$BTC Currently trading at 83935 as I'm writing this article.
Top Down Technical Analysis:
BTC Daily Chart - After making a Double Top and breaking below 90k Support, 90k-95k acts as the current resistance in the Daily Chart. Already a test around 94k and 92k made heavy rejection and fell to 80k and 76k respectively. Let's break it down in a 4hr TF Chart and see what is happening with the Price Action now
BTC 4hr Chart - As you can see the Trendline touching 100k, 94.5k, 92k, and 86.2k highs have been broken and formed a Rising wedge pattern, which broke out and took support around 81k which is 0.618 Fib level from the Previous low 81k to the current high 88.2k. This support has been tested twice, holds firmly, and formed a triangle pattern with 2 resistance touchpoints at 88.5 and 87.5. As long as this support holds and it breaks out above the resistance TL of the Triangle, we can see a B(81k) to C(92k-94k) correction wave. Let's break it down further in 15m TF for an optimal entry for long with a reasonable Stop Loss and Take Profit that matches our risk.
BTC 15m Chart - There's a Bottom formed in 15m TF with the break out of 82500, we can take an entry at CMP(Current Market Price), with the below Targets and Stop Loss.
Tp1 - 86200(Set trailing Sl to BE)
TP2 - 92000(Set trailing SL to 86000)
TP3 - 94000
SL - 80800
As soon as each Take Profit hits, Move the Trailing SL accordingly to avoid any blood bath, if it doesn't go per our plan.
Trade Can be taken in SPOT or Futures with 3-5X to maximize your earnings.
Any Technical analysis can be only 50-60% correct, Once we enter the trade managing the risks properly sets us apart from the rest of the people. Handle your risks properly.
Happy Trading and Make More Money for Your Financial Freedom.
Please Follow @Parthi for more trade Ideas.
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