Bitcoin - Update
What happened:
After spending a few days on the top of the range, I expected that the price would consolidate and finally break during this week. It turned out that Bitcoin searched for the bottom of the range.
We can blame Elon Musk (he certainly has helped the bears), but the legacy markets also pulled back to crucial supports; many investors might have covered their losses on the stock market by liquidating some of their
positions in BTC. Others wanted to reduce exposure, hedging.
The whales immediately defended the pullback zone, and we can observe a "decent" volume and a backtest of an important EMA. This drop was a perfect moment to buy aggressively.
What happens next:
This bounce might bring BTC back to 54k region.
For Swings trades:
If the price gets rejected, it can be the zone to take profit /short. I would check for: absorptions, swing failure patterns, trapped longs (newly opened longs that get immediately absorbed by whales).
- If it manages to secure this area, 58-59K is the next target. Shorts can be open there as well - I wouldn't short this resistance because of the many touches it already had!
If the price gets back to 45K, then longs look better, but again I wouldn't long anymore since
1. Price is changing market structure on the daily timeframe (HL-LL)
2. Support has been tested a few times- higher chances to break down.
- In this case, I would buy dips - from 45k to 37k
#bitcoin #btc #btcusd #tradingidea
After spending a few days on the top of the range, I expected that the price would consolidate and finally break during this week. It turned out that Bitcoin searched for the bottom of the range.
We can blame Elon Musk (he certainly has helped the bears), but the legacy markets also pulled back to crucial supports; many investors might have covered their losses on the stock market by liquidating some of their
positions in BTC. Others wanted to reduce exposure, hedging.
The whales immediately defended the pullback zone, and we can observe a "decent" volume and a backtest of an important EMA. This drop was a perfect moment to buy aggressively.
What happens next:
This bounce might bring BTC back to 54k region.
For Swings trades:
If the price gets rejected, it can be the zone to take profit /short. I would check for: absorptions, swing failure patterns, trapped longs (newly opened longs that get immediately absorbed by whales).
- If it manages to secure this area, 58-59K is the next target. Shorts can be open there as well - I wouldn't short this resistance because of the many touches it already had!
If the price gets back to 45K, then longs look better, but again I wouldn't long anymore since
1. Price is changing market structure on the daily timeframe (HL-LL)
2. Support has been tested a few times- higher chances to break down.
- In this case, I would buy dips - from 45k to 37k
#bitcoin #btc #btcusd #tradingidea
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