BTCUSDT Technical Analysis
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Here on BTCUSDT we see that the price has broken below the daily Support and followed by a big red candle which suggests that the pair could potentially go lower. The pullback might happen at 31250.0 but after that it is expected to go lower to 28400.0 and 26414.0
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Bitcoin to recover before dipping to 29K zoneBitcoin has been moving south for sometime now and is marred by dips after dips.
Going by the pattern looks like the damage is far from over. Bitcoin is currently moving in a symmetrical triangle and is moving towards the last point on the chart at point E.
Once it reaches point E, it should start dipping and next support it can find is at 29K zone.
At this speed it will take couple of months atleast for Bitcoin to come back to the stable position.
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#BTCUSDT MAY MONTHLY PRICE PREDICTIONI don't think we have seen the macro top yet, all indicators clearly point out August for that. Meanwhile, #BTC is ranging between mega supply and demand zones. It took out most of the lows prior to bullish continuation, yet movement tends to clear all lows before reversal. 42K-44K is will be visited in May, then the trend will take us to 65K. Short in May in higher frame, then followed by Long in June after that.
BTCUSDT possible target 63300 and 65000last week professionals did profit taking by their long positions. 48700 initial support even suspect break due to fast fall down. 452000 strong support area should hold to maintain bullish trend for longer term. 63300 and 65000 possible target soon, even suspect more bullish if breaks and hold above 65000
Bitcoin (BTC/XBT) Daily Long&Short Trade Setups 2021/01/28Live trades will be called in the latest daily post. Follow me to trade live with me!
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MARKET OVERVIEW
Price Action: Bitcoin has been continuously rejected from the 200MAs, giving us profitable short trades.
Patterns: Channel.
Areas of Interest: The area(s) of interest for us are the 200MAs @ $31.3K and the lows @ $29.2K. Once price reaches one of our areas of interest and gives us a valid entry signal, I will update the trade, so make sure you follow me to get the trade entry signals in real time.
TRADE SETUPS
Below are the potential trade setups that I would be interested in trading. Regardless of the path that the price takes, I will be monitoring the market for a valid trade entry signal.
Long Trade Setup #1: False Breakdown
To open a long position, we are waiting for price to break above the horizontal support and then recover.
1. Price Action: Price breaks below the then rapidly climbs above $29.2K, forming a bear trap
2. Trade Entry Confirmations: A breakdown candlestick followed by a reclaiming candlestick, above average volume on both breakdown candle and reclaiming candle, MACD bottoming
Short Trade Setup #1: Retest and Continuation (200MAs)
To open a short position, we are waiting for price to retrace back up to test the 200MAs and then continue moving down.
1. Price Action: Price needs to move back up to the 200MAs, currently projected to be @ $31.3K by the time price reaches it, and bounce back up.
2. Trade Entry Confirmations: Bearish candlestick pattern, above average volume, MACD topping out
TRADESS RECAP: LATEST 3 TRADES
2021/01/27: We had a winning trade! We entered short @ $32236 SL @ $32658, price reached a low of $29242, giving us a risk reward ratio of 7:1, meaning if you risked 1BTC on this trade, you could've made 7BTC.
2021/01/26: We had a winning trade! We entered long @ $31643 SL @ $31171, price reached a high of $32450, giving us a risk reward ratio of 1.7, meaning if you risked 1BTC on this trade, you could've made 1.7BTC.
2021/01/20: We had a winning trade! We entered short @ $34940 SL @ $35560, price reached a low of $28850, giving us a risk reward ratio of 10:1, meaning if you risked 1BTC on this trade, you could've made 10BTC.
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I started trading in 2008, first got introduced to bitcoin in 2009, and have been actively trading cryptocurrencies since 2016.
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