$BTC Reversal Play Plan
Alot of uncertanty in the market ATM as to what trend or market phase we are in. All are debatable. BTC has been on a downtrend lately. Market moves in waves. A reversal to the upside is happening. It could a a deadcat bounce or a complete reversal. In either case, BTC has some way to go before hitting ATH again and alot can happen. Strong resistances seem to be closer to current price. Deadcat bounce scenario top should be around 40-42K zone. We could see a fakeout above though to 44K. If the reversal doesnt happen at 42K-44K: the next estimation is around 48K so might take a long while waiting for reversal from 44K to 48K as there are little resistancce levels.
I am long term bullish on BTC and only looking to capture extra value through trading. Shorting is risky. Waiting to capture a reversal based on multi-indicator momentum strategy. All indicators must have met following conditions before taking on a short position:
MACD -> Red Bars
RSI -> cross under 50
Stochastic -> cross under 70
Bonus encentive points if there is a bearish shart pattern
Looking to TP at support levels: 44K - 38K - 35K -30K.
I am long term bullish on BTC and only looking to capture extra value through trading. Shorting is risky. Waiting to capture a reversal based on multi-indicator momentum strategy. All indicators must have met following conditions before taking on a short position:
MACD -> Red Bars
RSI -> cross under 50
Stochastic -> cross under 70
Bonus encentive points if there is a bearish shart pattern
Looking to TP at support levels: 44K - 38K - 35K -30K.
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