#bitcoin update- Overall view and short-term trade opportunities-( #bullish crab around 7200.)

in #cryptocurrency6 years ago (edited)

#Bitcoin is still moving sideways between the 61.8fib and 78.6fib regions.

i.e currently we are moving sideways in this range 7783-7182

This is where we stand right now, in the Daily time frame:

7E7KUyLm.png

If #btc breaks this uptrend line and falls belowthe 88.6fib support at 6825 then,

we will make a lower low i.e below 6500

RSI is at 32.5, slope is not steep till now, however if we fall below 6500 then we can have panic selling.

However on the bullish bias if we get a bounce off these support levels i.e the uptrend line & 78.6 fib then

we can target upper Resistance levels, i.e the DMA's and the upper fib levels

Meanwhile, as #btc is moving sideways, until we get heavy sell/buy volume to break these support/resistance levels, we can swing trade between these levels, if we know the levels properly.

An Intra-day trade that is developing right now is:

#Bitcoin after TP1 and TP2 hit of the bearish butterfly, #btc has formed another harmonic pattern , bullish crab this time.

crab.png

D is PRZ which is around the 78.6fib support i.e 7200,

we can expect a short term reversal around this pattern.

I am expecting this Intra-day setup on bitcoin right now:

Open long: 7239

Target1: 7460
Target2: 7620
Target2: 7715
SL: 7163, Risk: 1%
R:R =5 for T2

download (78).png

Earlier #bitcoin was forming a bearish butterfly around 4H 20SMA, i posted this trade setup yesterday:

https://steemit.com/cryptocurrency/@rajista007/bitcoin-forming-bearish-butterfly-around-4h-20sma-resistance-crypto

bearish-butterfly.png

This was the setup:

download (69).png

It resulted in a profit of 3.7%x Leverage

download (76).png

Previous to this post also, i posted another intra-day trade setup, as #bitcoin was forming a bullish #shark pattern, around the 78.6fib:

https://steemit.com/cryptocurrency/@rajista007/bitcoin-forming-a-bullish-shark-pattern-around-the-78-6fib

bullishshark.png

This was the setup:

Capture55.PNG

It resulted in a profit of 3.63%x Leverage

Capture66.PNG

If we can identify patterns like these, when a #cryptocurrency is moving sideways and swing trade based on these setups, then we can earn nice profits, even if the #coin is not moving much in the Daily time-frames.

For the current intra-day Trade setup that i posted at the start:

You can find the updated analysis here also:

https://www.tradingview.com/chart/BTCUSD/ykaV6Eg3-bitcoin-forming-bullish-harmonic-around-7200-crypto-btcusd/

https://twitter.com/rajista007

If you found something useful here/benefited from my calls, then kindly hit the upvote/follow me here, #tradingview as well as in #twitter.

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