Hi,
Looks like some sort of correction has started with the price of Bitcoin and currently should have a perfect time to look up some buying areas.
Last week I did a technical analysis of 20 altcoins to find technically good buying areas. A lot of them needed a BTC correction to reach there, we got it, and some have already reached and some are starting to approach strongly the buying areas - you can look them up on related ideas, just down below of this post.
Okay, let's jump back to BTC, I have pointed out two major buying opportunities/areas, one is short-term and one is long-term.
Starting from the higher box, short-term, it stays around 30k and technical criteria:
1) Previously worked support level
2) The round/psychological number 30k
3) 4H EMA200, the price of Bitcoin hasn't touched it more than 3 months on the 4-hour timeframe and if it does it then there are quite good odds that we also get a rejection of it!
For me, it is a short-term opportunity (target 35k), because there might form a bearish chart pattern called Head and Shoulders and in general 35k level has played a role during the previous price action.
The lowe box, the major box, THE b-u-y-i-n-g area.
Obviously, it can take some time if it reaches there but you better be ready for it!! I consider it as a long-term buying area and the criteria are:
1) The famous previous ATH acting as a support level.
2) Round number 20k
3) 50% drop from the current ATH. IF the price of BTC reaches there without making a new all-time high then it would be PERFECT, because these 50% drops from ATH (or previous peak) are very powerful areas to make a buy.
4) Fibonacci retracement Golden ratio 62%
5) Daily EMA 200
“There is a time to go long, a time to go short and a time to go fishing.” - Jesse Livermore
Atm option A would be logical ;)
Regards,
Vaido
Looks like some sort of correction has started with the price of Bitcoin and currently should have a perfect time to look up some buying areas.
Last week I did a technical analysis of 20 altcoins to find technically good buying areas. A lot of them needed a BTC correction to reach there, we got it, and some have already reached and some are starting to approach strongly the buying areas - you can look them up on related ideas, just down below of this post.
Okay, let's jump back to BTC, I have pointed out two major buying opportunities/areas, one is short-term and one is long-term.
Starting from the higher box, short-term, it stays around 30k and technical criteria:
1) Previously worked support level
2) The round/psychological number 30k
3) 4H EMA200, the price of Bitcoin hasn't touched it more than 3 months on the 4-hour timeframe and if it does it then there are quite good odds that we also get a rejection of it!
For me, it is a short-term opportunity (target 35k), because there might form a bearish chart pattern called Head and Shoulders and in general 35k level has played a role during the previous price action.
The lowe box, the major box, THE b-u-y-i-n-g area.
Obviously, it can take some time if it reaches there but you better be ready for it!! I consider it as a long-term buying area and the criteria are:
1) The famous previous ATH acting as a support level.
2) Round number 20k
3) 50% drop from the current ATH. IF the price of BTC reaches there without making a new all-time high then it would be PERFECT, because these 50% drops from ATH (or previous peak) are very powerful areas to make a buy.
4) Fibonacci retracement Golden ratio 62%
5) Daily EMA 200
“There is a time to go long, a time to go short and a time to go fishing.” - Jesse Livermore
Atm option A would be logical ;)
Regards,
Vaido
Comment:
The lower box worked perfectly, target is done and I’ll keep you posted about next possible moves.
