Okay, so a bit of analysis on BTC with a possible profitable trade in the horizon.
We see in this chart that bitcoin rejected the exact same area that it rejeted on 19th of august, but this time is different, support is super strong (second blue zone) but resistance is just as tight. 223 ema acting as clear support for now,a 4h candle below it would also mean that support has been breached and we should go to the next strong support which is in the 9500 area. However, like in the last trades 9950 proved to be an important zone so i would rather take some profit there.
Now long scenario, former meme champ trendline acting as convergent resistance for the moment, but it could lead to a fakeout. i would much rather wait for BTC to break the first blue Zone, then start a long, but scaling in could be just as profitable with stop loss just under 0.382 fib area. Now the ideal target for a long would be 12300, but at the moment seems a bit unlikely, i expect 11680 golden line to be rejected, close above it and 12.3 is very much in the books. Curious to see how this would play out, market view is still bearish, not beeing able to break the 10.9 treshold and dumping hard each time after, now all depends on the blue areas to be breached, each way it would lead to a profitable trade !
We see in this chart that bitcoin rejected the exact same area that it rejeted on 19th of august, but this time is different, support is super strong (second blue zone) but resistance is just as tight. 223 ema acting as clear support for now,a 4h candle below it would also mean that support has been breached and we should go to the next strong support which is in the 9500 area. However, like in the last trades 9950 proved to be an important zone so i would rather take some profit there.
Now long scenario, former meme champ trendline acting as convergent resistance for the moment, but it could lead to a fakeout. i would much rather wait for BTC to break the first blue Zone, then start a long, but scaling in could be just as profitable with stop loss just under 0.382 fib area. Now the ideal target for a long would be 12300, but at the moment seems a bit unlikely, i expect 11680 golden line to be rejected, close above it and 12.3 is very much in the books. Curious to see how this would play out, market view is still bearish, not beeing able to break the 10.9 treshold and dumping hard each time after, now all depends on the blue areas to be breached, each way it would lead to a profitable trade !