I should state that I in no way trade BTC or any crypto for that matter on an intraday basis. In all honesty I am an apprehensive crypto trader .
However I have to recognise the structures of supply and demand that are present with the BTC market at present. It is clear that BTC is forming a channel which oscillates on an intra month basis. For me this is a good indication that the 'hype' is over and this instrument is settling in to a predictable pattern albeit a heavily volatile one.
I will freely admit I 'gambled' at the previous low and had a pay off at the previous ATH and now there appears to be another level of entry for me.
I suspect we will see demand come in further as we break through the daily Moving averages and I have a second buy order at around 40500 which is the confluence zone between the Institutional D21EMA and a previous SD Zone.
I will watch carefully as it approaches the D50ema where I will expect to see some supply come in and potential for a reversal.
My third position will be @ the D200 level if we break and close above it.
Time scale for this swing is around 4 months given the ongoing situation with inflation etc.
Unleveraged risk ratio at this level is roughly $2 for every $10 staked (+++ Risk)
Trade Safe
However I have to recognise the structures of supply and demand that are present with the BTC market at present. It is clear that BTC is forming a channel which oscillates on an intra month basis. For me this is a good indication that the 'hype' is over and this instrument is settling in to a predictable pattern albeit a heavily volatile one.
I will freely admit I 'gambled' at the previous low and had a pay off at the previous ATH and now there appears to be another level of entry for me.
I suspect we will see demand come in further as we break through the daily Moving averages and I have a second buy order at around 40500 which is the confluence zone between the Institutional D21EMA and a previous SD Zone.
I will watch carefully as it approaches the D50ema where I will expect to see some supply come in and potential for a reversal.
My third position will be @ the D200 level if we break and close above it.
Time scale for this swing is around 4 months given the ongoing situation with inflation etc.
Unleveraged risk ratio at this level is roughly $2 for every $10 staked (+++ Risk)
Trade Safe