BITCOIN / USDT PAIR ON BINANCE (TECHNICAL ANALYSIS+TRADE PLAN)

9 сент.

Technical Analysis of the Chart by Blaž Fabjan:

Descending Trading Channel:

BTC is trading within a descending channel, showing lower highs and lower lows, which typically signals a downtrend. However, it is nearing the bottom of the channel, often a zone for potential reversal.

Support and Resistance Zones:

Support: The two orange zones indicate strong support areas around $51,000 and $50,000. BTC may find buying pressure in these regions, especially as it touches the lower bound of the descending channel.
Resistance: The current resistance area is around $55,000. BTC will need to break through this level to confirm a trend reversal.

Indicators:

RSI (Relative Strength Index): RSI is currently around 55, indicating a neutral trend. However, it is slightly moving upwards, suggesting potential bullish momentum, though not overbought yet.
Stochastic Oscillator: This is showing a crossover at 74, indicating upward momentum, but it’s close to the overbought region. This may signal some resistance to immediate bullish continuation.

VMC Cipher B Divergences: This indicator is showing bullish divergences at several points, signaling potential reversal zones. Divergence with price action suggests a potential trend change in the near term.

Trading Plans:

1. Intraday Trading Plan:
Strategy:
Trade within the current channel. Watch for a breakout from the descending channel, especially on the 1-hour chart.
A breakout above the $55,000 level could confirm a short-term bullish move.
Look for pullbacks towards the $53,500-$54,000 region to enter long positions, targeting $55,500.
Place a stop loss just below $53,000 to protect against fake breakouts.
Indicators to Watch:
RSI trending above 60.
Stochastic Oscillator maintaining bullish momentum.

2. Scalping Strategy:
Strategy:
Focus on small price fluctuations within the support and resistance zones.
Look for quick entries near the support zones (around $53,500) and exits before it hits resistance ($55,000).
Scalping in tight time frames (5 to 15 minutes) around these price levels.
Key Levels:
Enter around $53,500 and exit at $54,500.
Place tight stop-loss orders around $53,000 to manage risk.

3. Swing Trading Strategy:
Strategy:
If BTC continues trading within this descending channel, wait for a breakout confirmation to take a long position.
A breakout above the channel and $55,500 would signal a strong move upwards, potentially to $58,000 or higher.
Enter long positions if BTC breaks and holds above the $55,500 resistance level, targeting $58,000 and beyond.
In case of a further dip, enter long positions around $50,000 support, which appears to be a strong reversal point.
Stop Loss: Below $50,000.

Conclusion and Long Position Advice:

Near-Term (Intraday): BTC could break above the descending channel, leading to a short-term bullish move towards $55,500. Watch closely for a breakout confirmation. You could consider entering long positions on pullbacks or a confirmed breakout.

Medium-Term (Swing Trading): A solid break of the $55,500 resistance could lead to a potential rally towards $58,000. Be cautious of potential false breakouts and place stop-losses below support levels.

Scalping: For those aiming for quicker profits, you can take advantage of price fluctuations within the $53,500-$55,000 range.

Overall, the chart shows signs of a potential bullish reversal, especially if BTC breaks out of the descending channel. For now, conservative traders may wait for a breakout confirmation before entering long positions. However, aggressive traders can consider buying near support levels, keeping in mind the risk of downward movement in case of failure to break resistance.