롱

Bitcoin - Possible bounce @ 6000 psychological support

업데이트됨

Looking at BTC's previous corrections from all time highs, it usually takes around 72 hours for the correction to end and a bounce / market switch to set in. In this case, 72 hours from now will be Monday morning in Shanghai. So let's see if time frames can be of any help in BTC. Will update on entry and stop if I do go in.

노트

18h left til market switch

노트

Double bottom at 6450, if it breaks we could be heading down to 6k

노트

There it goes. Now waiting for 5900-6000 to buy

노트

Patiently waiting on this, entry at 5930-6000 area, stop at 5832

노트

Edging closer and closer

노트

bounce and retesting 6450's

should be a bit of resistance here, and then down to our entry - we hope

노트

If we head above 6550, we might have to re think getting in at 6k. We're still okay now, price is currently 6430

노트

there's the 6450 resistance after the restest

노트

Price came a lot lower than expected, did not open the trade

노트

So, in conclusion, our time analysis was correct, the only problem was, the buy area was set too tight. With less leverage, a wider stop, and more patience when scaling into the position, this trade would have done well.

Until next time