The second day of the week. Let’s look at Bitcoin
Bitcoin ( BTC /USD) Shorts are not done yet, there have been many investors now getting back into the market buying bitcoin. I do not think that bitcoin has reached its bottom yet. The trend remains bearish with confirmed lower lows and lower highs, and this is the correction. The manner in which the price is moving is very corrective, I would like to see the price take its time back up to 28295 which is my point of interest, it’s also an untested level resistance that should be filled and at the very least, provide a reaction.
My target on this one is the previous low which should be an easy target if the price manages to reject the point of interest. There may be a lot of room for price to create a new lower low. On the flip side, the Price could continue to push past my point of entry, If the price breaches 30k with force I will exit this position or just manage my risk by closing partial losses.
The week is still young and there is no need to force anything. Stay disciplined.
Prediction Analysis Overview Table
|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 – 36.38%|
|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
- Wait for Price to activate Pending order
WATCH OUT FOR
- Strong Volume on the retrace up
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