Bitcoin Change of Character Long Trade
TLDR:
• This Idea is for traders that are sidelined and looking to enter long or to those of you that would like to increase position size.
• As in the previous Bitcoin idea, this idea is valid Assuming that this Impulse up is finished.
• I charted the Fibonacci Retracement levels and a Demand Zone in an effort to find the most likely target for a pullback.
General:
• Bitcoin’s move above 28.5K is a Change of Character. Meaning that we moved from a downtrend to an uptrend. Of course, all within the larger uptrend. Since the likelihood of continuation to the upside has increased, we can use a pullback, if and when it occurs, as a chance to increase position size or to enter long.
• I would like to reiterate, there is no guarantee that the impulse up is finished. However, Bitcoin is oversold on the lower timeframes, so IMO we can expect a pullback shortly.
• If bitcoin moves up, I will reassess the situation. This is our life as traders….
Pullback Targets:
• 0.236: The 0.236 fib level has the confluence of the Fixed Range PoC. It is the most bullish scenario; a quick test of the trendline and off to the races. However, if you intend to place a limit order your SL should be wide, at least IMO. Let me just add that Bitcoin is a little overheated and I am not confident that such a shallow pullback is healthy for further continuation.
• 0.382: Confluence with the previous range high on the LTF. This is not enough confluence for me personally to be confident that this level will hold. We’ll have to wait and see.
• 0.5: Strong confluence (green triangle).
1. The 0.5 Fib.
2. Former resistance line.
3. Upward sloping trendline.
4. Just above the demand zone
• 0.618: Relatively deep pullback. If we get that low, we will be below the uptrend support line. Deep inside the demand zone but, low confidence IMO. We’ll have to see if it holds.
• As a sidenote, if we examine the impulse of March 11th -17th. It was a relentless uptrend with no stops to onboard sidelined traders. The first impulse coming off of the bear market was the same. If this kind of PA repeats maybe you should consider looking for altcoin trades. Check my Ideas about FET, AGIX, SOL and FTM.
NFA.
What do you think? Please share in the comments.
Best wishes to all.
• This Idea is for traders that are sidelined and looking to enter long or to those of you that would like to increase position size.
• As in the previous Bitcoin idea, this idea is valid Assuming that this Impulse up is finished.
• I charted the Fibonacci Retracement levels and a Demand Zone in an effort to find the most likely target for a pullback.
General:
• Bitcoin’s move above 28.5K is a Change of Character. Meaning that we moved from a downtrend to an uptrend. Of course, all within the larger uptrend. Since the likelihood of continuation to the upside has increased, we can use a pullback, if and when it occurs, as a chance to increase position size or to enter long.
• I would like to reiterate, there is no guarantee that the impulse up is finished. However, Bitcoin is oversold on the lower timeframes, so IMO we can expect a pullback shortly.
• If bitcoin moves up, I will reassess the situation. This is our life as traders….
Pullback Targets:
• 0.236: The 0.236 fib level has the confluence of the Fixed Range PoC. It is the most bullish scenario; a quick test of the trendline and off to the races. However, if you intend to place a limit order your SL should be wide, at least IMO. Let me just add that Bitcoin is a little overheated and I am not confident that such a shallow pullback is healthy for further continuation.
• 0.382: Confluence with the previous range high on the LTF. This is not enough confluence for me personally to be confident that this level will hold. We’ll have to wait and see.
• 0.5: Strong confluence (green triangle).
1. The 0.5 Fib.
2. Former resistance line.
3. Upward sloping trendline.
4. Just above the demand zone
• 0.618: Relatively deep pullback. If we get that low, we will be below the uptrend support line. Deep inside the demand zone but, low confidence IMO. We’ll have to see if it holds.
• As a sidenote, if we examine the impulse of March 11th -17th. It was a relentless uptrend with no stops to onboard sidelined traders. The first impulse coming off of the bear market was the same. If this kind of PA repeats maybe you should consider looking for altcoin trades. Check my Ideas about FET, AGIX, SOL and FTM.
NFA.
What do you think? Please share in the comments.
Best wishes to all.
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