Bitcoin : Confluence in the daily time frame

Тема в разделе "English", создана пользователем Trading Ideas, 25 сен 2020.

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    Bitcoin : Confluence in the daily time frame
    Bitcoin / TetherUS BINANCE:BTCUSDT
    julio24albert
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    Bitcoin from the daily perspective is looking great as well. The price is doing a good job to defend the price from further drop and still maintaining the higher low structure since May 2020. However, the latest green candle on the daily that has closed is forming some sign of bullish engulfing pattern. During the bullish engulfing , the bears were trying to push the price lower over time but once the price meets the crucial zone, the bulls come and fight back the bears with much more bigger momentum than what the bears were having. That's why at the second candle, most of the candle consist of huge green body which shows us that the bulls are gaining momentum really strong. Looking at current price behavior, we might see a further upside moves to the next resistance for the price to finish the X wave which I've anticipated before. The X wave can extend to even $12000 in the mean time if we look at how the candle closes. Right after the price touches the $12000 region, I won't wait too long and I'll open a short position with a 7.46 Risk to Reward ration which is a huge position for me and targeting below $9200 region as well.
     
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