Btc!
#BTC MACRO UPDATE ON WEEKLY CHART, MAJOR BREAKDOWN MAY COME In this Chart, I have compared 2018 & 2022 Bear market
There is a lot similarities in these two fractal
I have compared it in Weekly Chart
1)In 2018 BTC formed Double Bottom after approx 71% decline from TOP & In 2022 $BTC formed double bottom after approx 74% decline from TOP
2) In 2018 it took approx 329 days from TOP to complete double Bottom and in 2022 also it took 329 days to complete double bottom
3) in 2018 After 329 days BTC plunged down approx 53% in next 28 days and if this fractal turned out to be true then bottom would be some where around 7 Nov & 53% down from here would be 9559$
THANKS
HERO ZERO TRADE IN NIFTYThese big candles indicating that price is at supply zone in higher TF
Price failing to breach these levels and go up
Even though price is again and again going back to its supply zone
1) It is creating lower lows in lower time frame
2)Getting rejection from 0.786 Fib levels in intraday
All the levels are mentioned in the chart
what the price comes there all you have to do is buy 17350 PE 6 oct expiry
Price will be around 15-17 rs .
Risk per lot is 750-800 .
Managing the trade:
If the trade goes in our way
*Exit half Quantity @1:1 Risk/Reward Target and Shift to SL to cost
*Exit Half of the remaining with 1:1.5 or 1:2 Risk/Reward (by looking at momentum) and trail the SL.
*Exit remaining with trailing Stop loss.
*SECURING THE TRADE AND PROTECTING THE CAPITAL SHOULD BE YOUR FIRST PRIORITY.
*NOT A SUGGESTION VIEWS ARE FOR EDUCATIONAL PURPOSES.
Bitcoin and elliott waves QUICK UPDATE - we spotted the inverted head and shoulder and traded it well and reached our target
Current Condition = price has tested the previous hourly and 15m rejection zone and trying to sustain it
So, we drew waves after the breakout of head and shoulder
as per textbook ratios the price tend to form accordingly
now price has reached it 3 impulse wave, we will wait for the pullback, which will be approximately 20100 level and the 4th wave that will be our buying zone
TRADING SETUP
buy around 20,000 around figure or at 20100 according to fib and wave lengths
stop loss should be around 19900
Target 1 = 20400 & Target 2 = 20700
btc update we have closed the bearish trade as price got to our projected target of 18950-20
now that price showed a fake breakdown and closed within the range of channel
seems like btc forming inverted head and shoulder
trade setup
buy above 19325
stop loss below the right shoulder (not exactly stated as price still below the buy price )
target 19750 - 19800
PRICE ACTION ANALYSIS IN NIFTYDATE:03/10/2022
In a daily time frame price has formed a inside candle.
If we observe in 1 hr. time frame its not a bearish sign until price breaks down recent low (16750 levels)
So until it crosses that low its better not to carry any short positions in nifty.
Observe the price action structure here
1)There is a recent lower high formation (17050 levels)
2)There is a recent Low (16750 levels)
For the market to turn bullish it has to break 17050 level and form a higher high. This will be thr first sign
Then find the golden zone with the help of Fibonacci tool and wait for entry (This will be safe with small SL).
or One can go long by observing PA in the first 15-30 mins with confirmation of bullish candles. plan the SL accordingly
*** If Price breaks 16750 better to exit all long positions.
I hope this analysis will help you.
If you agree with my analysis you can comment on this post by yes or give a boost
Thank you. And happy trading.
*SECURING THE TRADE AND PROTECTING THE CAPITAL SHOULD BE YOUR FIRST PRIORITY.
*NOT A SUGGESTION VIEWS ARE FOR EDUCATIONAL PURPOSES.