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Robinhood Stock Trading | Investing & Articles

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Robinhood Stock Trading | Investing & Articles

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Binance
Home›Binance›Bitcoin (BTC) – My targets stay the same, waiting daily for BINANCE: BTCUSDT By Jamoooo

Bitcoin (BTC) – My targets stay the same, waiting daily for BINANCE: BTCUSDT By Jamoooo

By Tim Kane
October 28, 2021
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Bitcoin has fluctuated, these are probably market makers’ stoppages. Either way, my goals remain the same. You want to see the daily close above 60k. Then I will think about increasing my position on BTC . I had a good jump on this recent rally with my previous post, but I was stopped from the trade I opened on BTC at 58k with diving a few hours ago. The pumping and dumping had the effect of bringing our volumes down to (and above) the daily averages. Daily and 4H OBV have (assuming we close the green on both) key levels recovered, which to me signals a technical return to uptrend as we return to the level at which the previous one uptrend broke. These indicators should be viewed with caution as they can produce anomalies with big buy and sell events like the last couple of hours, but I like what the volume analysis tells me currently. The volumes have been very low and these pumps are changing that, and they are changing that green on the longer timelines. and we’re seeing a lot of those volumes react to downturns rather than price spikes. (I also like the divergence on the 4H MACD histogram)

For now, I remain seated and await confirmation of price movements on longer timeframes.

I still see the 54k range as a key area of ​​interest and still think of this as a likely relief rally, but will consider adding a cautious position size around the 60k range if we hold this level for the daily close. I wouldn’t be surprised to see wicks drop into the upper 50,000 range after the daily close, we will be looking at those for buy setups.

I have already been stopped twice at this level (all very modest position sizes, looking for reversals), I have a 3 times rule – if I am stopped at this level again, I will sit down and wait for the price to evolve.

If we lose the 6000-59500 level on a daily basis, I will also be seated for now. Looking for a top volume down in revisiting it to 58k, and watching that price move from there. While keeping an eye on 54k for opportunities to increase position size if we revisit.

(Note that the trading view has been doing something fun with my price channels lately, compensating when I post but correcting later – ignore this price channel if he does not go to ATH price peak)

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