Yesterday I told about the conditions to execute the long trade to take the potential bounce. Today the BTC met all these condition and I bought it again.
First of all I want to talk about the global market conditions. I told in my articles here on TradingView that $24-26k is the global weekly zone 27. This is the strong resistance, potential bounce or even new bull market start zone. I don’t believe that the bear market ends here, but the bounce is probable.
On the 4h timeframe we can see the start of realization of the my favorite bottom model from the previous article. The Bitcoin price squeezed down to the 4h Fibonacci zone 27, bounced off it on the extreme volume and forms the true divergence with the MACD histogram, which was confirmed when the first increasing column appears.
To be honest I am tired of the stop-losses, but use my reversal strategy as a machine, I will end my tests very soon. I don’t want to wait the stop-loss this time. In case of the bulls weakness I am going to close position. I keep eyes on the countertrend line because the price usually forms the fake breakouts before the new dive. In case of it’s true breakdown my target is Fibonacci golden pocket ($35000).
Bitcoin – long setup!