KEY AREAS TO WATCH for BTC approaching end of May.
We are approaching a key support area (bottom of horizontal channel in yellow). In order for the rally to come, BTC MUST HOLD 28.8k where I have mentioned this many times as per my previous idea posts. earlier this month
and here more than a week ago
I am NOT SAYING THE RALLY WILL COME but high chances it will. Why?
1. we have been down for quite some time, market will never keep on going in one direction, especially for large-cap like BTC.
2. This is a very strong support and it has held many times before showing buyer pressure.
3. News are slowly coming out showing bullish signs.
How about RESISTANCE that we need to break?
We have the trendline (drawn in WHITE) and price reacted well. This is the very first resistance(circled in RED at 29.5k at the time of post and is slowly going down) we need to break and close. Then next would be 30.2k followed by 30.7k, 31.5k and so on (all circled in RED). There are a lot of liquidity as painted in GREEN and once we reach this 31k price level, the rally should be very much likely. my end target would be 38k.
TLDR:
Break and close below 28.8k, my idea of getting a rally will be NEGATED.
Close above 30.2k, the rally in on the cards.
When to buy? Anywhere around 28.8k is a good buy. SL below 26.3k.
Conservative? wait for the breakout and close above 30.2k, SL 28.3k.
Targets: 24k and 38k.
I am NOT SAYING THE RALLY WILL COME but high chances it will. Why?
1. we have been down for quite some time, market will never keep on going in one direction, especially for large-cap like BTC.
2. This is a very strong support and it has held many times before showing buyer pressure.
3. News are slowly coming out showing bullish signs.
How about RESISTANCE that we need to break?
We have the trendline (drawn in WHITE) and price reacted well. This is the very first resistance(circled in RED at 29.5k at the time of post and is slowly going down) we need to break and close. Then next would be 30.2k followed by 30.7k, 31.5k and so on (all circled in RED). There are a lot of liquidity as painted in GREEN and once we reach this 31k price level, the rally should be very much likely. my end target would be 38k.
TLDR:
Break and close below 28.8k, my idea of getting a rally will be NEGATED.
Close above 30.2k, the rally in on the cards.
When to buy? Anywhere around 28.8k is a good buy. SL below 26.3k.
Conservative? wait for the breakout and close above 30.2k, SL 28.3k.
Targets: 24k and 38k.
Trade active:
Just realized a typo from my side there. Targets should be 34k* and 38k.
So managed to get orders below 28.8k as I mentioned.
Just shifted SL to 27.9k. Now the channel support (in yellow) and trendline drawn (in white) should act as support if this breakout is not a fakeout.
How to determine fakeouts?
1. Low volume
2. immediate bearish reversal candlestick pattern forming
Will update from time to time here if there are any new info in the market.
So managed to get orders below 28.8k as I mentioned.
Just shifted SL to 27.9k. Now the channel support (in yellow) and trendline drawn (in white) should act as support if this breakout is not a fakeout.
How to determine fakeouts?
1. Low volume
2. immediate bearish reversal candlestick pattern forming
Will update from time to time here if there are any new info in the market.
Trade active:
Shifted SL once again to 30.2k.
BTC is going strong now, eating up the liquidations I showed in the charts. Since a lot has changed, i will be posting a new idea for new expectations and potential opportunities that might rise for BTC.
BTC is going strong now, eating up the liquidations I showed in the charts. Since a lot has changed, i will be posting a new idea for new expectations and potential opportunities that might rise for BTC.
Trade closed: target reached