BTC WEEKLY CORRECTION... trading strategy
hello
Below is an analysis of BTC for the next few days, the idea is a short swing using the bottonm fishing risk-return 4.19 strategy.
Indicators used
*Fibonacci retracement
*12 and 26 period moving averages
*MPVR
*RSI levels
Current Scenario
BTC comes in a strong rally on the weekly chart, so in this period it has to correct. Believing that this low is just a weekly correction. SPY also contributing to this correction in BTC.
How I analyzed
I begin the search for the bottom of this weekly correction that occurs when the 4h RSI enters extreme levels. Using RSI lvls I marked this region with a yellow box.
Now using the MPVR, I look for regions where there was strong market movement in the past to establish as support, the green and red box, where it coincides with the extreme level of the 4h RSI levels.
Using the Fibonacci retracement on the weekly rally, it shows the golden line at the value of 38000, a strong psychological number, which is exactly in the region that the other indicators show. I would like to say that I use Fibonacci only as a mere reference but not as a criterion.
Conclusion
ALL indicators point to the 38000 region as an excellent buying point, I am dividing my capital into 5 orders of equal values ranging from 38000 to 37500 (another strong resistance observed in the MPVR), thus seeking to take the stop orders and get the best average price.
The STOP will be at 35990, a little below the 36000, a strong psychological number, from this point on, according to the TRDR (I don't have it but I've seen it from other traders) there are no more significant orders, that is, the price would plummet.
The final gain is at 44000 when the 1h RSI would enter an extreme overbought level and the 4h would enter an overbought as well, in this region according to MPVR and TRDR there is strong resistance. I will start taking profit when we reach 41900, when we enter a strong resistance zone according to the indicators, I will exit with 60% of my position and I will peel until the final profit.
Heads up
Be careful with the news about Ukraine, which has been affecting the market more and more but still does, and the SPY. BTC dominance is falling even in this uncertain scenario, which is strange to me and I'm looking closely.
GOOD TRADES TO ALL... doubts and suggestions I am available.
Below is an analysis of BTC for the next few days, the idea is a short swing using the bottonm fishing risk-return 4.19 strategy.
Indicators used
*Fibonacci retracement
*12 and 26 period moving averages
*MPVR
*RSI levels
Current Scenario
BTC comes in a strong rally on the weekly chart, so in this period it has to correct. Believing that this low is just a weekly correction. SPY also contributing to this correction in BTC.
How I analyzed
I begin the search for the bottom of this weekly correction that occurs when the 4h RSI enters extreme levels. Using RSI lvls I marked this region with a yellow box.
Now using the MPVR, I look for regions where there was strong market movement in the past to establish as support, the green and red box, where it coincides with the extreme level of the 4h RSI levels.
Using the Fibonacci retracement on the weekly rally, it shows the golden line at the value of 38000, a strong psychological number, which is exactly in the region that the other indicators show. I would like to say that I use Fibonacci only as a mere reference but not as a criterion.
Conclusion
ALL indicators point to the 38000 region as an excellent buying point, I am dividing my capital into 5 orders of equal values ranging from 38000 to 37500 (another strong resistance observed in the MPVR), thus seeking to take the stop orders and get the best average price.
The STOP will be at 35990, a little below the 36000, a strong psychological number, from this point on, according to the TRDR (I don't have it but I've seen it from other traders) there are no more significant orders, that is, the price would plummet.
The final gain is at 44000 when the 1h RSI would enter an extreme overbought level and the 4h would enter an overbought as well, in this region according to MPVR and TRDR there is strong resistance. I will start taking profit when we reach 41900, when we enter a strong resistance zone according to the indicators, I will exit with 60% of my position and I will peel until the final profit.
Heads up
Be careful with the news about Ukraine, which has been affecting the market more and more but still does, and the SPY. BTC dominance is falling even in this uncertain scenario, which is strange to me and I'm looking closely.
GOOD TRADES TO ALL... doubts and suggestions I am available.
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