BTCUSDT, Daily Technical Analysis (Friday, 14 Feb 2020) Wait to buy Low ($9800, $9650, $9200)
Yesterday, we saw a Bull Trap BTCUSDT quickly jumping up to scan and then falling backwards Buyers who follow the breakout buying trend will stick to the top (at $10.500 now) So, again, avoid Bull Trap – do not buy top or breakout, then can avoid stick at the top
The upward trend of BTCUSDT still maintained. (see EMA 26 50 and 100) This uptrend is broken if BTCUSDT falls below $9600 Which is the bottom of the previous uptrend wave. Wait at last bottom, $9650, buy up if there is a rising setup.
Bull Trap - collapsed One 4H candlestick had a shadow rising above the old top $10500 But were sold down by a large volume down to $10.100 Big shadow is the sign of weakness of the buyers.
The uptrend of BTCUSDT has not been broken But signs of weakness have shown.
We can expect BTCUSDT to decline further today. If you still expect to buy, you should wait at the low prices. Wait to buy Low ($9800, $9650, $9200) Avoid breakout buy stop or Bull Trap
PART 2
Look at 2 big down candle sticks.
One is trend bar candle shows strong downward momentum
The other is the pin bar shows a decline.
Two candles showed a signal that a corrective wave is approaching.
Pull back to last bottom $9650 (EMA 50 EMA 100 with 4H chart) or $9200
Again, remember stop loss or risk management for all trades.
We wait for the corrective wave to take place.
Observe the price action when approaching the support area
In the short term we can wait at the nearest support $9650 (or even $9200)
Do not risk more than 2% for each trade
Do not risk total more than 6% for all trades.
Look at 2 big down candle sticks.
One is trend bar candle shows strong downward momentum
The other is the pin bar shows a decline.
Two candles showed a signal that a corrective wave is approaching.
Pull back to last bottom $9650 (EMA 50 EMA 100 with 4H chart) or $9200
Again, remember stop loss or risk management for all trades.
We wait for the corrective wave to take place.
Observe the price action when approaching the support area
In the short term we can wait at the nearest support $9650 (or even $9200)
Do not risk more than 2% for each trade
Do not risk total more than 6% for all trades.