BTCUSDT.P Charting / Short term predictions

13 нояб. 2023 г.

Price tested past 37.5k, immediate reversal (seen in the ABCD Triangle Pattern)
Reconsolidated back up to the 37.5k level and held from Nov 10th to Nov 12th where after the third test of the new high, the downtrend took hold.

Since price didn't continue to rise, the forward motion essentially formed a wedge. That wedge drove price down, it must move somewhere, and if the upside is being rejected, what option does that leave?
Cant go over it, cant go through it... gotta go under it.

I plan to continue to watch this touch of the EMA(50) and look for possible long entries.
Ideally, Long to the 37.5k level again. We know BTC will test it, but will it surpass it?
The main trade would be: [ that EMA(50) test to 37.5k ]. Take Profits then hold a small portion to see if we break the 'High'.

14 нояб. 2023 г.

Комментарий

Biiiiiiiiiiiiig moving! I was worried we would see BTC bounce off the ema(50) and retest that 37.5k level before selling lower.
But, it didnt! Expecting a slow bottom and reversal to eventually play into a sort of cup and handle formation.
Based off pure chart analysis I would stay away from any long term trades and swings.