Chart should be self explanatory - going with daily + weekly stochastics and MA's
Comment:
If the strat is valid we should see another upwards impuse soon as price nears the upwards support trendline. Potential buying opportunity, I will add long positions very cautiously here as I will explain. Before buying always wait for confirmation (candles closing above or below), breaking the support usually indicates a breakout of the trend, which I would usually sell. I am being cautious in this case because the 4h looks very dodgy to me, stochs are looking off too, so I will wait this one out.
Comment:
BTC has broken down from the long term upward trend line but is now in a zone of interest, if it is to act as a support, BTC could potentially re-enter the upwards trend off a strong bounce. If not, BTC will be looking very weak.
Comment:
Still holding original longs as i am confident it will reach these prices again, I have lowered down the average with longs @ 35200 in my new analysis which you can find here -
Targets have not been reached yet, nor have SL been hit or positions closed so this trade idea will remain open until further notice.
Targets have not been reached yet, nor have SL been hit or positions closed so this trade idea will remain open until further notice.
ELLIOT WAVE THEORY: This is also a good example of a potential elliot wave theory completion which calls for 3 upwards impulses before completing the cycle (HH -> HL -> HH -> HL -> HH -> HL)/ If this pattern were to be valid we can expect the third HH impulse taking us to about 44'000.
FIBONACCI LEVELS: Next major trend based fib level os resistance is around 43'000 so there is definitel more space to move upwards. Gann fan theory also shows support buy I am not a strong believer in this form of TA.
STOCHASTICS: Going up on weekly and daily reinforcing the bullish trend, should need a return to equilibrium (above this price by atleast 1000 - short term) due to the consistant downwards movement over the past day.