Today, we bring to your attention our vision of a long-term trade on the pair BTCUSDT Now the price of BTC is in a very critical zone.
On the one hand, some market participants may argue that the price of BTCUSD has broken down the black support line and is fixed under it, and accordingly, the continuation of the decline is inevitable. On the other hand, it seems to us that the fall in early May completed the ABC correction and is now consolidating before moving up, perhaps even within and with the goals of white parabolic growth. Also, the Crypto Fear & Greed Index is now in the same consolidation at the absolute bottom as in December 2018 and March 2020.
For ourselves, we consider acceptable and balanced long-term trade with the following parameters: Entrance to the position in the area of $29300 Take profit $52200 Stop under $25700 Profit/loss ratio 6/1
The next update of this idea will be: - if the Bitcoin price will fix above $35500-36000. If this condition is met, you can take more long position, or re-enter long with less risk. - if the stop order on this trade works, it means that the downtrend will most likely continue, and we will have to look for points to enter the shorts after the rebound. _______________________________ Since 2016, we have been analyzing and trading the cryptocurrency market. We transform our knowledge, trading moods and experience into ideas. Each "like under the idea" boosts the level of our happiness by 0.05%. If we help you to be calmer and richer — help us to be happier :)
IMO. Whales are rebalancing their highly price-paid bitcoins, and will dump them anytime. Currently, all parameters state bitcoin/cryptos are in a bear cycle. A considerable drop is anytime soon in the next few weeks. I am bull but waiting for the right time. I will buy it when it drops under 28k (likely 20k to 25k will happen) and will be okay if it drops further and hodl (rather than selling at loss). Alternatively, If current theory of bull cycle is correct, I will wait to clear 33k and take the risk for minimal profit. Last thing you want to take chance with losing 50%.
If the price drops I will buy a little more.
Thx!