Long-Term Trend Confirmed by Short-Term RSI Breakout
In the long term (daily charts), BTC has started to rise from the trend line. In the shorter term, the RSI on the H4 chart already indicates that the short-term downward trend has been broken. I was expecting a correction down to $59,000-$60,000, but this now seems unlikely, which further supports a bullish scenario.
STOP LOSS: If it goes below $58,000 and breaks the long trend that has been ongoing for months.
If this trend continues, we can expect a bigger rally than the last two waves in this trend. The primary target price is $70,000. After some minor sideways movement, we anticipate a rise up to $100,000.
STOP LOSS: If it goes below $58,000 and breaks the long trend that has been ongoing for months.
If this trend continues, we can expect a bigger rally than the last two waves in this trend. The primary target price is $70,000. After some minor sideways movement, we anticipate a rise up to $100,000.
Comment:
It was surprising to see such an intense red candle on Friday. Nonetheless, the stop loss was still far away. I considered buying around the $60,000 level (increase my long position), but the price didn't drop that much. It has started to rise again, but it hasn't broken out of the downward trend yet. There might be some sideways movement for a few more days, but technically, the situation hasn't changed. Now comes the hardest part of trading: we have to wait...
Comment:
Finally, it has started moving (above 64000) as expected, marking the end of a two-month correction period. Based on previous experience, it might only take 2-3 days to reach the previous all-time high (ATH). After a brief pause, we could see new highs in the coming weeks
Trade closed: target reached:
We've essentially reached our primary target price! From here, depending on individual trading styles and frequencies: one could close the position or raise the stop loss.
For my part, I'm closing a portion of my position because I don't want to wait out a correction phase near the ATH in a margin position. When it starts moving up again, I'll re-enter and adjust the stop loss to the newly established low. I see the next level at $110,000 as quite likely, but that will be part of a future analysis.
For my part, I'm closing a portion of my position because I don't want to wait out a correction phase near the ATH in a margin position. When it starts moving up again, I'll re-enter and adjust the stop loss to the newly established low. I see the next level at $110,000 as quite likely, but that will be part of a future analysis.