BTCUSDT - Long @41600
As previously stated in my analysis, we had a pending buy trade @ 41600 which was activated yesterday.
On one hand this is good news, for our long strategy, yet the latest price action are telling me to be more cautious than usual. There is more selling pressure on our path to the upside than support areas on the downside.
Yesterday BTCUSDT faced resistance as it approached the 20 EMA on the daily chart. Once we push through the 20 EMA there is a major distribution area between 42000 & 43000 and at the point there are two scenarios:
1. We touch the 100 EMA and we selloff, continuing the down trend towards 36000.
2. We brake through the 100 EMA and continue the uptrend till around 52000.
I usually do not change my trade setup unless it hits TP or SL. Yet I may add to my position if I recognise favorable conditions.
Current setup:
Buy @ 41600
TP @ 52000
SL @ 40600
Pending:
Short @ 39900
TP @ 36500
SL @ 40500
On one hand this is good news, for our long strategy, yet the latest price action are telling me to be more cautious than usual. There is more selling pressure on our path to the upside than support areas on the downside.
Yesterday BTCUSDT faced resistance as it approached the 20 EMA on the daily chart. Once we push through the 20 EMA there is a major distribution area between 42000 & 43000 and at the point there are two scenarios:
1. We touch the 100 EMA and we selloff, continuing the down trend towards 36000.
2. We brake through the 100 EMA and continue the uptrend till around 52000.
I usually do not change my trade setup unless it hits TP or SL. Yet I may add to my position if I recognise favorable conditions.
Current setup:
Buy @ 41600
TP @ 52000
SL @ 40600
Pending:
Short @ 39900
TP @ 36500
SL @ 40500
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