Enter on a logical level, move to 8,800 -> 9,000 possible
Today bar is likely to end up as a pin bar. It is to be expected, bitcoin was in a contraction phase and November crash created strong Ichimoku cloud upfront. On top of all that, sudden upward movement happened to leave 3rd deviation Bollinger Bands, which is statistically more frequent on cryptocurrencies but still increases pullback probability by a great margin.
I recommend avoiding trading against the trend. My personal setup is to enter on a logical level based on Volume Profile. Reaching a low volume area, however, is not a signal by itself. Price action signal should appear on the level. Another pinbar would be most comfortable to trade, but something like outside bar appears, I will take it too. I'll update the analysis when we reach the level.
I will be rating all my analysis this year. This setup will be considered successful if we reach the lower rectangle and open a successful long position based on price action with a minimum of 2:1 ratio
Good luck
I recommend avoiding trading against the trend. My personal setup is to enter on a logical level based on Volume Profile. Reaching a low volume area, however, is not a signal by itself. Price action signal should appear on the level. Another pinbar would be most comfortable to trade, but something like outside bar appears, I will take it too. I'll update the analysis when we reach the level.
I will be rating all my analysis this year. This setup will be considered successful if we reach the lower rectangle and open a successful long position based on price action with a minimum of 2:1 ratio
Good luck
Trade active:
Saturday and Sunday will be likely inside candles, it is possible to start buying now. Buy near the rectangle.
Trade closed: target reached:
This move is pretty fast, but I expect it to stop at least to 8,400 USD now. My stats on analysis in 2020 are now:
•A total potential reward of all my analysis is 5 out of which 2 was realized.
•The total risk of all my analysis (number of analysis) is 2 out of which 1 was realized.
•Trading based on my published analysis would equal to closing one RRR 2:1 position successfully.
•A total potential reward of all my analysis is 5 out of which 2 was realized.
•The total risk of all my analysis (number of analysis) is 2 out of which 1 was realized.
•Trading based on my published analysis would equal to closing one RRR 2:1 position successfully.
Comment:
Just a correction, RRR is meant to be 1:2 I wrote the numbers in a wrong order.
Shouldn't take too many days till btc buy signal is generated.