As you know, we have these difficulties with entry point because of missed long at $35500 due to emotions. I am reversal, not trend continuation trader, that’s why it’s challenging for me to find the entry point.
Nevertheless the analysis which I did performed perfectly, but I did not earn any profits since I closed my big profitable long at $44500. I am going to try it again. Yesterday I told you that the $44100 is going to be the reversal point to the downside because it is the last target for the long trade which I missed, but today I see the Bitcoin strength. I don’t want to tell the fundamental reason of this strength, I think you guessed. I want to tell only one think – the crypto is our future guys!
I suppose now that the price growth is going to continue to my old target $49000. I want to buy it at least at the small discount. On the strong uptrend the corrections usually ends at the 0.38 Fib ($42300 in our case). There is also the MACD bearish divergence on the 1h – weak signal, but the small correction is possible. Moreover we can see the local demand zone just below 0.38 Fib. It is nice to place our stop loss there. I set the risk = 1% of depo.
Bitcoin – catch the correction!