GreenValleyTrading
Long

BTC/USD - Weekly - Buy now or ... cry later

BINANCE:BTCUSDT   Bitcoin / TetherUS
Charts say it all

Comment: Detailed arguments :

===> 2020 yearly pivot (8170) = still holding as support
(always look at horizontal levels before trendlines, especially when they are so important, because you can't do more important than yearly pivot)

===> bullflag descending channel = broken, with higher trendline now acting as support
(look at the logarithmic weekly chart, always use the log chart, since linear is biased on long term; you can read about that on investopedia)

===> EMA-MA 50 and 100 weekly holding as support (I'm using volume weighted versions)

===> Large volumes during pump phases since end of october

===> hidden bull div stochastic divergence on 12h (you'll also find hidden bull rsi and stoch div on lower TF)

===> wolfe wave bullish pattern on 4h, now broken
it's a specific falling wedge version, only happening on highs, and composed of 5 points

===> we had a potential diamond reversal pattern on 1h and 2h timeframes, which is now broken and valid

===> R2 monthly pivot (8440) is now acting as support again
We now must break the local POC at 8660

* POC = volumes Point of Control, is the most exchanged price level, you'll find it with the Volume Profile tool
Comment: Sexy 3D
Comment: Don't forget to look after BLX monthly log chart with EMA 10 and 25 (= weekly EMA 40 and 100)

Comments

btc to 9500, do you think it will call back?
Reply
@glennsvip, I'm holding my position to R1 yearly at 13-14k
Reply
@glennsvip, I'll maybe take some profits around 9k8 - 10k2 in order to buy back lower
Reply
glennsvip GreenValleyTrading
@GreenValleyTrading, Thank you very much for sharing
+1 Reply
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