Bullish long term but be aware of a correction

15 Nov 2020

I am firmly bullish for the long term. Major institutions are stacking sats very quickly and price has rocketed nearly 120% YTD. Bitcoin has seen many records broken this year, it’s only a matter of time until the retail FOMO begins. Price has found resistance at the 78.6% fib level (~$16,500). Currently waiting for the price to break up above this level where there is very little resistance up to ~$20,000 after that. However I’m also bearing in mind that MACD is starting to form a cross on the daily and the RSI is currently indicating it’s overbought (both circled in pink) and it could be due a correction. If that’s the case, I’d expect the price could retrace to the around the 61.8% support (~$13,800) if we cannot hold above the current $16,000 support, but I’ll be waiting for price action to decide the direction before entering any trades!

TL; DR ;
Do your own research, this is just an idea and I am not an expert. Overall I’m bullish but I would not be surprised for some short term pullback.
Suggestions/feedback welcome.

16 Nov 2020

Dagangan aktif

BTCUSD has crossed the 78.6% fib level and a candle has closed above it on the 1hr timeframe. I’ve entered some long positions and will be entering more should there be a retest of this level. There is a minor resistance at $18,200 so this will be my target but I can see us reaching $20,000 within the next few weeks, so I will be moving the stop loss to entry when we’re near the $18,000 range.

18 Nov 2020

Nota

Price is testing a very minor resistance at $18,200, stop loss moved above entry and will be trailing. If we can clear this resistance, theres nothing in the way of it reaching $20,000 VERY soon.