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BTCUSD SHORT – Previous all-time-high record is open for business!
DISCLAIMER: I am not a financial advisor nor certified analyst and definitely not a pro trader. All contents discussed on this blogpost are solely my own personal views and for Trading education/entertainment purposes only. Crypto/Cryptocurrency Trading is extremely risky where losses can exceed deposits. Enter with discretion. Do your own research and due diligence. The basis of this trading analysis is purely technical in nature.
Hello once again. This is my second Finlogix article for today, October 25, 2021.
I feel like I want to get back to the crypto leader Bitcoin because my previous BTCUSD trade plan resulted for a stop loss. You can check the full details on my Finlogix profile. I will appreciate it a lot if you do.
In creating technical analysis, just take it easy. It does not matter whether we are correct or wrong. What matters most is we keep on learning, progressing to become better traders. I keep hearing that long term holding or famously called HODL is the best thing to do when dealing one of the riskiest asset classes in the world which is right but the crypto markets can also offer the best short term trading setups. We just need to remember that when dealing cryptocurrencies, we play the best risk:reward management. Again read my disclaimer above.
Let us continue for the Bitcoin now. I never saw it so bullish after my last call! I honestly have not seen it coming. Well, welcome to the crypto markets where anything can happen! From a deadly dip in a short time to an out of this world bullish rally as well! One’s tears is another man’s joy. No win-win situation. I rather lose to trading than fall to pyramid schemes/scams.
Like I mentioned from one of my crypto analyses, the ETFs trading privilege paved another roller coaster ride for Bitcoin. During this time the ride is upstairs after all the FUD news are finally put to an end. I even felt that a lot of BTCUSD bears sat down in front of their charts in utter dismay and frustration shouting how in the world Bitcoin survived the last September 21, 2021 dip below $40,000 level! Well, I really wish I have the answers especially crystal balls. But I am still happy that we have charts where we can analyze somehow the recent BTCUSD price action.
The way I view the Bitcoin daily charts right now, I admit first that I am still a bit traumatic with what happened last May 2021 brutal and nasty sell off led by the crypto leader. I never forget that day! Another rule in trading which I just recently learned is never get emotional especially when we are short term traders. Specifically in cryptocurrencies.
In this second BTCUSD trade plan, I will be short once again but I will just use candles. No other indicators. I just draw simple chart lines as my resistances and supports. But if you want to hear out my technical perspectives, Bitcoin is just too overbought right now and in high greedy metrics. All I can see now is BTCUSD in a strong ascending channel. So bullish as I see it!
While Bitcoin attained a fresh all time high for the record again, $65K will be my short entry as a re-test to its 2nd ATH record. I know BTCUSD has been in a bull market for a decade now and it will in time be a 100 grand ($100K) maybe at the end of this current cycle. Who knows. Bitcoin has a 4-year cycle halving period as a matter of fact. But short term drawbacks are necessary for continued bull market cycle.
My take profit will be the $53K to be tested as a flipped S/R turned into a strong demand zone before next leg upward.
A conservative stop loss will be fine around the $70K mark where new price discoveries and upper retracement levels awaits Bitcoin and of course FOMO!
This risk/return score is 2.40.
Good luck! Hope at least I even my score with the BTCUSD.