Hi guys, another update on btc.
Seems like the last update didn't play out so well so i've went back to the textbooks to study about what went wrong as well as to incorporate other elements into my strategy to make it more accurate.
Let's start
A general weekly view:
Seems to be forming a bull flag with the decreasing volume.
Daily view:
We just bounced off the daily demand zone again, forming what could be a double bottom. This is shown by the similar lows followed by a high (4) which took out a previous line of resistance (the green line at (2))
This gives me confidence that we've kept our uptrend intact still
4h view:
Looking at demand zone A, we've spiked through (whip-swapped to take out the stops below) and went back up, not managing to have any candles close below the demand zone. This shows that the demand is strong within that area and sufficient to send the bears back home for now.
Furthermore, with this spike down, and bounce from a significant support zone (shown by another green line), it seems to confirm the double bottom formation with the trend now heading towards the upside.
It wouldn't be ideal to long now as we're nearing supply zone B, but we definitely will be looking to do so upon the following conditions (read on!)
So looking at supply zone B, it's been spiked once (or even twice if u consider the wick just beside the candle which formed the zone. This shows that supply most likely has been absorbed quite a bit. With supply weakened, bulls should be able to take this zone easily, and when they do so, for those aggressive traders, it's time to long, whereas for those conservative ones, it's better to go down to LTF to long the retest.
Targets:
TP1 - 11100 - the 0.5fib from the high to the low of the most recent drop.
This is because it is a significant area which has been touched a couple of times from the top and bottom.
This is where we will take out a portion of our longs.
TP2 - 11300-11500 - the next supply zone.
TP3 - 11900 - 12100 - the next supply zone
However, do note that if the price breaks TP1 and TP2, it's highly likely to break TP3.
We will reevaluate next week when i have the time.
Safe trading everyone.
Seems like the last update didn't play out so well so i've went back to the textbooks to study about what went wrong as well as to incorporate other elements into my strategy to make it more accurate.
Let's start
A general weekly view:
Seems to be forming a bull flag with the decreasing volume.
Daily view:
We just bounced off the daily demand zone again, forming what could be a double bottom. This is shown by the similar lows followed by a high (4) which took out a previous line of resistance (the green line at (2))
This gives me confidence that we've kept our uptrend intact still
4h view:
Looking at demand zone A, we've spiked through (whip-swapped to take out the stops below) and went back up, not managing to have any candles close below the demand zone. This shows that the demand is strong within that area and sufficient to send the bears back home for now.
Furthermore, with this spike down, and bounce from a significant support zone (shown by another green line), it seems to confirm the double bottom formation with the trend now heading towards the upside.
It wouldn't be ideal to long now as we're nearing supply zone B, but we definitely will be looking to do so upon the following conditions (read on!)
So looking at supply zone B, it's been spiked once (or even twice if u consider the wick just beside the candle which formed the zone. This shows that supply most likely has been absorbed quite a bit. With supply weakened, bulls should be able to take this zone easily, and when they do so, for those aggressive traders, it's time to long, whereas for those conservative ones, it's better to go down to LTF to long the retest.
Targets:
TP1 - 11100 - the 0.5fib from the high to the low of the most recent drop.
This is because it is a significant area which has been touched a couple of times from the top and bottom.
This is where we will take out a portion of our longs.
TP2 - 11300-11500 - the next supply zone.
TP3 - 11900 - 12100 - the next supply zone
However, do note that if the price breaks TP1 and TP2, it's highly likely to break TP3.
We will reevaluate next week when i have the time.
Safe trading everyone.
