Good afternoon my beloved followers,
Here is my new analysis about BTC.
Everything is pointing a new huge and healthy pump around 3.2k price zone.
If you look carefully I have pointed all the factors that make me think that BTC could reverse shortly to upper targets. Note that we are in a clear bearish scenario and i have never been a supporter of "catching knives" and always looked targets to place my shorts so this is, essentially a risky play. Fundamentally, BTC have been since months in a clear bear/panic downtrend but nowadays, the volume of sellers decreased drastically and this week we moved around 3.1-3.3K thing that is worthknowing. There are a lot of buying pressure to levels of 3k, but we have not still gone there, we will, but maybe it's time for a healthy pump.
Things to take into account, price should be above MA (3300) in blue for a better confirmation of the pump so we are in a really early stage for the possible move up.RSI and MACD should start to behave possitively like they are starting to do right at this moment and of course stop loss should be around 3k level if not 3k sharp.
The most important for me on this analysis are the bear flags pointed on Pink lines:
FIRST BEAR FLAG: 5 DAYS, -12% APROX
SECOND BEAR FLAG: 5 DAYS -22% APROX
THIRD BEAR FLAG: 3 DAYS -17% APROX
FOURTH BEAR FLAG: 11 DAYS -9% APROX
FIFTH BEAR FLAG: 6 DAYS -7 % APROX
As you can see, the sell pressure is declining and BTC is struggling to find new lows it is at least a reasonable strategy to set up a long.
Strategy that i will follow:
Buy "what i am able to lose" around 3.15k-3.25k.
TARGET 1: 4.2K-4.4K 1st Fibo Level 0.236
TARGET 2: 5k, personally i don’t think this could go higher due to 3 peaks resistance i marked in purple.
**Note that this is not financial advice and should not be taken as such, i am only sharing my idea with you**
What do you think?
BeniGo
Here is my new analysis about BTC.
Everything is pointing a new huge and healthy pump around 3.2k price zone.
If you look carefully I have pointed all the factors that make me think that BTC could reverse shortly to upper targets. Note that we are in a clear bearish scenario and i have never been a supporter of "catching knives" and always looked targets to place my shorts so this is, essentially a risky play. Fundamentally, BTC have been since months in a clear bear/panic downtrend but nowadays, the volume of sellers decreased drastically and this week we moved around 3.1-3.3K thing that is worthknowing. There are a lot of buying pressure to levels of 3k, but we have not still gone there, we will, but maybe it's time for a healthy pump.
Things to take into account, price should be above MA (3300) in blue for a better confirmation of the pump so we are in a really early stage for the possible move up.RSI and MACD should start to behave possitively like they are starting to do right at this moment and of course stop loss should be around 3k level if not 3k sharp.
The most important for me on this analysis are the bear flags pointed on Pink lines:
FIRST BEAR FLAG: 5 DAYS, -12% APROX
SECOND BEAR FLAG: 5 DAYS -22% APROX
THIRD BEAR FLAG: 3 DAYS -17% APROX
FOURTH BEAR FLAG: 11 DAYS -9% APROX
FIFTH BEAR FLAG: 6 DAYS -7 % APROX
As you can see, the sell pressure is declining and BTC is struggling to find new lows it is at least a reasonable strategy to set up a long.
Strategy that i will follow:
Buy "what i am able to lose" around 3.15k-3.25k.
TARGET 1: 4.2K-4.4K 1st Fibo Level 0.236
TARGET 2: 5k, personally i don’t think this could go higher due to 3 peaks resistance i marked in purple.
**Note that this is not financial advice and should not be taken as such, i am only sharing my idea with you**
What do you think?
BeniGo
Trade active:
Hi all,
Nice pump we got here, now a little squeeze and if we are not wrong, UP.
We are just over the MA i am expecting a nice volume here, the day end candle today is really important.
Keep you posted.
BeniGo
Nice pump we got here, now a little squeeze and if we are not wrong, UP.
We are just over the MA i am expecting a nice volume here, the day end candle today is really important.
Keep you posted.
BeniGo
Personally I've sold at 4170 50% of my position yet that it was clear that volume was decreasing and a correction was needed in order to find new highs.
Well, let's go right to the analysis. Now we are in a correction channel that could go as far as 0.5 fib (3500aprox) in order to start the bull again.
There's two options right here, sell part of your profits now, or wait and expect a bull correction like me. I will be full positioned again around 3500.
I have problems on setting an stop loss, yet that BTC have been way much volatile this month and it could touch the SL without meaning that the price is actually going down. A proper SL for this set up would be around 3300-3400 as i show in the link below.
I think in 1 month we could be talking about BTC reaching 5k time will tell.
Trade safe and please have a nice Christmas and New Year holidays,
Picture:
Kind regards,
BeniGo.