BITCOIN analysis 10/01/2023

  • Blackmantrader BTC’s initial comment, after breaking out of the box at the H4 timeframe, BTC will bounce back up in the short-term and possibly move towards the 17800 area. However, the observation we see is as follows:

+ H1 frame: 1 reversal Pinbar candlestick pattern has appeared + Bearish engulfing

+ H4 frame: Similar to H1, this model has also appeared.

+ Frame D1: retracted long legs to form 1 Pinbar after touching 1 small Supply Zone.

>= All 3 frames show reversals in the short-term and currently BTC is still in a long-term downtrend, so we follow the trend still favoring the bears at the moment. However, the market in the big bracket is sideways around the hard bottom of 16000, which has not yet completely penetrated. This is a sensitive time for BTC to decide the direction in the coming time.

  • In today, we can rely on the short-term trend to trade. BTC will rise slightly again around 17200, we can enter a Sell (Short) order with the target to 17000.

Command reference:

Sell( Short) 17200

SL: 17400

TP: 17000


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