DLavrov

Bitcoin: Reversal from 50 000$ and My Trading Plan

BINANCE:BTCUSDT   Bitcoin / TetherUS
The price is not far from 50 000$. I think it makes sense to say that the price reached the target. I wrote about this main target for buyers in this post. What's next?

From my point of view, we have to watch for the price action at 50 000$ as it will be able to become a good resistance. Why? Look at the space between the current price and SMAs . It tells us that the market is overbought, and we should be ready to see a correction movement. RSI line reached the overbought zone as well. It is another signal which tells us about a possible correction movement. Look at the MACD histogram and compare it with the previous high. Don't you think that it is another bearish signal? Also, we should be ready to see a bearish divergence at 50 000$ which will give a very solid bearish signal.

I know, many of you will write in the comments that I'm wrong again, and the price will move to the Moon! I understand your position. You like to follow your emotions and ignore signals from the chart and indicators.
You also didn't believe me when I wrote about a pullback from 40 000$ toward 30 000$ and even toward 20 000$. But the price reached 30 000$ and gave us very good buying opportunities.

To be honest, I have no ideas where the price will be tomorrow. I don't have a crystal ball, and I don't want to play in predictions.
I want to take into consideration all signals and create a trading plan based on these signals.

So, what should I do if the price bounces from 50 000$?
- I will watch for a correction movement and search for buying opportunities at SMA20, SMA50, and 30 000$ support.
- I will open swing and long term trades after the correction using the reversal signal from these lines.

What should I do if the price breaks 50 000$?
- I will look around and try to be sure that it is not a false breakout
- I will use trade opportunities for short term trading in the 5m-1h timeframes.

How the market will move further, I don't care. I have the exact trading plan for both options, and I'm going to follow it.
And what about you?



Disclaimer!
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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Comments

With BTC Everything is possible. The indicator to watch is called Elon.
+12 Reply
Gunslinger2005 villio7891
@villio7891, good lord
Reply
Clean and very simple analysis! things that come with experience and preparation!!!.
Thanks for your sharing your idea
+10 Reply
DLavrov DavidEsteban
@DavidEsteban, thanks for your comment!
Reply
WizdomSeekerr DavidEsteban
@DavidEsteban, BTC will not reverse down.. Every dip was followed by massive buys. This will not stop until some catalyst comes along. Reason why is that it's working! I would highly recommend people hold their BTC and/or add on the dips
+6 Reply
DavidEsteban WizdomSeekerr
@WizdomSeekerr, good for you man. The only think i can tell you is that nothing is 100% sure in trading. I've seen 50% drops in a day, bear/bull markets. And the only thing sure is that everything that goes up also goes down. Maybe we'll not see 2k, 6 or 20k again and i'm totally fine with it. If you want to stack as much as possible btc go for it
+4 Reply
SaradisVagalatis WizdomSeekerr
@WizdomSeekerr, I totally agree with you...

I think this is the point where everybody will loose the ball and will be left behind or get short squeezed out of the game.

A serious correction will be at around the 80000 which will reach slowly but steadily with reasonable corrections and will make the 45-50000 area a support zone afterwards...
Reply
bluetooth.developer SaradisVagalatis
@SaradisVagalatis, based on what?
Reply
SaradisVagalatis bluetooth.developer
@bluetooth.developer, based on the graph, i would say even a bit higher...85000+ and support 55000
Reply
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