Tuesday morning market overview, 10/5: #BTC short position closed for a 1,500-point profit; long position currently slightly in profit
BTC formed a bearish candle with upper and lower wicks this morning as bulls and bears battled back and forth.
Shorted BTC at 8.68; both T1 and T2 targets were reached, and I closed the position for a 1,500-point profit. I then flipped and placed a long order at 8.52. The position is currently slightly in profit.
BTC is within a symmetrical contracting triangle. Both upward moves and pullbacks within the triangle have been on declining volume, indicating a lack of market liquidity and that major players have not entered the market.
A bearish divergence has appeared on the MACD, along with a death cross. Both are bearish signals, and the market is at risk of a pullback.
If support at 8.52 fails, the next support is 8.44. This is also where the 0.618 Fibonacci retracement from the low to the high intersects the lower ascending trendline, creating a three-point confluence. It is also a level to add to the long position and lower the average entry price.
If you have no open position, consider placing an early long entry at 8.44, with a stop at 8.31 and targets around 8.57 and 8.66. Risk/reward ratio: 1.66.
If you don’t want to miss the move, you can take a small long position at 8.52 and add at 8.44. Those already holding a long can also add at 8.44 to lower their average entry price. Reduce the position as the price rebounds to your average entry. $BTC
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BTC formed a bearish candle with upper and lower wicks this morning as bulls and bears battled back and forth.
Shorted BTC at 8.68; both T1 and T2 targets were reached, and I closed the position for a 1,500-point profit. I then flipped and placed a long order at 8.52. The position is currently slightly in profit.
BTC is within a symmetrical contracting triangle. Both upward moves and pullbacks within the triangle have been on declining volume, indicating a lack of market liquidity and that major players have not entered the market.
A bearish divergence has appeared on the MACD, along with a death cross. Both are bearish signals, and the market is at risk of a pullback.
If support at 8.52 fails, the next support is 8.44. This is also where the 0.618 Fibonacci retracement from the low to the high intersects the lower ascending trendline, creating a three-point confluence. It is also a level to add to the long position and lower the average entry price.
If you have no open position, consider placing an early long entry at 8.44, with a stop at 8.31 and targets around 8.57 and 8.66. Risk/reward ratio: 1.66.
If you don’t want to miss the move, you can take a small long position at 8.52 and add at 8.44. Those already holding a long can also add at 8.44 to lower their average entry price. Reduce the position as the price rebounds to your average entry. $BTC
If you’re just passing by, please take a moment to follow, like, and comment—it would mean a lot to me. Thank you! The above is for market analysis only and should not be taken as a trade recommendation. Follow me to stay up to date with the latest news, market updates, price-level analysis, and the wealth-building insights you’re looking for. Remember to follow and like!