BTC-USD: Riding the wave
BTC has been on the move for some time now; and we all have been really enjoying this ride. We had many predictions about the top for current cycle but as of now BTC proved all those hypothesis wrong in its signature way.
I personally had two levels marked, 14K and 16K. BTC faced 14K and broke it fairly easily and quickly. For my next major target I am still eyeing 16K.
Back in the Jan 2018 when BTC started its retracement from 20K high, it created a strong order block at 14-16K zones. It is the single weekly white candle we had back then (see in below chart). In my opinion this order block will be very difficult for BTC to break. And it could take multiple attempts to do so.
Additionally, on Daily, 2D and 3D BTC is starting to get into the overbought zones. Overall this is showing me good, relatively low risk short opportunity and I do plan to play it. From the same weekly chart we have 17960 areas to manage the stop-loss on this trade (high of the order block candle).
In case of a retrace, my primary focus is on the rising support trend line (Yellow line) we see on BTC weekly. We do not want to see break below it.
Happy and safe trading...
*Not a financial advice*
*Only for educational purpose*
I personally had two levels marked, 14K and 16K. BTC faced 14K and broke it fairly easily and quickly. For my next major target I am still eyeing 16K.
Back in the Jan 2018 when BTC started its retracement from 20K high, it created a strong order block at 14-16K zones. It is the single weekly white candle we had back then (see in below chart). In my opinion this order block will be very difficult for BTC to break. And it could take multiple attempts to do so.
Additionally, on Daily, 2D and 3D BTC is starting to get into the overbought zones. Overall this is showing me good, relatively low risk short opportunity and I do plan to play it. From the same weekly chart we have 17960 areas to manage the stop-loss on this trade (high of the order block candle).
In case of a retrace, my primary focus is on the rising support trend line (Yellow line) we see on BTC weekly. We do not want to see break below it.
Happy and safe trading...
*Not a financial advice*
*Only for educational purpose*
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