Trading plan: BTCUSD (Bitcoin)
Bitcoin corrected downwards on large volumes, as we expected.
What are we waiting for?
1. The first signs for Bitcoin sales are noticeable already. It remains to wait for the correction upwards, to the Bitcoin sales area: $ 7640 - $ 7565, and look for an entry point for a short position.
2. Bitcoin sales zone: $ 7640 - $ 7565 is the point from which the direction of rate will be decided. If the buyers are strong, then Bitcoin's rate will pass this zone upwards on the momentum, and sales will be canceled. If sellers are strong, we will see a pause of Bitcoin's rate in the sales area, and the growing volumes for its sale, then we will open a short position.
3. If Bitcoin's rate is above the sales zone, more than $ 7640, and its fixing above this level, we will understand that it is necessary to buy and not sell Bitcoin.
Priority of the day: sale of BTCUSD with a target of $ 7280.
According to our estimates today there should be a corrective day when Bitcoin's rate may rise up to $ 7600.
Projected scenarios:
1. The rate of BTCUSD will rise from $ 7400 to $ 7600.
2. Bitcoin rate will remain in flat until the end of the day.
An alternative scenario:
Given the lingering nature of Bitcoin's rate, we cannot exclude the option of its falling further without a rollback, to $ 7280, or to $ 7200. In that case, we will not do anything. We will have to wait for a rollback, and look for the best entry point for the next days.
What are we waiting for?
1. The first signs for Bitcoin sales are noticeable already. It remains to wait for the correction upwards, to the Bitcoin sales area: $ 7640 - $ 7565, and look for an entry point for a short position.
2. Bitcoin sales zone: $ 7640 - $ 7565 is the point from which the direction of rate will be decided. If the buyers are strong, then Bitcoin's rate will pass this zone upwards on the momentum, and sales will be canceled. If sellers are strong, we will see a pause of Bitcoin's rate in the sales area, and the growing volumes for its sale, then we will open a short position.
3. If Bitcoin's rate is above the sales zone, more than $ 7640, and its fixing above this level, we will understand that it is necessary to buy and not sell Bitcoin.
Priority of the day: sale of BTCUSD with a target of $ 7280.
According to our estimates today there should be a corrective day when Bitcoin's rate may rise up to $ 7600.
Projected scenarios:
1. The rate of BTCUSD will rise from $ 7400 to $ 7600.
2. Bitcoin rate will remain in flat until the end of the day.
An alternative scenario:
Given the lingering nature of Bitcoin's rate, we cannot exclude the option of its falling further without a rollback, to $ 7280, or to $ 7200. In that case, we will not do anything. We will have to wait for a rollback, and look for the best entry point for the next days.
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