BTCUSD position strategy, Day 1 of 100DAYSOFTA

Its been a week I posted last. It has been a busy week.

Today I want to share my thought on BTCUSD movement. Also, I will be joining a challenge by a group of traders. The challenge is #100DAYSOFTA. This is DAY 1 of 100 days of Technical Analysis.

Some of the people in this group have posted on *Youtube, *Twitter but I will be posting mine on Hive. However, the frequency might not be daily but it will be sequential.
Having said that, here is what I have:

As I always backup my TA on BTCUSD with ST(supertrend: check my previous posts for more understanding of the indicator), I will also do thesame in this analysis.

Firstly

Checking the Fibonacci numbers,
As it is now, we have a chance to either go up or down. I can see that the trend continuation might be healthy to drop to 0.386 (7968 USD). This will definitely give future price more momentum.

https://www.tradingview.com/x/ez1nQxdV/

Now checking the price levels to take a position,

• 15 mins
  The price has been in a "long" trend on the 15 min timeframe. We can see that the ST has been a support for the price and at no time did it close below the trend. At the price now, Willy shows that we can also drop to the support of the ST before a move up.

https://www.tradingview.com/x/fxzR6IHr/

• 30 min
  The trend has been in a downtrend. The price has attempted to break the ST short trend but it has been rejected, and the time price went above the ST short, it could not close above. This shows that the price is pushed down by sellers. Willy has also been in the overbought region, however, this can maintain a longer trend at the overbought region.

https://www.tradingview.com/x/ryPtxOiq/

• 1 hr
  On this TF, the trend is still long. However, there is a room for a drop to support which might give us a bounce . The ST long support in this TF is at 9543. Also, Willy is at the oversold region, however, it can still go lower, if price actions move in that direction.

https://www.tradingview.com/x/Dy1j4zgG/

• 4hr
  On the TF, the trend is long, with invalidation at 9342. This shows that any drop to 9342, might be pushed back up by the bulls. However, if we lost this price then we might get to the 0.386 Fibonacci number I pointed earlier $7969. Willy is quite indecisive.

https://www.tradingview.com/x/csUqBZh6/

My position

To take a position on this market right now, wait for a drop to 9342 range with stop loss at 9163 and a target to the recent high.

https://www.tradingview.com/x/fIKHfm2I/

If you are not patient enough, this seems plausible

https://www.tradingview.com/x/MGfqHkCS/

I wish you a successful trade ahead.

Posted Using LeoFinance