Yes, Bitcoin Is On The Rocket As I Predicted Last time

Crypto Analysis #2

Hey there, TraderSaan is here. The BTC is going up as I predicted in my last analysis. Previous post link is here
https://steemit.com/crypto/@sanjibmondal99/is-bitcoin-ready-to-move-up-here-is-my-take

Well, today I am going to share my analysis and setup in the BTCUSD for next few days. I am actually a swing trader, meaning I hold my position for 2-3 days or more. So I usually trade at the timframe of 4 hour (H4), 1 hour(H1), or occasionally at 30 miniutes (M30). And one more thing is that I analyze the chart in tradingview and take trade in MT4.
Firstly, I will cover the fundamental analysis and then will give an insight of technical part.

Fundamental Outlook (Bullish)

• A great news coming up in the market is that Luna Foundation Guard bought 1 Billion dollar worth Bitcoin as a reserve asset of the part of 3B order which created a big move in the chart of BTCUSD.

• Russia has been banned from dealing using neighbour country's currency after the fast sanction of Joe Biden and NATO. After that, Russia is completely unable to deal with some major country. So in order to continue their business transaction, they could go for using BTC as a payment currency as BTC is the major cryptocurrency till now.

• We all are aware of the metaverse world. To be straight forward, Metaverse is our future. So Crypto currencies are going to be appreciated with this sentiment.

Technical Outlook (Bullish)

• If we consider the technical chart of BTCUSD, we find a beautiful uptrend in bigger timeframe. And in lower timeframe like H1 or H4, we find the 50 & 200 MA are beautifully aligned upwardly which is a good indication of upside momentum.
Price has currently broken a major resistance zone with a big volume(the effect of Luna Foundation Guard deal). So I consider this one as an accurate breakout.

BTCUSD, H1, look at those Moving Averages and Volume of breakout candle

Image source: tradingview, prepared by me

• Now that Breakout is done, I will be waiting for a proper healthy retracements or pullback like 50℅ or 60% of the breakout move, but aggressive traders could consider 38% retracements too. But I am personally a conservative and swing trader, so I go with the Fibonacci Golden Zone, i.e., the zone between 50% & 61% ( look at the chart who are still not understood).
Fibonacci Retracements is an awesome tool in trading view to take a gauge of pullback or correction or retracement move of a trending price action.

BTCUSD, H4, will be waiting for a healthy retracements to the golden zon of fib

Image source: tradingview, prepared by me

• My Setup: Breakout Pullback Strategy
I have discussed about this strategy in details in my another post. Check it out if you don't know yet, here is the link.
https://steemit.com/hive-108451/@sanjibmondal99/4gw3fh-the-breakout-pullback-strategy-for-trading

ENTRY POINT : I have shown the entry price by an ellipse in the chart below which is both broken resistance level and fib golden zone along with a uptrendline tangent, so what's more! It is a lovely place to BUY.

Stop Loss : My stop loss will be relatively tight as I will be entering in a healthy pullback. So I will consider putting the Stop Loss just below the resistance zone as I have shown in the chart below.

Target Profit : My Target Profit(TP) will be infinity, XD. Basically I used to keep my TP open and play trailing SL. But you can put TP in the previous swing high, 51k level which is shown by dashed line in the upper side of the chart.

I always take a trade when my fundamental and technical analysis say the same thing. As follows:

Case I
Fundamental = buy, Tchnical = sell, that implies Not To Trade

Case II
Fundamental =sell, Technical = buy, that implies Not To Trade

Case III
Fundamental = buy, Technical = buy, that implies Jump In For Buying

Case IV
Fundamental = sell, Technical = sell, that implies Jump In For Selling

Disclaimer: This is not any financial advise or trading mantra. My purpose is to help traders to learn. This post is made for completely educational purpose. Hope it helps.

Thank you very much if you make it to the end. Happy trade.