My First Published Analysis: Long BTC to 4K (BitMEX: XBTUSD)
- We've dumped to the 3600 support which has been a strong support previously. has been decreasing on the way down - especially noticeable on smaller timeframes - this indicating that momentum is dying and a short-term reversal may be likely.
- Histogram is also upticking on smaller timeframes. A crossover on the could deliver the start of an uptrend.
- Finally, an analysis shows that we may be looking to complete a 5th wave, which would conclude the B wave and begin a C wave up to ~4600 based on .
At the first sight of a confirmed failure to break the 3600 support, I intend to enter a long placing a stop-loss at ~3500 and aiming to close the trade at 4000, the 0.382 fib extension line. This gives a nice risk:reward ratio of 3.33 to 1.
Would love any feedback or counter-opinions on this analysis. You can follow me on Twitter @UdotongE