Hello traders and welcome to today's analysis on bitcoin.
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so, what kind of situation do we have on btc/usd pair
we had a strong impulsive move to the downside from 12k region to higher 9k. which I labelled wave y. short term, the market looks quite bearish and since btc has been trailing stocks and gold lately.
now, we expect a corrective move to the upside to around higher 10k or 11k region.
Trade Setup: taking a long buy from around 10k region or slightly lower for a move to the upside. taking fib retracement from the x wave(around 12k region) to the y wave(around 9.9k region) we expect the market to push to the upside .5 fib level or .618 fib level will be good take profit zone. don't forget, stop loss is your friend.
knowing fully well that downward pressure on stocks affects btc price. and in the meantime, it's possible to see some continuation to the downside, or maybe things might get a bit bloody after the retracement to the upside, I can't really say for now. I'm saying this so you can trade cautiously and avoid greed or moon trading lol.
after the move to the upside, I'll be posting an update on the same pair to track how the market is behaving.
never hesitate to swim against the tide in the ocean of financial market, neither be afraid and stay confined in the well of fear and greed, but be courageous and stand a chance to frolic in the rivers of prepared profit. lol. off course this piece is not part of the trade setup.
I'll see you soon in the next update.
safe trade
trade responsibly
namaste traders
don't forget to hit the follow button to get more free update, like, share and drop your comments below. thank you.
so, what kind of situation do we have on btc/usd pair
we had a strong impulsive move to the downside from 12k region to higher 9k. which I labelled wave y. short term, the market looks quite bearish and since btc has been trailing stocks and gold lately.
now, we expect a corrective move to the upside to around higher 10k or 11k region.
Trade Setup: taking a long buy from around 10k region or slightly lower for a move to the upside. taking fib retracement from the x wave(around 12k region) to the y wave(around 9.9k region) we expect the market to push to the upside .5 fib level or .618 fib level will be good take profit zone. don't forget, stop loss is your friend.
knowing fully well that downward pressure on stocks affects btc price. and in the meantime, it's possible to see some continuation to the downside, or maybe things might get a bit bloody after the retracement to the upside, I can't really say for now. I'm saying this so you can trade cautiously and avoid greed or moon trading lol.
after the move to the upside, I'll be posting an update on the same pair to track how the market is behaving.
never hesitate to swim against the tide in the ocean of financial market, neither be afraid and stay confined in the well of fear and greed, but be courageous and stand a chance to frolic in the rivers of prepared profit. lol. off course this piece is not part of the trade setup.
I'll see you soon in the next update.
safe trade
trade responsibly
namaste traders
Comment:
trade closed, targets reached. I hope you all took profit.
