Bitcoin: Buy Signal from Support

BYBIT:BTCUSD   Bitcoin / U.S. Dollar
I have no ideas about how the price will act during the next week. But if we talk about a possible model, here is an example of a long trade. The model is based on the price reversal from the support zone with the further upward movement in the direction of the uptrend.

If the price breaks the support zone , it will be a new story. Probably the market will give us new buying opportunities from 11 000$ support zone or SMA200. We will see!

This post does not provide financial advice. It is for educational purposes only! You can use the information from the post to make your own trading plan for the market. But you must do your own research and use it as the priority. Trading is risky, and it is not suitable for everyone. Only you can be responsible for your trading.
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+2 Reply
RocketBomb dragansimic171111
@dragansimic171111, agree with DLavrov in mid term!

+1 Reply
DLavrov RocketBomb
@RocketBomb, thanks!
DLavrov dragansimic171111
@dragansimic171111, you are welcome!
Trading-Guru dragansimic171111
@dragansimic171111, Thanks as well! I see there is an important bearish scenario as well that you might want to take into account:
DLavrov Trading-Guru
@Trading-Guru, what are the reasons for the breakout below the main uptrend line?
@DLavrov, We see some very cautious optimism, which usually really scares me. What I see here on the chart are very reluctant traders, seeing a reduction in ATR (an indicator for volatility ), and seeing a way too clean parallel ascending channel.

This to me only indicates one thing: danger. Everybody is a spectator right now, and when the price is making a new big move, all the spectators will come into action. That's why I am preparing for my next short position after the price gets rejected at around the psychological resistance of $12,000.
+1 Reply
Interesting and also good work but pullback is very possible so buying the current resistance can backfire easily
+1 Reply
Are you sure... it looks bearish to me. I agree more with the head and shoulders comment above
+1 Reply
Very good strategy. Thanks for sharing your idea πŸ»β€β„οΈπŸ˜ƒ
+1 Reply
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