Let’s go to technical analysis for this second, women’s day, 03/08/21? Come with me, I have a good feeling this week, which ends well before my birthday! Uhuu! 🎈🎂
📊 BITCOIN PRICE ANALYSIS, TODAY 08/03/21
🔸 Weekly chart
We started a new candle on the weekly chart yesterday at 9pm. However, the analysis remains the same as the previous analysis: we need to classify the $ 43,000 level as an upside fund. And for that, we need a bullish pivot on the daily chart. So to better understand, see the previous analysis by clicking here: “Bitcoin (BTC) price analysis today, 03/07/21! Bulls forcing a pivot!“.
🔸 Daily chart for today, 03/08/21
The bulls are fighting to form the bullish pivot and for that, we need to close a daily candle above $ 52,700. This pivot being formed, then we will be loaded for another high kick!
We need to be very smart when testing the breakdown of the 52,700 USD, as in this region, the selling force (or the bears) can use a strategy called “Top Fishing”. In other words, the bears will be sold in the region of 57.700, which is a resistance, aiming to “fish” the weaker traders. As it is a very well-defined resistance, you can go short at US $ 57,700, with a stop loss of up to 1.5%, targeting gains of 10 to 20%. It is precisely because of this movement of bears in top fishing, that we are having difficulty overcoming this resistance.
🔸 4 hour chart
In order for the above-mentioned bullish pivot to be confirmed and to set the ascending fund on the weekly chart, we need to keep our eyes open on the 4-hour chart so that it does not miss the upward trend! 👀 The inverted OCO that I am talking about in the last 2 analyzes was also invalidated, as we did not see a break in the resistance. However, by invalidating the OCO, we form a new pattern: the ascending triangle.
The ascending triangle is a bullish pattern as it tends to break upwards. To identify it, you need to draw a line on the resistors, and another line on the supports. See that the candles draw a zigzag inside the triangle, sometimes touching the support line, sometimes the resistance line. The closer to the apex of this triangle, the closer we are to a break, which can be up or down.
For the Bitcoin price analysis today, on 3/8/21, we can say that we have about a 70% chance of breaking up and a 30% chance of breaking down. However, if we compile everything we have from Bitcoin news and other analysis, I would say that we will break this pattern and reach the target by my birthday Sunday now, 03/14! 😁 It will be a big gift, huh ?! 🎈🎉🎊
How to trade it?
This text is not an investment recommendation, as I am not a full analyst yet. However, I want to share with you my analysis, so you can see how trading works.
It is very likely that we will retest the support there where I circulated in blue, ranging from US $ 48,700 to 49,100, approximately. This value may vary, depending on the behavior of Bitcoin. I would consider it a good buy entry, to catch the movement at the very bottom, as long as the candles do not break the triangle. Because if these candles break the support, then we will see a devaluation of the BTC price.
So, I would stay on the 1-hour chart looking at the candles and when it touch the support, I will keep my eyes open! When the candles start the path to resistance again, then I would go long (long position, betting on the price increase). Which, even, is a scalp or daytrade opportunity up to the level of $ 51,400 to 51,500, circled in red.
- If the pattern breaks up, that is, rising more than the resistance of 51,500 USD and we confirm this break (HAVE TO CONFIRM, OK ?!), the target will be around 59 or 60,000 USD.
- If the pattern is broken and confirmed downwards, then we look for the region of the previous fund, between 43 and 42 thousand USD.
Bitcoin testing exponential moving averages (EMA)
Another factor that makes me believe in the upward break of the ascending triangle is the exponential moving averages. Here in my Trading View account, I put the “Rainbow Ribbon [Eric]” indicator, which is this rainbow on the chart with the EMAs 21, 25, 30, 35, 40, 45, 50, 55 and 200. I don’t know if it will appear in the free accounts or just in the paid ones, try it out and let me know here in the comments 👇 so I can look for a free indicator for you. See the behavior of Bitcoin when it enters or goes below EMAS: the price tends to go up!
Are you ready to take a position today, 08/03/21? Whether betting high or fighting bulls in top fishing? Tell me here in the comments 👇👇 And be sure to follow Aprender Sobre Bitcoin on social media!
Bitcoin To The Moon! 🚀🚀🚀