BTC/USD resist support long setup 4h INFLATION CORRECTED CANDLES
DISCLAIMER: THIS IS THE SAME IDEA AS I POSTED EARLIER TODAY, HOWEVER CONSIDERING US DOLLAR INFLATION. PRICE VALUES ON THIS IDEA ARE RELATIVE AND SHOULD BE COMPLETELY DISREGARDED. ONLY THE SHAPE OF THE CANDLE MACROSCRUTCURE IS RELEVANT IN THIS IDEA, AND FOR LONG ENTRIES AND EXITS LOOK AT MY PREVIOUS IDEA.
The bitcoin price could pump soon and bounce between the resistance and supports areas.
Drawn on the chart is 1h/4h identified significant resistance and support lines.
Purple boxes are strong resistance support, blue boxes are weaker resistance support.
The proposed long positions have very tight stop losses, and very loose take profit, so the risk reward ratio is advantageous.
The longs could be made as four individual longs, or as one single long, where profit is taken at the four different indicated levels.
If a single long is opened, the first take profit should ideally be closing the vast majority of the position. possibly up to 80%, and the next take profit should be 80% of the remaining position and so on.
A fib extension is shown from the recent low, to the current local top price, fitting somewhat well with the historic resistance and support lines.
The bitcoin price could pump soon and bounce between the resistance and supports areas.
Drawn on the chart is 1h/4h identified significant resistance and support lines.
Purple boxes are strong resistance support, blue boxes are weaker resistance support.
The proposed long positions have very tight stop losses, and very loose take profit, so the risk reward ratio is advantageous.
The longs could be made as four individual longs, or as one single long, where profit is taken at the four different indicated levels.
If a single long is opened, the first take profit should ideally be closing the vast majority of the position. possibly up to 80%, and the next take profit should be 80% of the remaining position and so on.
A fib extension is shown from the recent low, to the current local top price, fitting somewhat well with the historic resistance and support lines.
