BTCUSDT - Trend continuation
BTCUSDT - Trend continuation
Weekly:
Top is diverging somewhat and makes me curious, if that will result in a stronger pullback.
Currently the weekly uptrend is very strong and volume is strong. The amount of power of bulls has diminished somewhat, but overall the trend is still strong. This uptrend shows 2 ATR as a support level, during this uptrend this has served as a turning point of pullbacks.
Stochastic RSI is still declining and did not turn up yet.
Daily:
During the uptrend, which is a nice set of HL’s and HH’s, we’ve seen the pullbacks and downticks end up at around the -1 ATR level.
Stochastic RSI is max oversold and seems to turn up now, although the daily candle is only at 30% of its lifespan, it looks like it did bounce from this -1 ATR level which also happened to be the 50K support area.
I will therefore expect this move up to a new higher high, but it has to pass the 58K resistance first, if it does not have the power, it could bounce there.
If not, we could see a higher high around 63K - 65K and I will dynamically set the target, based on where the 2.5 / 3 ATR level is, as this level is often the turning point.
Entry: 52,5K
Stop: 49,75K
Target 1: 58K
Target 2; 63-65K (to be decided)
R/R ratio:
Target 1: 1:2
Target 2: 1:4
Found an entry after a bullish div on the 4H TF:
Weekly:
Top is diverging somewhat and makes me curious, if that will result in a stronger pullback.
Currently the weekly uptrend is very strong and volume is strong. The amount of power of bulls has diminished somewhat, but overall the trend is still strong. This uptrend shows 2 ATR as a support level, during this uptrend this has served as a turning point of pullbacks.
Stochastic RSI is still declining and did not turn up yet.
Daily:
During the uptrend, which is a nice set of HL’s and HH’s, we’ve seen the pullbacks and downticks end up at around the -1 ATR level.
Stochastic RSI is max oversold and seems to turn up now, although the daily candle is only at 30% of its lifespan, it looks like it did bounce from this -1 ATR level which also happened to be the 50K support area.
I will therefore expect this move up to a new higher high, but it has to pass the 58K resistance first, if it does not have the power, it could bounce there.
If not, we could see a higher high around 63K - 65K and I will dynamically set the target, based on where the 2.5 / 3 ATR level is, as this level is often the turning point.
Entry: 52,5K
Stop: 49,75K
Target 1: 58K
Target 2; 63-65K (to be decided)
R/R ratio:
Target 1: 1:2
Target 2: 1:4
Found an entry after a bullish div on the 4H TF:
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