First of all this is our first published analysis. We'd love to know if it's helpful to you and what can we include in future publications.
Instead of telling where price is heading we'd like to point out some major pivots and triggers on BTC price. Also, based on them it is relatively easy to make some profitable trades without gaining too much bias either side.
Today is big day as weekly candle is about to close on BTCUSD. Depending on this and next candle there are some decisions to be made.
We aproached weekly 200 ema. This is big resistance zone and thus we hedged our longs with some shorts going neutral. If we close above this resistance next one is weekly 21 ema area staying right now at 4480 with confluence with horizontal trendline around 4600 and high resisstance area up to 5200. All this price action can happen until end of next week which will either confirm break of current resistance or rejection by closing below it.
Weekly stochastics hint some up movement (though not confirmed yet) and RSI after breaking it's ema resistance and confirming as support is heading toward borders of bearish control zone.
We will consider taking bigger long positions only after we open and close weekly above current resistance OR we'll cross daily 200 ema. On the other hand if we close below current resistance we will play the range between 200 ema and 200 sma on weekly and take bigger short if we close below 200 sma.
Do we think bear market is over and did we reach the bottom? Observing current sentiment and not seeing clear capitulation signals this is highly doubtful. Although even in bear market good profitable trades - both longs and shorts - are to be made.
Remember! ALWAYS think on your own and DYOR. Nothing is more devastating to traders portfolio as FOMO and general bias. Don't expect nothing and do what price tells you to do.
Wonderful Sunday to you and trade safe!
Instead of telling where price is heading we'd like to point out some major pivots and triggers on BTC price. Also, based on them it is relatively easy to make some profitable trades without gaining too much bias either side.
Today is big day as weekly candle is about to close on BTCUSD. Depending on this and next candle there are some decisions to be made.
We aproached weekly 200 ema. This is big resistance zone and thus we hedged our longs with some shorts going neutral. If we close above this resistance next one is weekly 21 ema area staying right now at 4480 with confluence with horizontal trendline around 4600 and high resisstance area up to 5200. All this price action can happen until end of next week which will either confirm break of current resistance or rejection by closing below it.
Weekly stochastics hint some up movement (though not confirmed yet) and RSI after breaking it's ema resistance and confirming as support is heading toward borders of bearish control zone.
We will consider taking bigger long positions only after we open and close weekly above current resistance OR we'll cross daily 200 ema. On the other hand if we close below current resistance we will play the range between 200 ema and 200 sma on weekly and take bigger short if we close below 200 sma.
Do we think bear market is over and did we reach the bottom? Observing current sentiment and not seeing clear capitulation signals this is highly doubtful. Although even in bear market good profitable trades - both longs and shorts - are to be made.
Remember! ALWAYS think on your own and DYOR. Nothing is more devastating to traders portfolio as FOMO and general bias. Don't expect nothing and do what price tells you to do.
Wonderful Sunday to you and trade safe!
