BTC/USD 1W (Long Term)
Hello to the great community of digital currency traders
According to the prevailing conditions of the schedule, the following items can be checked
1. The reaction of the price in the past periods to the moving average of 200, which after the temporary loss of bitcoin is now regaining this support, and this is considered a positive sign.
2 Bitcoin's reaction to the highest level of the past, which has kept Bitcoin below 20,000 for a long time, and of course, the relatively good reaction that the weekly candles showed to this level in the recent fall is a positive sign.
3 The formation of a trend line that is clearly visible in RSI after the first price hit the $60,000 level. The breaking of this trend line can be a sign of the end of this correction and the beginning of a new wave.
My personal opinion
Bitcoin can reach the specified target by the specified date (horizontal line) and I think the $15,000 range is a suitable loss limit for this long position.
tip
The closing of one or two weekly candles above the 200-day moving average can be a good confirmation to enter this position with higher accuracy, and the closing of one or two weekly candles below this level can be a good confirmation to exit the trade early.
tip
If the support range of 18-20 is lost, it is possible to imagine a further drop and reaching numbers like 13 or 10 and even 7, but in my opinion, this scenario is weak considering the past.
Good Luck
According to the prevailing conditions of the schedule, the following items can be checked
1. The reaction of the price in the past periods to the moving average of 200, which after the temporary loss of bitcoin is now regaining this support, and this is considered a positive sign.
2 Bitcoin's reaction to the highest level of the past, which has kept Bitcoin below 20,000 for a long time, and of course, the relatively good reaction that the weekly candles showed to this level in the recent fall is a positive sign.
3 The formation of a trend line that is clearly visible in RSI after the first price hit the $60,000 level. The breaking of this trend line can be a sign of the end of this correction and the beginning of a new wave.
My personal opinion
Bitcoin can reach the specified target by the specified date (horizontal line) and I think the $15,000 range is a suitable loss limit for this long position.
tip
The closing of one or two weekly candles above the 200-day moving average can be a good confirmation to enter this position with higher accuracy, and the closing of one or two weekly candles below this level can be a good confirmation to exit the trade early.
tip
If the support range of 18-20 is lost, it is possible to imagine a further drop and reaching numbers like 13 or 10 and even 7, but in my opinion, this scenario is weak considering the past.
Good Luck
Penafian
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