On the above 1-day chart price action completes a near 90% correction from the overbought condition (green column) back in early February. A ‘incredible buy’ opportunity now exists (orange column) following the correction to past support /resistance. The Bitcoin chart below is also oversold with Dragonfly DOJI candle on the daily. The only way is up.
This is an easy 5x your Bitcoin / USD.
Is is possible price action can fall further? Sure.
Is it probable price action moves up? Well it’s like this, you’re holding all the aces.
Good luck!
WW
The Bitcoin chart with Dragonfly DOJI candle on the
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On the 10-day bitcoin chart price action prints strong support on past resistance with volume. Perfect.
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There are now 8 oscillators showing bullish divergence with price action, I'm excited if I see a few:
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135% move in only 15 days - fantastic. Don't chase it, price action is well outside the Bollinger Band, wait for a return to the mean before entering a long position.
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** swing trade opportunity **
The current explosion in price action may well see a correction in the days ahead. Why?
1) On the 8hr chart below the 'great sell' alert has illuminated.
2) Price action is well outside the Bollinger Band. 95% of all price action is inside the band.
3) That's a 8hr Gravestone DOJI candle that has printed. Confirmation of reversal comes with the next candle.
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If $21.60 fails to act as support, $12;50 would be the next support
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Support held. Bull flag breakout now takes price action to $50.
A buy from $21-23 is excellent.
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Close the the swing trade if you've still got it opened. This whole correction across the market is starting to feel like a "V" shaped recovery.
When many people scream for 300k as we pass 115k at the end of the year you'll know different.
gigabyte3d
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@without_worries, haha, thanks brother for all the tips, i hope you create many more ideas in the future. You have taught me to be patient and more responsible with risk management.
Snoopymatt
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Good morning.....looking way back on this one......could you please provide current thought? Thanks so much!
In such a analysis with BTC pair, will this possible x5 increased could also apply to the pair with USDT?