Hello Traders,
The last couple of days were shaky for BTC but remember, we had a run starting from 6159 all the way up to 8496. That's one hell of a rally without a proper pullback and now we are having a correction...
Fear starts to come in but is it really the time to be fearful? I want to point a couple of things, which might indicate the other way around:
1. Yesterday, BTC held 7448$ pretty nicely, which is also daily 21 SMA and touching the downtrend line, all the way back from March 5th.
2. In 2018, every major bearish reversal ended up with a shooting star (Feb 20th, Mar 5th, May 5th), which is something we haven't seen in the recent candles
4. RSI H&S has reached its target (see RSI in the chart)
3. BTC is either forming a bullish pennant or a bullish flag. Time will reveal.
I opened a long position at 7573$ with:
SL 7124$ or we close a daily candle below the downtrend line from March 5th
Target 1: 9296
Target 2: 9943 (double top with May 5th)
I will also be watching closely how BTC will behave close to daily 200 SMA, which has rejected us 3 times since the correction so also watch out for 8500 area for 200 SMA + Double Top with Jul 24th.
I will be updating this trade regularly.
This isn't a financial advice, just an idea that I will be following.
Happy trading!
The last couple of days were shaky for BTC but remember, we had a run starting from 6159 all the way up to 8496. That's one hell of a rally without a proper pullback and now we are having a correction...
Fear starts to come in but is it really the time to be fearful? I want to point a couple of things, which might indicate the other way around:
1. Yesterday, BTC held 7448$ pretty nicely, which is also daily 21 SMA and touching the downtrend line, all the way back from March 5th.
2. In 2018, every major bearish reversal ended up with a shooting star (Feb 20th, Mar 5th, May 5th), which is something we haven't seen in the recent candles
4. RSI H&S has reached its target (see RSI in the chart)
3. BTC is either forming a bullish pennant or a bullish flag. Time will reveal.
I opened a long position at 7573$ with:
SL 7124$ or we close a daily candle below the downtrend line from March 5th
Target 1: 9296
Target 2: 9943 (double top with May 5th)
I will also be watching closely how BTC will behave close to daily 200 SMA, which has rejected us 3 times since the correction so also watch out for 8500 area for 200 SMA + Double Top with Jul 24th.
I will be updating this trade regularly.
This isn't a financial advice, just an idea that I will be following.
Happy trading!
Trade closed: stop reached