this price channel.
So, my humble recommendation would be placing the pending limit orders using trade levels that are marked on the chart:
Buy-limit - 5249.4 - green line and price channel support level
Stop-loss - 4963.8 - previous local lows
Take-profit - 5886.7 - extended price channel upper side
R/R ratio: 2.0x
If we dont reach the signal level by the end of this week or breakout the upper side of the channel earlier, then the signal should be considered canceled.
For those who agree with my analysis and trading ideas, please follow me on TradingView, leave a like or/and a comment in the section below. Cheers!
Best regards.
Alex Stanilevych
I`m here to present you my lastest technical analysis of the daily BTCUSD chart and a promising trading idea based on the price patterns and technical indicators!
After taking a look at the latest pattern breakouts, like "Flag" pattern in Q418 - Q119 and TrIangle in the end of March, I have come to a conclusion that the traders pay increased attention to the classical trend patterns, thus, have high rate of reliability. This makes me confident in the idea of recent bullish channel formation, where the price is moving above the MAs of the Alligator indicator with AO above the zero line and in the green zone. This classical technical indicators help me to determine the current trend, which is a bullish one.
Today`s bar has reached the upper side of the price channel (5700), and rebounded from it. I believe, the following scenario of price dynamics will play out:
BTCUSD will retrace to the lower side of the price channel (5250), which coincides with the green line of the Alligator (strong level of support) rebound from it, and continue the current trend, growing momentum and reaching new local highs within this price channel.
So, my humble recommendation would be placing the pending limit orders using trade levels that are marked on the chart:
Buy-limit - 5249.4 - green line and price channel support level
Stop-loss - 4963.8 - previous local lows
Take-profit - 5886.7 - extended price channel upper side
R/R ratio: 2.0x
If we dont reach the signal level by the end of this week or breakout the upper side of the channel earlier, then the signal should be considered canceled.
For those who agree with my analysis and trading ideas, please follow me on TradingView, leave a like or/and a comment in the section below. Cheers!
Best regards.
Alex Stanilevych