Long

Updated

[HEADS UP] Gonna try, Bulls ..

Short term setup: morning star on decent volume, a steep support may help bulls to pull back in the short time.
Failing that price is likely to drift towards main support.

Interesting setup for a ***high risk***, highly speculative Long trade aiming for a pullback to resistance (TP #1).

* Plan A is Long above the (steep) short term support or FIB 0.382 mark . Maybe within 24/48 hrs. VERY high risk.
* Plan B is Long from main support area. Risky as well.

Mandatory stop Loss under support or under recent low in the 6500$ area.
Scenario invalidated on a confirmed break down of support ( e.g. daily close ).

If picture above looks messed:

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Soon time of truth, bulls need a decisive blue-on-green crossover within next week(s) in order to pave the way for next uptrend ( 2016 style ).

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See this september 2019 post for reference:

3 MAs playground: a pretty Bullish Chart ;)

Now it's up to bulls.

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BTCUSDLONGS

ouch ...

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Monthly:

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We had the crossover, at last:

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Next few days: either up to 8500$ or test of medium term support.

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Ok, 6800$.

Roughly at medium term support.
Now we'll see.

Trade active

Here we go ... taking a Long right from here @6887$.
SL under recent low.

Will see.

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Critical area reached.

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Support and TD=9 today.

Where are the bulls?

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Let's see:

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Very short term bulls may take a breath.
15M:

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Updating the chart posted 2 days ago:

Unsurprisingly we got a local reversal after TD=9 daily.
Breakup of wedge as in previous cases, recovery of trendline.

The impulse up started at 6425$, just a couple dollars off the first marked static support.

Trendline recovery is important, yet for now all this may well be some technical rebound. So don't forget to use caution.

Let's follow, i think next 10 days will be crucial.

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I've set my stop on break even.

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Awaiting test of resistance.

Looking over the (short term ) horizon, here's how 2W looks:

TD count=9 achieved and last week closed almost with a dragonfly doji.
This week and next one are very important.

It's either bull trap or bear trap from here
Wouldn't take a bet on the outcome, honestly.

For now we're still in a limbo, let's look at support and resistance as per Opening post.

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Closing this as we're already moved to next chapter.

Here is the updated opening post:

As you noticed price followed Plan B and drifted to medium term support, where it found someactual reaction.

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Next chapter here.

If you're Long already don't forget to update your SL, possibly in break even-

Trade closed: target reached

Closing as target esistance was reached

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