BTC!! Is it that simple?

12 août 2023

My answer is NO!! Absolutely NOT!!
BTC is at its most critical stage and to break 29470-29300 level we need a massive buying/selling pressure which in this case comes with news so we have to be careful and trade safely by knowing key levels in terms of Support and Resistance and possible trend reversals.

Looking at Daily Chart we see a nice upward trend making HL and HH and following the trend BTC can move upward after making a lower High but price still has to reach that level and we have multiple support levels which it need to break first and then continue moving Upward.

1. Support Level 1: 29780-29640
   
2. Support Level 2: 29200-29000
   

Possible Entries:

1. With further breakdown at 4hr chart price has entered Support Level 1 and currently sitting above 200EMA and if the current 4hr candle closes above 200EMA then we can enter long with SL just below Support Level 1 and TP at 31000, that will be our first entry.
   
   
2. If the price does not respect 200EMA and breaks below our support level then it becomes our Resistance level and we will wait for a retest to enter Short with a SL just above our Resistance Level with TP at 29000 (though not recommended in an uptrend). Here the price may consolidate between these two Levels.
   
   
3. Our 2nd buy entry will be at Support Level 2 with SL at 28970 and TP at 31000.
   
   
4. If the price breaks below Support Level 2 then we will wait for the price to test 28500 and if the daily candle closes above that level we will enter long with SL below previous day candle low and TP at 31000.
   
   

Thank You everyone for Love and Support!! You can comment for any questions and corrections!!
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