Previous analysis
Yesterday I shared a possible target for $46800 after identifying a H&S on the 1H chart, the target was met but I failed to consider a potential wick through that zone... In retrospect, I think it was expected and $46800 was still a good zone to buy, pending enough room for a stop loss, $1000 for
BTCUSDT
is nothing
Today
Looking at the chart, I think we will close above or near the 200 MA daily ($46700-ish) - I prefer above - but that gives a good support for an entry here, this zone has bounced multiple times - and acted as resistance in August/Sep. From there, I think this ascending channel is to be watched with a potential target of $65000, roughly being our ATH, to be hit by the EOY. It could be a Right Shoulder forming but I prefer to stick with the channel...
A failure to stay in the next daily candle above the 200 MA is to be considered and will push the price to the next support around $41000, so entering long should be after tomorrow's closure.
Not FA, just my thoughts. DYOR
Yesterday I shared a possible target for $46800 after identifying a H&S on the 1H chart, the target was met but I failed to consider a potential wick through that zone... In retrospect, I think it was expected and $46800 was still a good zone to buy, pending enough room for a stop loss, $1000 for
BTCUSDT
is nothing Today
Looking at the chart, I think we will close above or near the 200 MA daily ($46700-ish) - I prefer above - but that gives a good support for an entry here, this zone has bounced multiple times - and acted as resistance in August/Sep. From there, I think this ascending channel is to be watched with a potential target of $65000, roughly being our ATH, to be hit by the EOY. It could be a Right Shoulder forming but I prefer to stick with the channel...
A failure to stay in the next daily candle above the 200 MA is to be considered and will push the price to the next support around $41000, so entering long should be after tomorrow's closure.
Not FA, just my thoughts. DYOR
