If there is anybody out there still alive, it is not too late. BTCUSD has completed an excellent V bottom in it's historic fashion, complemented by record buy volume to boot.
1) The 6H chart (left) formed a clear bullish divergence from 10k -> 6.5k which is nothing short of ASTOUNDING considering price dropped ~40% and RSI still DID NOT move lower! Bears are rapidly retreating. 2) On the 6H there is also a recent Tenkan/Kijun bullish crossover, a bullish entry signal.
3) The confirmation of the reliability of this V bottom was showed on the 1D chart (right) with the recent daily close/open happening ABOVE the 200 MA AND the Ichimoku Tenkan line. The fact that it burst back through those and held long enough to close above is extremely bullish particularly considering the trending strength of the 200 daily MA.
4) Last but not least, this is the first move of the new Daily/3D which will be setting us up for a huge bullish candle by shaking out the weak hands early, strengthening upwards momentum.
Buys are set on the intraday S/R zone of 7900 and on the 6H flat Ichimoku Kijun line ~7700 which will also act as strong support.
*Entry: 7700-7900 *Stop Loss: Full Send *Target: 10000 (will post new chart there reassessing)
Act soon or forever hold your peace, Happy Trading!
Bình luận
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Here we go, bullish breakout past the 1H 200 MA (also 4h 50 MA) with supportive volume.
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The storm has been weathered, two key points here: 1) On the let (Daily) chart the MACD has crossed fully bullish for the first time in this bear trend in highly oversold territory, marking the beginning of a lengthy, healthy bull trend. 2) On the right (4H) the price is strongly above the bullish ichimoku cloud (also for the first time this bear trend)
Either ride your entries or pick up more from 8300-8500 and sit back and enjoy your margaritas on the beach while bitcoin makes you rich :)
Đóng lệnh: đạt mục tiêu
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Target N* 1 hit. Rebuying at 9k (refer to my new chart)
Thanks for your analysis! On the 9th you posted the entry 7700-7900...is that not valid anymore? I'm still looking for a good entry point. Thanks!
FenixCapital
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@userbeauty, Im eyeing 8200-8400 for the bottom on this current retrace, due to the breakout that I updated this post with it is much more likely we will see 10k before 7700.
ctealdi
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Sorry, what "*Stop Loss: Full Send" means? Thanks
FenixCapital
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@ctealdi, Hey man, it just means that I will not be inputing a stop loss on the exchange therefore it is solely up to me to decide when/where to close (as opposed to a pre-defined stop-limit order). I do this because I would rather not get shaken out in a casual retrace while I'm away because I believe that it will come back up if such does happen.
ctealdi
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@FourthFloor, got it, thanks
ctealdi
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@FourthFloor, BTW, I have the same trade open, that's why I was asking. A bit nervous about it :)
FenixCapital
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@ctealdi, Watch the levels we are currently at, they will be the deciding factor in the next 30 minutes
Belmi
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@FourthFloor, is your idea still valid; placing buy orders to 7700 - 7900 ? so no major drop will happen anymore in your opinion ? thank you !
FenixCapital
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@Belmi, The deciding point was this past hourly during the Wall Street open, if it went down I would have been very cautious with the position and contemplating closing due to failed bull strength but no worries, were good to go! It appears the bulls have got the wheel for the time coming.