Bitcoin / USD Trend Reversal - Out of Downtrend! Critical Hours
Hello Dear fellow Traders! Swing trader WhatsThatCrypTom here with my FIRST published idea!
Today I want to start with the mother, father and leader of all Coins: Bitcoin
I want to share with you my idea on BTC vs USD. I use a daily chart and the exchange is Coinbase. ( I think this is a very solid chart to look at)
Please trade at own risk
For my analysis, I will use Fibonacci levels as main point cause I just love Fibonacci and patterns. But also other indicators to support my thoughts.
The next hours (day) will be critical for Bitcoin. As you can see on the chart, BTC is holding at .618 Fibonacci. Also we are very near the downtrend channel also seen on the chart. There should be and outbreak to the upside to confirm a trend reversal. I dont say it will be the start of a next bull run, we could see a sideways channel from this point on. Everybody knows that we have a strong increase on volume wich also indicates a trend reversal.
We need to close this day near the .618 fib level or above, and next day we need to close outside the downtrend channel and it should be a green candle. A double bullish confirmation candle like 2 white soldiers, bullish engulfing or inverted hammer candlestick pattern to confirm the breakout of the downtrend.
Watch closely to the next hours and put buy orders at +- $8500 or above. To be really really certain you can wait until DI- and DI+ crosses on adx..
I will update this idea with next support and resistance once breakout to the down or upside is confirmed.
I price falls in the next day it will fall hard, be prepared. But my prediction is a breakout to the upside and we will be in a consolidation period for a while before our next bull run. A side ways channel will be formed I presume.
Thanks for reading!
If you do make money from trading, dont buy me beer, but give to people who are less fortunate. Look around you and you will find. Bless you
Today I want to start with the mother, father and leader of all Coins: Bitcoin
I want to share with you my idea on BTC vs USD. I use a daily chart and the exchange is Coinbase. ( I think this is a very solid chart to look at)
Please trade at own risk
For my analysis, I will use Fibonacci levels as main point cause I just love Fibonacci and patterns. But also other indicators to support my thoughts.
The next hours (day) will be critical for Bitcoin. As you can see on the chart, BTC is holding at .618 Fibonacci. Also we are very near the downtrend channel also seen on the chart. There should be and outbreak to the upside to confirm a trend reversal. I dont say it will be the start of a next bull run, we could see a sideways channel from this point on. Everybody knows that we have a strong increase on volume wich also indicates a trend reversal.
We need to close this day near the .618 fib level or above, and next day we need to close outside the downtrend channel and it should be a green candle. A double bullish confirmation candle like 2 white soldiers, bullish engulfing or inverted hammer candlestick pattern to confirm the breakout of the downtrend.
Watch closely to the next hours and put buy orders at +- $8500 or above. To be really really certain you can wait until DI- and DI+ crosses on adx..
I will update this idea with next support and resistance once breakout to the down or upside is confirmed.
I price falls in the next day it will fall hard, be prepared. But my prediction is a breakout to the upside and we will be in a consolidation period for a while before our next bull run. A side ways channel will be formed I presume.
Thanks for reading!
If you do make money from trading, dont buy me beer, but give to people who are less fortunate. Look around you and you will find. Bless you
Trade attivo:
The short term charts are looking good. I suggested you keep a close look at btc the next hours/day(s) because we will see major reversal. It still of course can go down but short timeframes are supporting the thought of a trend reversal out of the channel!
Commento:
www.tradingview.com/chart/faH6L0RQ/
