Direct from the desk of Dane Williams.
While two weeks ago I said that Bitcoin has left the station without us, the good thing about trading around support/resistance zones is that there's always another opportunity for us to trade, waiting just around the corner.
Let's get into
Bitcoin Higher Time Frame View
The first thing that stood out to me on the Bitcoin daily chart is just how long ago that last proper bull run where we hit 20K actually was.
BTC/USD Daily:
That Bitcoin chart is zoomed out as far as it will let me keep the candles actually looking like candles and in that 2 years of price action, the highest we got was 14K.
Yikes.
Anyway, with price above that clear last swing high support/resistance zone, I'd still happily be a buyer if price was to come back and give us something to trade on the hourly.
Bitcoin Intraday View
Now zooming into the hourly, the price action above the higher time frame zone looks nice.
BTC/USD Hourly:
Obviously if we were to take this trade now with a stop-loss below the intraday zone, it would be highly aggressive.
This is because price could dip well below that stop placement and still be above the higher time frame zone, making it technically still valid.
It all depends on your stop placement and how aggressive you are as a trader.
The LeoFinance Community's View on Bitcoin
One of the biggest advantages of being involved with the LeoFinance community is that you get exposure to a range of different traders who approach their analysis from different directions.
So just to wrap things up, I wanted to shout out two other pieces of Bitcoin analysis I've read on the LeoFinance stream right today.
@scaredycatguide is looking for the Bitcoin pullback to plunge a little deeper past the most recent swing highs.
While @rollandthomas's analysis of Bitcoin supply/demand zones takes in an even higher time frame view than even I've discussed.
In markets, politics and life in general, it's always a good idea to read a range of views that even you may not agree with, just to gain a bigger picture view of what's going on.
Give them a follow and get involved by sharing your own analysis in the comments section of any of these blogs.
Best of probabilities to you,
Dane.
FOREX BROKR | LeoFinance Blog
Daily market analysis.