TRADING IS SIMPLE NOT EASY , BTC analysis
It's a BTCUSDT analysis which I'm going to share with you.
BTC is again ranging from January as it was ranging in the past year from the month of MAY to JULY but that's not mean that it will do the same but according to the PRICE ACTION it is now in a area of support and resistance and for identifying the ranging market I always use the ADX indicator which is also falling so definitely it's a range bound structure .
Now come to the point what should we do next , as we can see in the chart there is a support level where it has taken support by making double bottom and again approaching this level, may be it wants to form a triple bottom and if it happens then wait only for a bullish candle(like green hammer ,bullish engulfing or morning star) go long for the resistance level. After reaching at this point we should wait for again upside move or it can also consolidate for sometime .
Again if it starts upside journey go for the targets of 50899.
Keep it simple not easy.
The other view is if it breaks the support search any other trade avoid this one .
HAPPY TRADING
-- NITIN YADAV (INDIA)
BTC is again ranging from January as it was ranging in the past year from the month of MAY to JULY but that's not mean that it will do the same but according to the PRICE ACTION it is now in a area of support and resistance and for identifying the ranging market I always use the ADX indicator which is also falling so definitely it's a range bound structure .
Now come to the point what should we do next , as we can see in the chart there is a support level where it has taken support by making double bottom and again approaching this level, may be it wants to form a triple bottom and if it happens then wait only for a bullish candle(like green hammer ,bullish engulfing or morning star) go long for the resistance level. After reaching at this point we should wait for again upside move or it can also consolidate for sometime .
Again if it starts upside journey go for the targets of 50899.
Keep it simple not easy.
The other view is if it breaks the support search any other trade avoid this one .
HAPPY TRADING
-- NITIN YADAV (INDIA)
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