Hey there cryptofriends!
I've been following crypto since halfway 2016 but I've never really shared my ideas on the charts. Well, here I am. I want to get more involved and share my thoughts with you all and I'd love to hear all of your thoughts too. This is how we all learn. Anyways, let's get to the real deal and discuss my idea.
I believe we are very close to getting confirmation for a bullmarket and I'd like to start explaining why based on higher timeframes. Later on I will move into the lower timeframes.
1. BTC halving coming up. I don't think this needs further explanation.
2. BTC monthly trendline broken and almost retested.
3. BTC monthly fib 61.80 lining up with the trendline.
4. BTC weekly trendline broken but couldn't hold the retest.
5. BTC daily showing we are getting closer.
I'm a big fan of looking for a break of trendlines and retests for confirmations. As we can see on the monthly charts of BTC we broke the trendline in January 2020 but we didn't get a retest yet. With the recent drop we are getting very close to retesting the trendline.
If we add Fibonacci to the monthly charts we can see that fib 61.80 is @ 7200. This lines up perfectly with previous support AND our trendline. Time to move on to the weekly timeframe.
In the 1st week of February we broke the weekly trendline and rose above. In the last week of February prices dropped and it couldn't hold the trendline, creating a big engulfing candle to the downside. The week after we can see we tried to move back up again but got rejected (it's where I drew the purple circle) and this meant for me there was more downwards movement coming. If we look left on the charts we can see there is consolidation between 7300 - 6800. If we remember the fib 61.80 is @ 7200, this will be a very important support area. Let's move on to the daily charts.
In the daily we can already get more into detail over the current situation. If we look left on the charts we can see there is a big rise from May - July in 2019. One of the first red candles in between all the green ones is from 7200 - 6950, where I drew the yellow box as an important area. We can also see that this is where BTC prices consolidated in November/December 2019. From there is where we started to rise again and I believe it is going to be an important area again. We also see that the trendline and this area line up from the end of March - beginning of April. This doesn't mean we can't go there earlier. I prefer we hit this area as early as possible so we still have time to move up in the rest of this month. Even that now we are talking about the daily chart and sometimes we can forget to look back at the bigger picture we have to keep in mind that we started this idea from the monthly trendline. Most important is that we close this month above this trendline and we have touched, and thus retested, it.
I don't think I have to go into more detail on any smaller timeframe since I am not here to exactly snipe the perfect entry. I'm here for the long term moves and from that point of view I believe that the area between 7200 - 6950 will be a great area to buy in and go long on BTC!
Thank you for having a look at my idea and please, feel free to share your thoughts with me!
Happy trading everyone!
I've been following crypto since halfway 2016 but I've never really shared my ideas on the charts. Well, here I am. I want to get more involved and share my thoughts with you all and I'd love to hear all of your thoughts too. This is how we all learn. Anyways, let's get to the real deal and discuss my idea.
I believe we are very close to getting confirmation for a bullmarket and I'd like to start explaining why based on higher timeframes. Later on I will move into the lower timeframes.
1. BTC halving coming up. I don't think this needs further explanation.
2. BTC monthly trendline broken and almost retested.
3. BTC monthly fib 61.80 lining up with the trendline.
4. BTC weekly trendline broken but couldn't hold the retest.
5. BTC daily showing we are getting closer.
I'm a big fan of looking for a break of trendlines and retests for confirmations. As we can see on the monthly charts of BTC we broke the trendline in January 2020 but we didn't get a retest yet. With the recent drop we are getting very close to retesting the trendline.
If we add Fibonacci to the monthly charts we can see that fib 61.80 is @ 7200. This lines up perfectly with previous support AND our trendline. Time to move on to the weekly timeframe.
In the 1st week of February we broke the weekly trendline and rose above. In the last week of February prices dropped and it couldn't hold the trendline, creating a big engulfing candle to the downside. The week after we can see we tried to move back up again but got rejected (it's where I drew the purple circle) and this meant for me there was more downwards movement coming. If we look left on the charts we can see there is consolidation between 7300 - 6800. If we remember the fib 61.80 is @ 7200, this will be a very important support area. Let's move on to the daily charts.
In the daily we can already get more into detail over the current situation. If we look left on the charts we can see there is a big rise from May - July in 2019. One of the first red candles in between all the green ones is from 7200 - 6950, where I drew the yellow box as an important area. We can also see that this is where BTC prices consolidated in November/December 2019. From there is where we started to rise again and I believe it is going to be an important area again. We also see that the trendline and this area line up from the end of March - beginning of April. This doesn't mean we can't go there earlier. I prefer we hit this area as early as possible so we still have time to move up in the rest of this month. Even that now we are talking about the daily chart and sometimes we can forget to look back at the bigger picture we have to keep in mind that we started this idea from the monthly trendline. Most important is that we close this month above this trendline and we have touched, and thus retested, it.
I don't think I have to go into more detail on any smaller timeframe since I am not here to exactly snipe the perfect entry. I'm here for the long term moves and from that point of view I believe that the area between 7200 - 6950 will be a great area to buy in and go long on BTC!
Thank you for having a look at my idea and please, feel free to share your thoughts with me!
Happy trading everyone!
Comment:
Hey guys, quick update. Looks like we are getting ready for another push down towards our target between 7200 - 6950. Let's see how this plays out.
Comment:
Hey there friends! As expected we had our push down and we have just hit the trendline of the monthly timeframe that we were looking for. I have partially closed my shorts and have put the SL for the open position pretty tight. I think there is still some more room for downwards movement because of the fib -27 and the important support area between 7200-6950 but we have also hit, and retested our monthly trendline, which was the initial target. Stay safe here!