BITCOIN | Difficult for Long Term Trades but here's a Short One
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Normally I focus on long-term-Trades that run for at least a week but Bitcoins' technical analysis is pretty hard at this time.
During my analysis I found a short-term trade that runs for about 2-3 days (It is marked as Plan A).
Clearly, we are in a downward Regression Channel (Blue/Red Channel) but the Price is currently exactly in the middle of the channel there is no trade there. But we are also in another downward regression channel (Yellow/Green Channel) and in this Channel we are at the Top, so a Sell Opportunity arises. It is also at the top of the downwards Trendline, which also suggests a Sell and it also bounces off of the 34/55 EMA.
The Target for this Trade is next months M2-Pivot Point which also happens to be a strong Support/Resistance Zone (I also like how the past Pivot Points were almost exact the Support/Resistance Zones). Since this is M2, I expect the Bulls to step in and push the Price upwards, which then coincidentally will break the downwards Trendline and other Traders (also as Bulls) will step in since it is a classic Trendine-Breakout (Plan B).
During my analysis I found a short-term trade that runs for about 2-3 days (It is marked as Plan A).
Clearly, we are in a downward Regression Channel (Blue/Red Channel) but the Price is currently exactly in the middle of the channel there is no trade there. But we are also in another downward regression channel (Yellow/Green Channel) and in this Channel we are at the Top, so a Sell Opportunity arises. It is also at the top of the downwards Trendline, which also suggests a Sell and it also bounces off of the 34/55 EMA.
The Target for this Trade is next months M2-Pivot Point which also happens to be a strong Support/Resistance Zone (I also like how the past Pivot Points were almost exact the Support/Resistance Zones). Since this is M2, I expect the Bulls to step in and push the Price upwards, which then coincidentally will break the downwards Trendline and other Traders (also as Bulls) will step in since it is a classic Trendine-Breakout (Plan B).
Note
Plan A still valid if it does not break above trendline. Look for price action on lower timeframesNote
Plan a still valid, bounced off of the support. Add to Short positionNote
Stormed straight through Resistance! This is extremely Bullish now. Buying Pullback!
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