BTC gave a green 2 on the weekly chart according to Tom Demark count. This is a long term bull trend signal and means we can have up to 7 weeks of uptrend. Stoch RSI is oversold on the weekly chart which also confirms the possible uptrend. On the daily chart we are currently on green 3. This means we can have up to 6 more days of uptrend. We are above MA50 and MA20 which are also bullish signs.
Stoch RSI is overbought on the daily level because of that we can have a correction this week. Correction can be up to 8309 (fibonacci 0.618) On long term (weekly) I expect the price to increase till 10K. We have 2 major resistance levels: 9553 and 10000. I think there will be a retracement when we reach 9553. After the retracement we will test 10k. 10k is a major resistance level and I will re-evaluate once we get there.
Here is my trading idea:
Long at: 8900
Take profit1: 9500
Take profit2: 9950
Stop loss: 8250
Stoch RSI is overbought on the daily level because of that we can have a correction this week. Correction can be up to 8309 (fibonacci 0.618) On long term (weekly) I expect the price to increase till 10K. We have 2 major resistance levels: 9553 and 10000. I think there will be a retracement when we reach 9553. After the retracement we will test 10k. 10k is a major resistance level and I will re-evaluate once we get there.
Here is my trading idea:
Long at: 8900
Take profit1: 9500
Take profit2: 9950
Stop loss: 8250