BTCUSD
LOOKING AT THE FLAG PATTERN
I want to focus on a possible buy opportunity.
The price bounced from the support zone had formed by the downtrend line and 9000.00 support level . The bullish candle confirms it. In spite of the close price, which is far from the top of the local price range, we have the confirmation of the price reversal. The long wick can tell us that buyers are not so strong yet. MACD histogram confirms the upward movement, and it is the additional signal for buying.
How to trade? It is possible to buy based on current prices. But we will do it without an additional confirmation that the price is going to make a new local high and continue the upward movement. For getting such a signal, it is better to place a pending order for buy above the high of the signal level. The estimated entry is about 9455.00 or higher. As we rely on the price reversal from the support zone , it will be logically to place stop-loss orders below this support zone and the local swing lows. It can be 8950.00 level. The main profit target for short and medium term trades should be 10 000.00 resistance. The 2nd profit target can be 11 000.00 round-number resistance.
If you decided to buy, don't forget about the proper money management. The market stays unstable and can move in both directions
I want to focus on a possible buy opportunity.
The price bounced from the support zone had formed by the downtrend line and 9000.00 support level . The bullish candle confirms it. In spite of the close price, which is far from the top of the local price range, we have the confirmation of the price reversal. The long wick can tell us that buyers are not so strong yet. MACD histogram confirms the upward movement, and it is the additional signal for buying.
How to trade? It is possible to buy based on current prices. But we will do it without an additional confirmation that the price is going to make a new local high and continue the upward movement. For getting such a signal, it is better to place a pending order for buy above the high of the signal level. The estimated entry is about 9455.00 or higher. As we rely on the price reversal from the support zone , it will be logically to place stop-loss orders below this support zone and the local swing lows. It can be 8950.00 level. The main profit target for short and medium term trades should be 10 000.00 resistance. The 2nd profit target can be 11 000.00 round-number resistance.
If you decided to buy, don't forget about the proper money management. The market stays unstable and can move in both directions
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