Bitcoin on the D1 chart is in a huge sideways with boundaries of 29000 – 62000. And the price is now right in the middle of this accumulation. In such cases, it is usually not recommended to trade, because in the sideways in the middle, the price can go as you like. But these recommendations apply in this case to players from the D1 timeframe. If you trade on shorter time periods, you can search for entry points and try to make money on it.
Situation on d1situation on D1
Since on the D1 chart we pushed off from the lower border of the flat up, for me, buying is still the preferred option. Moreover, in my subjective opinion, buying cryptocurrencies is much more promising than selling, especially in transactions without leverage.
On the H4 period, we are also in a large accumulation of 44000-50500 (blue on the chart), and we pierced it very strongly, updating the lower border with the tail of the candle, and abruptly returned to the middle, accumulating strength for another breakthrough. So far, it looks more like the market is getting rid of extra buyers in order to then shoot up to update the highs of 53000.
Thus, I see this option of joining purchases:
- When the price breaks the resistance level of 47300 up and anchors it to buy on a rollback to this level after the resumption of the purchasing initiative. At the same time, should the stop be hidden behind the 44300 level? or, if you enter using a pattern on a lower timeframe, for this pattern. Entering on a lower timeframe can help minimize the stop and increase the risk-to-profit ratio.
Bitcoin Purchases Bitcoin Purchases
- If buyers give up the support zone 42800- 43900, go lower and gain a foothold under it, then it will be possible to consider sales with the first target at the level of 40000-39500, which is a PointOfControl of accumulation with boundaries 42300 – 37400 (green on the chart).