Bitcoin / U.S. dollar BITSTAMP:BTCUSD
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BITCOIN 4h analysis according to trend +Ma on 08/20/2024
Overview: bullish scenario.
- In terms of trend: in a sideways correction trend with a tendency to increase in price
- In terms of rhythm: price is forming the 3rd correction in an adjustment phase.
- In terms of indicators: price is wrapping around 3 ma lines (10/21/50) for the 3rd time and is tending to increase.
- In terms of MACD: price is forming the 3rd macd segment and has not confirmed the intersection.
- In terms of Fibonacci: price has recovered to the fibo 0.5 zone and created a 4h bottom higher than the previous bottom. next, the price is retesting the fibo 0.618 zone and is forming the next bottom higher than the previous bottom, which is the bottom zone (fibo 0.5)
Action
- If the 4h candle closes and cuts above the 3 moving averages with a strong candle force ==> consider opening a position order. With a ratio of 30% (of 70% of the total capital)
- If the price closes and bounces strongly to break the sword line, then the decision will be made to enter the order immediately with a ratio of 50% (of 50% of the total capital)
- If the closing price breaks the previous bottom of the fibo 0.5 zone, then stop buying and wait, observe how the price reacts and runs!
Buy 4h
Entry = 59.195
Stoploss = 57.850
TP1 = 66.250
Tp2 = 70.816
http://dlvr.it/TC6d9Q