BTC/USD - Quick Long
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BTC broke the side-wards resistance very nicely, and since has had a small pop to the upside. What's happening now is that people are sitting around and waiting for a pump before jumping in. A more logical tactic could be to buy at the lows before the pop, and then reap the profits whilst the others play catch up to your advantage. It's logical to do this without even being entirely sure how hard it'll pump because the stop loss area is so simple for this trade, and that is simply below the side-wards support line. Any move below there (A candlestick close) therefore invalidates the entire move, so we don't have to have an advanced trading plan to be an early buyer here. That doesn't mean I am recommending a buy right this second, but when you do, the stop loss map is simple, and creating an RR map is also very simple.
Price needs to break the consolidation resistance as well, but even before breaking that we can enter the trade with ease. Simply because we know exactly where the stop loss should go already, so whatever happens, whether it breaks consolidation resistance, fails or any other scenario we know exactly what we are doing here.
There is a possibility price will retest the side-wards resistance that we broke out of, as a new support before the pop to the upside ensues too. Which would further validate the analysis overall. so there's no rush to buy, the candles right now are neutral, and it's in an advantageous position. We are at the advantage here, and we have the opportunity to sit back and wait, and when it lines up, we have a high probability buy opportunity.
Where do YOU think price is headed? Leave a comment with a chart and let's share our thoughts!
I will continue to update this analysis in realtime if this idea receives sufficient attention :-)
BTC broke the side-wards resistance very nicely, and since has had a small pop to the upside. What's happening now is that people are sitting around and waiting for a pump before jumping in. A more logical tactic could be to buy at the lows before the pop, and then reap the profits whilst the others play catch up to your advantage. It's logical to do this without even being entirely sure how hard it'll pump because the stop loss area is so simple for this trade, and that is simply below the side-wards support line. Any move below there (A candlestick close) therefore invalidates the entire move, so we don't have to have an advanced trading plan to be an early buyer here. That doesn't mean I am recommending a buy right this second, but when you do, the stop loss map is simple, and creating an RR map is also very simple.
Price needs to break the consolidation resistance as well, but even before breaking that we can enter the trade with ease. Simply because we know exactly where the stop loss should go already, so whatever happens, whether it breaks consolidation resistance, fails or any other scenario we know exactly what we are doing here.
There is a possibility price will retest the side-wards resistance that we broke out of, as a new support before the pop to the upside ensues too. Which would further validate the analysis overall. so there's no rush to buy, the candles right now are neutral, and it's in an advantageous position. We are at the advantage here, and we have the opportunity to sit back and wait, and when it lines up, we have a high probability buy opportunity.
Where do YOU think price is headed? Leave a comment with a chart and let's share our thoughts!
I will continue to update this analysis in realtime if this idea receives sufficient attention :-)
Nota
Price continues going up nicely, and I am expecting a retest at the consolidation support soon.As it stands, price continues to stay strong and bulls are keeping the pressure on. Remember there can still be a retest on side-wards support/horizontal support zone.
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Nota
Moving up remarkably against resistance, seems like a credible move.Looks brilliant, his exciting.
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