XBTUSD - Possible LONG opportunity

Dear crypto lovers!

Here comes a brief view into the future of bitcoin price:

Chart: BTCUSD
Time Frame: Daily, 4hr, 1hr
Predicted Direction: LONG

LONG-TERM VIEW

• In the 1D chart you can see two very important lines. Shall the BTCUSD break the support, it will go down to at least 6k. However, shall it break the resistence, 11.5k, 17k & 20k will be the long term targets.
  

CURRENT TRADE IDEA

• You can see that BTCUSD touched the support (17/3) and bounced upwards from it.
  
• As of now, BTCUSD is unable to break above the daily 200EMA. This also happened after BTCUSD touched the support on 5/2.
  
• I now expect a pullback to 38.2 Fib prior to the upward movement will continue.
  

TRADE WOULD BE VALID IF

• pullback to 38.2 Fib
  
• daily 200EMA will hold as a strong resistance
  
• other indicators give positive outlook
  

ESTIMATED TARGET

• The estimated target is right below the resistance, approximately $9400 - $9500. Will be specified later.
  

Updates will be available in the comments section below.

Thank you very much!

Commentaire:

Price has broken 1hr 200EMA (hour candle just closed below), which should now act as a resistance. If it holds, it should be possible to retrace to daily 38.2 Fib (around $8480).

Commentaire:

Price is quickly approaching the daily 38.2% Fib (current low $8487); however, it did not touch it yet. Let's wait if the 38.2% and if it does, trade will be opened.

Commentaire:

*Let's wait if the 38.2% HOLDS and if it does, trade will be opened.

Commentaire:

Price got to the low of $8487, which is slightly above the daily 38.2% Fib - $8469; however, it quickly recovered back to the $8600 level. Personally I would wait until the price breaks above the 1h 200EMA prior to the LONG position.

Commentaire:

So, bitcoin seems to find a bottom for now just slightly above the daily 38.2% Fib and now is fighting the 1h 200EMA, which seems to be quite strong resistence. Let's see if it can break through it so we can open a long position, or whether there will be a retracement below the daily 38.2% fib to the daily 50% fib.

Transaction en cours:

So we have just broken above the 1h 200EMA.

TRADE ACTIVE @ $8680
STOP LOSS @ $8480{/b]
{b]TAKE PROFIT @ $9100 as of now - will discuss in a post later

Commentaire:

So the price broke down the daily 38.2% Fib last night and the position was closed by the stop-loss order. Recently the price touched daily 50% Fib (@ $8247) and bounced up to the level of $8400. I am looking to reopening the position a little bit later.

Trade fermée: ordre d’arrêt atteint:

Stop-loss was triggered last night.