#bitcoin update- Overall view and short-term trade opportunities-( #bullish crab around 7200.)
#Bitcoin is still moving sideways between the 61.8fib and 78.6fib regions.
i.e currently we are moving sideways in this range 7783-7182
This is where we stand right now, in the Daily time frame:
If #btc breaks this uptrend line and falls belowthe 88.6fib support at 6825 then,
we will make a lower low i.e below 6500
RSI is at 32.5, slope is not steep till now, however if we fall below 6500 then we can have panic selling.
However on the bullish bias if we get a bounce off these support levels i.e the uptrend line & 78.6 fib then
we can target upper Resistance levels, i.e the DMA's and the upper fib levels
Meanwhile, as #btc is moving sideways, until we get heavy sell/buy volume to break these support/resistance levels, we can swing trade between these levels, if we know the levels properly.
An Intra-day trade that is developing right now is:
#Bitcoin after TP1 and TP2 hit of the bearish butterfly, #btc has formed another harmonic pattern , bullish crab this time.
D is PRZ which is around the 78.6fib support i.e 7200,
we can expect a short term reversal around this pattern.
I am expecting this Intra-day setup on bitcoin right now:
Open long: 7239
Target1: 7460
Target2: 7620
Target2: 7715
SL: 7163, Risk: 1%
R:R =5 for T2
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Earlier #bitcoin was forming a bearish butterfly around 4H 20SMA, i posted this trade setup yesterday:
This was the setup:
.png)
It resulted in a profit of 3.7%x Leverage
.png)
Previous to this post also, i posted another intra-day trade setup, as #bitcoin was forming a bullish #shark pattern, around the 78.6fib:
This was the setup:
It resulted in a profit of 3.63%x Leverage
If we can identify patterns like these, when a #cryptocurrency is moving sideways and swing trade based on these setups, then we can earn nice profits, even if the #coin is not moving much in the Daily time-frames.
For the current intra-day Trade setup that i posted at the start:
You can find the updated analysis here also:
https://twitter.com/rajista007
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LTC: LRapgEkUPwV2qENjtt3NEH8d4PPvW3sFfm
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