BTCUSD LONG 8/11/18
On August 11th I had made a post on analysis for a potential long opportunity on BITCOIN/DOLLAR. I had based my analysis on the momentum that was shown by the buyer on the 1H Time frame chart. The momentum showed me that the buyer was interested in this pair around the 6200 price level. Whenever you see such strong interest in a financial instrument its something to take a minute to look at.
The #1 sign of a reversal is POWER. So anytime I see a very clear distinct sign of some true POWER or strength from a buyer or seller I look for what opportunity it may bring about. This pair was sitting at a recent significant structure around the 6200 level. I saw the very strong push by the buyer on the 1H chart time frame. Even though BITCOIN has been in a downtrend since December of last year, it doesn't mean there are shorter term opportunities to go long.
Based on the momentum on the 1H time frame chart and the momentum of the pullback I had decided to look for a long opportunity in this pair. NOW I usually don't give this good of a tip for free but I appreciate everyone who supports me on here so here it is; WHENEVER THERE IS A SIGN OF A REVERSAL TO GO IN THE OTHER DIRECTION ALWAYS LOOK FOR A POTENTIAL FAKEOUT TO THE UPSIDE/DOWNSIDE BEFORE A REVERSAL OCCURS. As you can see with this pair there was a fakeout below that strong buyer before this pair had decided to rollover.
Once this had happened BITCOIN went on the hit all 3 targets from 6580, 6700, and finally hitting 6900 level on August 22nd (my birthday;). Price was holding structure at the 6200 very well for over a week giving multiple opportunities, if taken, to get in this trade. For everybody that did then cheers! On to the next one.
Cheers! Please like and follow me for further analysis!
On August 11th I had made a post on analysis for a potential long opportunity on BITCOIN/DOLLAR. I had based my analysis on the momentum that was shown by the buyer on the 1H Time frame chart. The momentum showed me that the buyer was interested in this pair around the 6200 price level. Whenever you see such strong interest in a financial instrument its something to take a minute to look at.
The #1 sign of a reversal is POWER. So anytime I see a very clear distinct sign of some true POWER or strength from a buyer or seller I look for what opportunity it may bring about. This pair was sitting at a recent significant structure around the 6200 level. I saw the very strong push by the buyer on the 1H chart time frame. Even though BITCOIN has been in a downtrend since December of last year, it doesn't mean there are shorter term opportunities to go long.
Based on the momentum on the 1H time frame chart and the momentum of the pullback I had decided to look for a long opportunity in this pair. NOW I usually don't give this good of a tip for free but I appreciate everyone who supports me on here so here it is; WHENEVER THERE IS A SIGN OF A REVERSAL TO GO IN THE OTHER DIRECTION ALWAYS LOOK FOR A POTENTIAL FAKEOUT TO THE UPSIDE/DOWNSIDE BEFORE A REVERSAL OCCURS. As you can see with this pair there was a fakeout below that strong buyer before this pair had decided to rollover.
Once this had happened BITCOIN went on the hit all 3 targets from 6580, 6700, and finally hitting 6900 level on August 22nd (my birthday;). Price was holding structure at the 6200 very well for over a week giving multiple opportunities, if taken, to get in this trade. For everybody that did then cheers! On to the next one.
Cheers! Please like and follow me for further analysis!