Bitcoin / Supply and Demand Analysis / 29-11-2020

29 Nov 2020

Bitcoin retested a W demand zone; it is clearly that price is reacting to the buy orders within this price range. On the lower timeframes entries can be planned according to your strategy (for example, bottoms of bull flags, W patterns on fib levels). Personally I use supply and demand to determine key continuation areas in combination with fib retracements and patterns).

#Trading is odds game #Adhere to your personal trading plan #Always use a stoploss #Apply risk management

29 Nov 2020

Nota

If price does not take out W demand, first TP will be region 21.000 - 22.000

29 Nov 2020

Nota

There a couple of possible scenario's; how you trade it or manage positions is personal and dependent on the strategy you trade and how to manage your risk.

Scenario A: BTC will continue it's bullish trend. I entered on W demand at 16560. Currently I moved stoploss to break-even in case scenario B or C will develop.

Scenario B: On the 4H TF, one correction leg has been created. From an Elliott Wave perspective a second leg is highly possible (A-B-C correction) before BTC will continue it's bullish trend. If this happens I will be stopped out at 16560. If this happens leg C will probably go to 14360 where D demand is located. I'll wait for rejections around this area to possibly enter again.

Scenario C: If price takes out this D demand zone, we will move lower to W D around 11740. Will be looking for longs over there.