BTC/USDT Sell | S6T3 | Team Trading Contest Post for Reminane
About Bitcoin
Bitcoin was then the main cryptographic money to be made, which presently impacts other Cryptocurrencies.
The ascent and fall of other cryptographic forms of money likewise rely upon the addition or decrement of Bitcoin. Since the time it was made, it has had the option to benefit numerous financial backers, where there is generally an augmentation in the number of clients since the innovation. Everything expressed in the paper by Satoshi Nakamoto is step by step been satisfied with time.
After Bitcoin has acquired ground on it acknowledged by the world, in the year 2011, Satoshi Nakamoto then vanished. Since Bitcoin has been well known to the world, obviously Satoshi Nakamoto cleared a productive way for the world to make theirs out of it.
Bitcoin is the mother of all cryptographic forms of money. As we are generally mindful of, bitcoin records the greatest cost in the crypto environment. As the mother of all digital currencies, it affects the ascent and fall of other altcoins. Some altcoins develop close by the development of BTC, others likewise fall when BTC prospers. Regardless, BTC incredibly affects some other cryptographic money.
Price chart about Bitcoin
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Technical analysis about Bitcoin
I would make technical analyses on both longer and shorter timeframes. It is always advisable to make a complete analysis before you enter into trade.
Analysis with 4-hour timeframe
The chart above shows a flag pattern. Technically speaking, the chart is showing an ascending triangle pattern. The price is expected to break above the resistance at the top to conclude on a bullish trend.
But looking at the same chart, the price has formed a d double bottom at a strong support level which suggests that the price of the bitcoin is in a bullish trend reversal.
The price has also met a strong support level and has reversed to the bullish direction. Hence, we can conclude with a bullish trend reversal.
Analysis with 2-hour timeframe
The 2-hour timeframe chart is showing something different at the moment.
we placed the ultimate oscillator indicator on the chart and we found a divergence signal.
The price of the bitcoin is going bullish while the ultimate oscillating is also going bearish. This suggests the presence of a divergence.
Hence, the price is expected to move in the direction which was indicated.
Usually, when such signals are identified on the chart, it’s advisable to confirm the signal with another technical indicator or probably another technical strategy for better confirmation.
Analysis with 30-mins timeframe
Smaller timeframes are for signals. Here, we took a simple trade with support and resistance levels.
Although the long-term trend is bullish, the price still needs to consolidate at some point before a rally up. That’s known as the reaccumulation phase.
Let’s assume we are in this phase where the price needs to consolidate for a while. To enter into trades in this type of market, we take buy trades when the price is at the support level. Likewise, we take sell trades when the price is at the resistance level.
Looking at the chart above, the price is currently at the resistance level and the best trade to take is a sell trade.
I placed the order and set stop loss and a take profit with good risk management.
Screenshot from meta trader
Trading in Exness broker account
Conclusion
Today, I made some good profits. I closed the trade as some few pips profits this is because is used good risk management. Talking from price movements, I could have made more profits if I had waited to take profits.
However, the price could have retraced back to probably stop loss. That’s why is very good to take partial profits when necessary.