Short term bearish
Medium/Long term bullish
First things first, BTC looks like it may be making a cup and handle here. While the price did not make it all the way to the prior high, it's close enough for me.
Overall, the recent positive volume push is very bullish, especially following the prior pullback from the 20000 level. This volume makes me bullish overall on BTC as long as it can remain over the 50EMA and/or the purple support line.
In the midterm, I expect BTC to return to test the 50EMA/Purple support line as both the 1HR and 15Min MACD's show bearish divergence that has yet to be dealt with by the price action.
From here(10700-10800), I expect it to rebound. If it does rebound, I expect it to break out to the 13000-13200 Level.
Personally, I plan to buy around 10700-10800, with stop loss at 10490 and profits at 11790 (half) and 13090 (rest).
The risk/reward for this is around 4/1 if I sell back at the 11790 resistance level. I am taking 50% profit at 11790 because it MAY take another test of that level before breaking out further. In that case, I would wait for a pullback to put that sold 50% back to work.
Disclaimer: This is for education only, and is not investment advice. I'm just a dude with internet access, not a financial adviser.
Medium/Long term bullish
First things first, BTC looks like it may be making a cup and handle here. While the price did not make it all the way to the prior high, it's close enough for me.
Overall, the recent positive volume push is very bullish, especially following the prior pullback from the 20000 level. This volume makes me bullish overall on BTC as long as it can remain over the 50EMA and/or the purple support line.
In the midterm, I expect BTC to return to test the 50EMA/Purple support line as both the 1HR and 15Min MACD's show bearish divergence that has yet to be dealt with by the price action.
From here(10700-10800), I expect it to rebound. If it does rebound, I expect it to break out to the 13000-13200 Level.
Personally, I plan to buy around 10700-10800, with stop loss at 10490 and profits at 11790 (half) and 13090 (rest).
The risk/reward for this is around 4/1 if I sell back at the 11790 resistance level. I am taking 50% profit at 11790 because it MAY take another test of that level before breaking out further. In that case, I would wait for a pullback to put that sold 50% back to work.
Disclaimer: This is for education only, and is not investment advice. I'm just a dude with internet access, not a financial adviser.
Comment:
Stopped out of the trade. Couldn't have picked a better day to publicly trade cryptos :). Oh well! I believe once regulation of cryptos REALLY begins, this will seem like a huge buying opportunity. That being said, I am not buying yet, but may try to bottom fish with some quick stop losses (and very little capital) to try and catch some bounces. The levels I am interested in are right around where we are now (the 200 MA), 8500-8700 levels, and then the 7800 - 81000 levels. After this we are back to testing the previous low around 6000, which may in reality need to happen to establish a new uptrend. Once again, no trade on right now, but long for the long run.
Stop loss now under 50EMA
Risk reward basically the same
Snapshot isnt working so I cannot update that part of the chart... hope to soon.
Disclaimer: This is for education only and is not investment advice.