Hello traders! We have a new week here and I was doing an analysis on bitcoin now, it doesn't look very good, the weekly candle has closed bullish for us, but it is very exhausted. The daily timeframe is still at resistance, which has not been broken and can be considered tested, which may indicate very significant bearish strength.
I have marked the buying zones for you on H4, but they may not be that strong, so be very careful when buying! Because we can easily fly to the new LL from this resistance. In addition, we are at a strong support on BTC .D, which means that btc's dominance can start to strengthen, and in most cases this happens when bitcoin falls more slowly and sometimes when bitcoin rises faster.
Despite the fact that Bitcoin needs some retracement, I am starting to lose hope and am preparing for the option of looking lower.
Note
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I personally prefer setting up multiple TPs , here's an explanation:
1) 1:1 allows you to take a 50% position and thus secure a balance against loss in case the market turns
2) 2-5 :1 means profit (25% trade volume ), after reaching this TP I move SL to BE
3) 5-10 :1 means bonus money with rest of trade volume 25%
In this way, I ensure that my equity curve grows consistently without significant dips.
Money is lying on the ground, just bend down for it! Be patient and wait for the price to reach a strong zone and open a position!
I have marked the buying zones for you on H4, but they may not be that strong, so be very careful when buying! Because we can easily fly to the new LL from this resistance. In addition, we are at a strong support on BTC .D, which means that btc's dominance can start to strengthen, and in most cases this happens when bitcoin falls more slowly and sometimes when bitcoin rises faster.
Despite the fact that Bitcoin needs some retracement, I am starting to lose hope and am preparing for the option of looking lower.
Note
-------------------------------------------------------------------------------------------------------------------------------
I personally prefer setting up multiple TPs , here's an explanation:
1) 1:1 allows you to take a 50% position and thus secure a balance against loss in case the market turns
2) 2-5 :1 means profit (25% trade volume ), after reaching this TP I move SL to BE
3) 5-10 :1 means bonus money with rest of trade volume 25%
In this way, I ensure that my equity curve grows consistently without significant dips.
Money is lying on the ground, just bend down for it! Be patient and wait for the price to reach a strong zone and open a position!
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.