This is why I hate price action on BTC. When you think the market has established a trend, than everything goes upside down. We believe that the last movement on BTC was just a fair correction in the 20.000 USD target still to come....but...is it over??? Even doe I am still bullish, the volumes of sellers for the last candles where very strong, which means that...
Just a short correction on which I took advantage.
A triangle formed, with pressure accumulating from both Bears and Bulls. I wait to see where this will brake, my guess will be up side to a target over 14.000USD
So fortunately the triangle was broken to the upper side. I will TP at 20.000USD. Maybe by the end of the month. Than...over 50.000 By the end of the year. Sound crazy and optimistic :), but isn't what BTC always was doing for the last years???
Sorry for the mess, but unfortunately that is how the reality of Technical analysis looks on BTC. I need to make a very important remark before, and that is that there is no INDICATOR, or TECHNICAL STRATEGY, that involves trend analysis, candle stick patterns, chart or price action trading, that will repeat itself, IF MORE TRADER ARE NOT SEEING, OR TRADING THE...
Price was unable to break previous high, so with allot of selling pressure, the price might fall for a little while.
If this type of formation will prove wright every time, than probably we all be reach traders, but that is not the case. Still, what made me take this trade is that Gold had a strong Up movement and a possible correction should come. Also, the risk/reward ratio on this, is a positive reason to enter the trade.
According to my Fib Extension strategy, this might retrace for a small profit.
Nothing more than a trend analysis and RSI divergence gives some chances to a Buy profitable Trade
Not more than some technical analysis and a divergence in RSI indicator might make this a nice profitable trade
AS MANY OTHERS PAIRS THAT GOT IN TO SAME YEARLY HIGHS AND LOWS LEVELS, THIS PAIR IS ONE OF THE PROMICING LONG TERM TRADE. WITH A GOOD MM, THIS CAN MAKE THE YEAR PROFIT.
If you look in the monthly chart, than you will understand why i called this the trade of the year. Now the price is doing an RSI divergence on Daily chart after a 2500 pips fall, so BUY signals shod be searched for.
Already a 2500 pips down move, and a strong support area. Some buy signals should be looked for in this area.
There was a 5000 pips down movement, and now the price is hitting a strong support level. After this Daily bar closes, than a BUY entry should be searched for.
The price fell down 15.000 pips since 2018 with the highest correction of 5000 pips. The price has moved in a down channel, which if broke to the upside, it might move another 4000pips minimum to a 6700 pips before another major movement. Also, take in consideration that it might continue the movement inside the channel.
After a 3500 pips move, I have opened a short position. Even if the pair has broke a resistance level and it might continue up, on long term I am expecting a correction at one point with the next 2000 pips if the price moves up.
Please see the flag on Daily chard and the break of it. Now, after an impulse so aggressive, a correction is to be next. I will enter Long depending of how the price will make the correction, aggressive or calm.
On my preview analysis I was identifying a trend reversal, so even do now there are 2 possible scenarios ( like always...if it is not up than is down ;) The one that I like most is a break on down side of this triangle...but take the in consideration the other possible move. GOOD TRADING!!!