BITCOIN TARGET HIT, NEXT TRADE LONG OR SHORT?
TLDR: Watch out for a close above 33.5K to continue bullish, failure to do so in next few hours will be bearish.
In yesterday's post (linked in related ideas below), I was looking to long upon a break of 32K with a target of 33.5K, where I have taken profits on a part of my position. This target has now been met, and the question now is what is next. Looking at the 15Min TF, we see that price broke above the 200MAs and came back to retest it and had a successful bounce. On the 1H timeframe, however, price is still testing the 200MAs and have yet to break above. Im waiting for a close above 33.5K to indicate that price is ready for another move up. If price fails to close above 33.5K in the next few hours, then it is more likely that bulls dont have the strength to push prices further up, in which case i will close the rest of my long position.
Hi guys, this is OG back with another market update. If you find value in my work, please do like, share, and comment. And also feel free to share your ideas and technical analysis in the comments below.
Check out my daily videos for more in-depth technical analysis and trade setups for Bitcoin, Ethereum, and Altcoins.
Why follow?
1. Community of Technical Analysts sharing analysis and trades
2. Live tracking of whale wallet movements
3. Live update of the latest important news
4. Live syncing of popular crypto tweets
5. Ebook covering how to be profitable in the cryptocurrency market
As always, I’m not a financial advisor, all information presented is for educational purposes only and not meant as financial or investment advice, do your own research, and stay safe!
In yesterday's post (linked in related ideas below), I was looking to long upon a break of 32K with a target of 33.5K, where I have taken profits on a part of my position. This target has now been met, and the question now is what is next. Looking at the 15Min TF, we see that price broke above the 200MAs and came back to retest it and had a successful bounce. On the 1H timeframe, however, price is still testing the 200MAs and have yet to break above. Im waiting for a close above 33.5K to indicate that price is ready for another move up. If price fails to close above 33.5K in the next few hours, then it is more likely that bulls dont have the strength to push prices further up, in which case i will close the rest of my long position.
Hi guys, this is OG back with another market update. If you find value in my work, please do like, share, and comment. And also feel free to share your ideas and technical analysis in the comments below.
Check out my daily videos for more in-depth technical analysis and trade setups for Bitcoin, Ethereum, and Altcoins.
Why follow?
1. Community of Technical Analysts sharing analysis and trades
2. Live tracking of whale wallet movements
3. Live update of the latest important news
4. Live syncing of popular crypto tweets
5. Ebook covering how to be profitable in the cryptocurrency market
As always, I’m not a financial advisor, all information presented is for educational purposes only and not meant as financial or investment advice, do your own research, and stay safe!
