$BTC$: Bullish 🐂
Feb. 17 Update:
What’s up: The short-term play I put out on Jan. 30 already played out nicely. Looking at the 4H today, I am expecting the pullback the continue and placed another entry at $23157.5 for another short-term play with an expected duration of up to 3 weeks. On the other hand, the medium and long-term plays require adjustment to targets and SL levels after re-examinations.
The Short-Term Play: 2-3 Weeks
4.04-to-1 Profit-to-Loss Ratio.
Entry: 23157.5; Target: 28526.8; SL: 21829.6.
The Medium-Term Play: 1-2 Months
4.39-to-1 PL Ratio.
Entry: 22570; Target: 29300; SL: 21038.0.
The Long-Term Play: 6+ Months
3.02-to-1 PL Ratio.
Entry: 22570; Target: 35950.8; SL: 18134.0.
Daily Resistance Zones
1. 23,959 - 24,303
2. 24,492 - 25,586
3. 26,127 - 27,212
Daily Support Zones
1. 22,951 - 22,585
2. 22,210 - 21,686
3. 21,468 - 21,038
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Jan. 28 Analysis:
What happened: Established first and second breakouts on Jan. 13 and 14, respectively. On Jan. 20, another breakout pattern was established and BTC rose as high as 5% to 23,818 on Jan. 25 but did not close above, indicating signs of buying weakness and many take-profit actions.
What will happen: Breakout point is around 23,470 so BTC will need to close above it to further reflect buyers’ appetite for risk, which I expect will happen before Tuesday. Next week we’ll be getting inflation data from European countries and FOMC and jobs report from the US, which is why I anticipate a “buy the news, sell the rumor” pattern forming before Feb. 01. However, in the likely case that this scenario doesn’t play out, I’ll be watching 22,250 price level to gauge the strength of the bearish candles and may decide to stop out manually if things start looking shady.
The Short-Term Play: 1-2 Weeks
2.78-to-1 Profit-to-Loss Ratio.
Entry: 22,570; Target: 24,270; SL: 21,950.
The Medium-Term Play: 1-2 Months
2.86-to-1 PL Ratio.
Entry: 22,570; Target: 29,300; SL: 20,215.
The Long-Term Play: 6+ Months
6.1-to-1 PL Ratio.
Entry: 22,570; Target: 65,500; SL: 15,533.
TA Methodologies:
1. Demand&Supply Theories (Price Momentum)
2. Fibonacci Retracements & Extensions (SR Zones)
3. Trendlines (Breakout)
4. RSI (Movement Strengths)