Pair:
BTCUSDT
Timeframe: H4 - Medium Term (MT)
Direction: Long
Technical Confluences for Trade:
- Stochastics are in Oversold Conditions on D1 and H1 time-frames
- Price action may face resistances from being at the bottom of a parallel channel, there is a support trendline going through and there is a demand zone area as shown with the horizontal trendline
- Price is close to 32.8% Fib retracement Level
- Targeting to trade this position between the Supply-Demand zones as shown with the Horizontal Trendlines
Fundamental Confluences for Trade:
- Market stabilization from geopolitcal risks and US's strong economic data is happening and may bring back risk appetite
- Fiscal dominance concern on the USD may see people try to buy BTC as a store of value (IMO, still not a store of value but as long as the market feels so, I'll go with it first)
- Further war escalation from the Israel-Iran tension may bring on risk-off moves and see the BTC fall
Suggested Trade:
Entry @ Area of Interest 61,500 - 63,500
SL @ 59,843
TP 1 @ 62,648 (Close Half-Position & move SL to Entry level once TP1 is achieved)
TP 2 @ 68,838
Risk-to-Reward @ Approx. 2.20 (Depending on Entry Level)
May the pips move in our favor! Good luck! :D
*This trade suggestion is provided on an advisory basis. Any trade decisions made based on this suggestion is a personal decision and am not responsible for any losses derived from it.
Timeframe: H4 - Medium Term (MT)
Direction: Long
Technical Confluences for Trade:
- Stochastics are in Oversold Conditions on D1 and H1 time-frames
- Price action may face resistances from being at the bottom of a parallel channel, there is a support trendline going through and there is a demand zone area as shown with the horizontal trendline
- Price is close to 32.8% Fib retracement Level
- Targeting to trade this position between the Supply-Demand zones as shown with the Horizontal Trendlines
Fundamental Confluences for Trade:
- Market stabilization from geopolitcal risks and US's strong economic data is happening and may bring back risk appetite
- Fiscal dominance concern on the USD may see people try to buy BTC as a store of value (IMO, still not a store of value but as long as the market feels so, I'll go with it first)
- Further war escalation from the Israel-Iran tension may bring on risk-off moves and see the BTC fall
Suggested Trade:
Entry @ Area of Interest 61,500 - 63,500
SL @ 59,843
TP 1 @ 62,648 (Close Half-Position & move SL to Entry level once TP1 is achieved)
TP 2 @ 68,838
Risk-to-Reward @ Approx. 2.20 (Depending on Entry Level)
May the pips move in our favor! Good luck! :D
*This trade suggestion is provided on an advisory basis. Any trade decisions made based on this suggestion is a personal decision and am not responsible for any losses derived from it.
Trade closed: stop reached:
SL levels hit from the digital event news of Israel missiles striking Iran.
Geopoitical risk caused a drop but BTC prices has now recovered upwards again.
Live to fight another day for this.
Geopoitical risk caused a drop but BTC prices has now recovered upwards again.
Live to fight another day for this.
Please support my initiative by trading:
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DM me to analyze any pair. :D
FX @ GoMarkets bit.ly/GoMarketsFX
Crypto @ HTX bit.ly/HTXExchange
Twitter Follow @ x.com/weekendanalyst
Twitter Community @ bit.ly/TweetAway
DM me to analyze any pair. :D
Still monitoring at the moment if the Price action can sustain above the Parallel channel's Support.