Forecast: BTC tends to consolidate and rally. Once it does rally, it has little to no pullbacks. Final stage, will be accelerated climb followed by a mid-term correction.
Masses common reaction:
- During consolidation period, wants BTC to dip lower to buy cheap BTC,
- During rally, wants BTC to retrace to get a safe entry.
- Only during accelerated climb, FOMO in as they do not have a position and end up buying the short-term top.
My advice:
- Build your position during consolidation period and if it does dip to 8000, buy more.
Confluence for trade idea:
1) Monthly support level
2) Monthly Open acting as support (Daily candles could not close below it)
3) Last lowest weekly close acting as support
4) Daily grey box - Daily demand zone
5) 100 Day normal and exponential moving average
6) Near bottom of triangle (Tightening of range)
Confirmation:
- Weekly candle close above weekly resistance
Invalidation:
- Daily candle close below daily grey box
Other key levels mark out:
1) 3RD Quarter Open - Blue line at 10761
2) Weekly resistance - Thick black line at 11671
3) 2018 Open - Black line at 13873
4) First target - Red dotted line at 15k
5) Final target - Grey box
Masses common reaction:
- During consolidation period, wants BTC to dip lower to buy cheap BTC,
- During rally, wants BTC to retrace to get a safe entry.
- Only during accelerated climb, FOMO in as they do not have a position and end up buying the short-term top.
My advice:
- Build your position during consolidation period and if it does dip to 8000, buy more.
Confluence for trade idea:
1) Monthly support level
2) Monthly Open acting as support (Daily candles could not close below it)
3) Last lowest weekly close acting as support
4) Daily grey box - Daily demand zone
5) 100 Day normal and exponential moving average
6) Near bottom of triangle (Tightening of range)
Confirmation:
- Weekly candle close above weekly resistance
Invalidation:
- Daily candle close below daily grey box
Other key levels mark out:
1) 3RD Quarter Open - Blue line at 10761
2) Weekly resistance - Thick black line at 11671
3) 2018 Open - Black line at 13873
4) First target - Red dotted line at 15k
5) Final target - Grey box