Bitcoin midterm plan
Last week you and I were looking at the chart and noted that bitcoin price corrected from the local high by 15%, there was no trade as such, except for a short intraday breakdown of 26700 and 27600 levels, I did not participate in trades on bitcoin, and tried to trade short on ether, but yesterday after the buyback I left the position without waiting for the stop.
In bitcoin, after the price reached the 26 thousand area, they bought back the quote and brought it to the sideways area. I did not buy because I did not like the break-up structure and volumes also seemed to be insufficient, and as we could see, today we have a pullback, on the 1-h chart there is a pin bar (bad sign for buying).
I want to mention right away that this week I see only a short-term intraday trade +1 for me.
What would you like to see for buying? Consolidation in the area of 27600-28000, and to buy on breakdown of this consolidation, with stops under the lower border of 27600, if a false break-through is made, even better. I do not want to buy from the current price, because there is a lot of resistance from above, in addition, we have hit the downtrend. In case the price breaks through 27600, it will mean the cancellation of the local long scenario and return to the area of 26-25 000.
The American market is on holiday today, and most likely, the main moves will be to the middle of the week.
It is worth taking into consideration the fundamental factors, which may affect the markets and bring some volatility this week - the unemployment statistics release at 1.06 -2.06.
Looking at the stock market close of the week, the NASDAQ index reached a new high for the year, due to growth in the semiconductors and large-cap companies, but we can't say that the broad market is fully risk on, as many metrics show cautious investors, so we might also see some correction.
Conclusion - technically for the transaction, you need a confirming pattern. I will consider an intraday trade, both long and short if I see a good entry pattern.
Euphoria for an urgent buy at the current price is not supported, and I am skeptical about the current trading situation due to low volumes and strong resistance from above.
Fundamentally - the market may go into a correction.
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Good luck and profit to all.
In bitcoin, after the price reached the 26 thousand area, they bought back the quote and brought it to the sideways area. I did not buy because I did not like the break-up structure and volumes also seemed to be insufficient, and as we could see, today we have a pullback, on the 1-h chart there is a pin bar (bad sign for buying).
I want to mention right away that this week I see only a short-term intraday trade +1 for me.
What would you like to see for buying? Consolidation in the area of 27600-28000, and to buy on breakdown of this consolidation, with stops under the lower border of 27600, if a false break-through is made, even better. I do not want to buy from the current price, because there is a lot of resistance from above, in addition, we have hit the downtrend. In case the price breaks through 27600, it will mean the cancellation of the local long scenario and return to the area of 26-25 000.
The American market is on holiday today, and most likely, the main moves will be to the middle of the week.
It is worth taking into consideration the fundamental factors, which may affect the markets and bring some volatility this week - the unemployment statistics release at 1.06 -2.06.
Looking at the stock market close of the week, the NASDAQ index reached a new high for the year, due to growth in the semiconductors and large-cap companies, but we can't say that the broad market is fully risk on, as many metrics show cautious investors, so we might also see some correction.
Conclusion - technically for the transaction, you need a confirming pattern. I will consider an intraday trade, both long and short if I see a good entry pattern.
Euphoria for an urgent buy at the current price is not supported, and I am skeptical about the current trading situation due to low volumes and strong resistance from above.
Fundamentally - the market may go into a correction.
Support for the author subscribe ✅ and start rocket 🚀.
Good luck and profit to all.
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