BTC /USD is not done with its bearish run, I do believe we will see price give another leg to the downside,
It may consolidate before breaking or it might just break the low and continue bearish . I would like to see price first create some sort of consolidation before taking a sell position.
We are currently sitting at 19300, a support based on the weekly timeframe . My next target is at 12000 which I think should be easily achieved based on the current momentum as well as the fear of recession driving investors to cash most of their assets including digital assets.
If price just decides to push higher I will leave this setup alone and re-analyse, For now, let’s see if we can capitalize on this long-term trade.
Prediction Analysis Template
|Analysis Overview Information||Prediction Analysis information|
|On what market is this position based (Forex, Stocks, Crypto, Indices, or Commodities)?||Crypto|
|What is the trading position identifier (Name and/or Symbol)?||BTC/USD|
|Is this a Short or Long Position?||Short|
|Would this be considered a Short Term, Medium Term, or Long Term trade?||Long Term|
|As a Short, Medium, or Long Term trade, which best describes the position (Scalping, Day Trading, Swing Trading, or Position Trading)?||Swing Trading|
|What Time Frame chart is the position based on (1-Minute, 5-Minute, 15-Minute, 30-Minute, 1-Hour, 4-Hour, Daily, or Weekly chart)?||Daily|
|Depending on the asset, how much do you expect it to move in price or percentage?||From Entry to Target – 37.5%|
|What ratio of risk to reward is this trade/position? Choose your appropriate target(s)||More than a 5 to 1 Target 2 N/A Target 3 N/A|
|What were the technical analysis tools used? Tick the appropriate boxes;||☐ Chart Patterns ☐ Indicators ☒ Price Action ☒ Support & Resistance ☐ Trendlines|
|From the technical analysis tools and indicators provided, tick the appropriate boxes for the tools and indicators used to analyze the position;||☐ Ascending Triangle, ☐ Bollinger Bands, ☐ Candlesticks, ☐ Channel, ☐ Cup & Handle, ☐ Descending Triangle, ☐ Double Bottom, ☐ Double Top, ☐ EMA, ☐ Fibonacci Retracement, ☐ Flag, ☐ Head & Shoulders, ☐ MA, ☐ MACD, ☐ Order Blocks, ☐ Pennant, ☐ Rounding Top Or Bottom, ☐ RSI, ☐ Symmetrical Triangle, ☐ Volume, ☐ Wedge|
Trading Prediction Success Probability Score
FSP ranks the probability of this trade a 5/10
- break of structure and retest
WATCH OUT FOR
- No break of structure No entry
Disclaimer: The FSP probability score is derived from adding and subtracting the positive and negative aspects of the position and is not a definitive sign of how the trade will play out. FSP is not in any way a financial advisor