[BTCUSD W1 Feb 2021]

BTCUSD
Long Setup

💬BTCUSD has been trending to the downside in a corrective A-B-C-D-E movement since hitting the 42000 psychological mark. We have successfully caught the short trades last week. However, now price has broken upwards and is set to push higher. Price has also retested the break, perfect entry for buyers.

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Forecasting an impulse wave.

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Lower timeframe breakdown. Price could possibly be forming a higher Wave-B then Wave-C down to complete Wave-ii.
Buying Wave-B and selling Wave-C could be executed but risky, wait price to finish forming Wave-ii then longing would be advisable.

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Wasn't the move as expected, but corrective wave has completed and now its sky rocket time

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TP1 hit

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Both target done

💭 My long term strategy on trading Bitcoin is to trade the breakouts, both on the smaller and bigger timeframes. The recent bull run is all due to Elon Musk and his company, Tesla:

30,000 push - Elon changed his Twitter bio to #bitcoin
39,000 push - Tesla made a $1.5bln investment in bitcoin

📰 Tesla has also released a statement saying it plans to incorporate bitcoin as a payment method for future purchase. This could give a rise on bitcoin long term and little to no entry can be found in the near weeks.

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💭 Recent impulse on Bitcoin can be said to be a complete Wave-3. Possible corrective movement of ABCDE in a form of triangle would occur now as to most Wave-4. Profitable entries as shown can be taken for its final Wave-5. Invalidation level may be placed at Wave-1 as they must not overlap.

📰 What's next for Bitcoin?
[Technical] Despite the technical setup mentioned above. Price is bound to make more correction in the near future especially when the Daily and Weekly timeframes are 'too stretched out', forming more price action, to be more favourable for technical traders.

[Fundamental] With the worldwide demand and hype recently, to Tesla and Biden's presidency campaign on supporting cryptocurrency, Bitcoin may be trending for awhile now (like gold in the past). Investors are NOT selling their coins even though price is at all time high. Hence, a possibility for bitcoin to just soar without any pullbacks.

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Trade closed: target reached

End of Thread

👌🏼 This marks the end of the current impulse wave on BTCUSD, with price completing Wave-5 with an Ending Diagonal. Price has broken out of it and found some resistance at the broken trendline. This is also the last update for this thread [BTCUSD W2 FEB 2021]

📰 What's next for Bitcoin?
An ending diagonal is a very strong reversal pattern and this could drive price down to find any support or liquidity zone. Possible areas to look out for would be $42,000 and $39,000. The former would be more attractive as $39,000 is the area where T made its $1.5bln investment, hence price will immediately reject that area, yet coming close to it. As for now, price most probably will move side ways.

✅ Possible Targets for BTCUSD
Personal targets for BTCUSD by the end of this year:
TP1 - $65,000
TP2 - $90,000 - $100,000

Before: [BTCUSD W2 FEB 2021_3]
TradingView Complete Thread: [TV - BTCUSD W1 Feb 2021]

SuperMonkey0

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SuperMonkey0