BTC/USDT Update for Monday, 2024/10/14
Instrument: BTC/USDT
Time Frame: 2H + 5M
Exchange: Bing X
Trading Type: Day-Trading
BTC/USDT Update for Monday, 2024/10/14
This morning, Bitcoin strongly broke through the downward trendline with significant trading volume. Although the previous position didn't reach the target, I was able to take partial profits and move the stop loss to the entry point, so I'm satisfied with the +PROFIT+ we've made.
I'm scrapping the previous analysis and starting fresh with a new perspective. It seems that the current upward wave is forming a strong uptrend line, and it doesn't look favorable in terms of risk-reward ratio to enter a long position at the current level.
As you can see in the attached chart, the area marked as 'POSSIBLE RETRACEMENT ZONE' aligns with the upward trendline. Therefore, rather than entering a long position right now, I recommend waiting for a retracement to the $63,450-$63,000 range (around the 0.5 Fibonacci retracement level) and then using the 5-minute or 15-minute chart to check for SMT divergence, engulfing candles, structural changes, and other reversal patterns I've mentioned before. This would be a more advantageous entry for a long position today.
If I enter a long position, I will provide another update.