After yesterday’s BTCUSD Bitcoin Trade Idea, I want to try to analyse the cuurent situation of the pair.
BTCUSD H4 Chart
Bitcoin moved high after our analysis but MA 5, MA12 and BB Mid Channels act as a resistance @3.375 USD.
BTCUSD H1 Chart :
Price slowed down after touching BB upper channel but it is still above Fibonacci Expansion Line @ 3348
Hourly pullbacks are possible . But the chart and the strong bullish trend are telling us that 3480 USD level are possible to reach soon.
Yesterday’s BTCUSD idea was as published below.
I do not trade BTCUSD so oftten . However I can not keep my eyes closed to this instrument.
I will try to make a simple technical analysis and I will enter a trade accordingly .
BTCUSD Trend :
We have a strong bullish markets. The price bounced from the reversal zone formed by the top border of the price channel and 3500.00 resistance level . Then the market broke the first Fibonacci Resistance @ 3.300 . And this was a signal for further downward movement to lower support levels. Secon Fibo level was 3130 and price tested this level and reacted upside. And BTCUSD price came to 23.60 Fibonacci level.
This looks like a desicion zone. If BTCUSD bounces back from here , price will go towards Fibo 50% ( 3.050 ) and 61.80% ( 2950 USD )
So I will enter a short trade with the few hours closings below 3.300 USD. My TP 1 will be 3050 and TP 2 2950 . Then I will enter a long trade for sure .