Both daily and 4H time frames are showing:
Reaching up to long term S & R
Looks like a high risk reward short entry position. Shown short setup is a possibility of how this could be traded
Notes are on the chart. Looks quite a lot of confluence to roll over not forgetting about Covid-19. Big number of 200, multiple drives up already, bearish divergence across time frames, touched outside top bollinger band for the second time, touched top trend line for third time.
Personally, I have scaled in and will be scaling out of this trade. However, this...
Looks to me like we are in a normal flag after a large bullish impulse wave and are testing the bottom of the flag for the last time.
- Price has been flagging after big bullish impulse wave
- Price is at a previous horizontal support level
- Price is retesting downward support line and has just achieved a 4H bullish pin bar right on the support line with a...
A possible aggressive long entry due to Fib level and MA confluence within pennant. These may (as well as the preceding bullish impulse) allow a peaceful long entry before a bullish breakout to next Fib level
The goal here is to track events leading up a possible trade, not an immediate entry.
Some bullish thoughts:
Major daily support level
Likely bullish divergence on 4H chance (pending next candle close)
BTC shorts around ATH
BTC shorts looking like a possible double top
2 times Fibonacci extension from a recent swing low -> high
At lower Bollinger...
NOTE: Please take everything below with multiple salt pinches.
For those who are considering buying cryptos around this time and or holding on for the mid / long term, the rapid influx of shorts today and possibly the frequent comparisons the 2014 crash might cast a fair amount of doubt into the picture.
The chart details most of this, but if we take a look a...
My current thoughts and trade plan on BTCUSD (Bitfinex). All feedback welcome!
A small short opportunity may be upcoming, as BTC is about to reach a level that is:
- Long term 0.236 Fibonacci extension level
- Short term 0.618 Fibonacci retracement level
- 200 MA (close)
- Previous support (now resistance?)
BTCUSD (Bitfinex) is about to reach a potential...