BTCUSD Retracement and Breakout

29 ส.ค. 2019

Hi, in my first publish I would share with you my short term analysis about BTCUSD.

Before starting I want apologize If you can't see any chart, the cause is that I am not a pro user so I'll try to specify each zone with their prices.

Let's start!
In the 4H chart we are in a downtrend since the 6th august 2019.
In this period the price touched more than 5 times a support zone that I found betwen 9524$ and 9080$.
My analysis predicts that the support zone will be broken but first the price will retrace to the nearest supply zone betwen 10270$ and 10136$.

My idea is supported by:
- the presence of the price in the RSI's oversold zone;
- a divergence between the price and the RSI (at 9321$ price made a new low while RSI made a new high respect at 15th august prices).

Based on this analysis I will take a long position when:
- the RSI will get out leave by the oversold zone;
- the price's candle will close out of the support zone.

For any question or suggestion, comment below.
Thanks for reading.

4 ก.ย. 2019

ปิดการเทรด ด้วยตนเอง

Update 3 days later:

I closed my position manually at 9775$, just before the price reached the SMA(50) in the 4H chart [2nd September].

The price arrived to target [3nd September].

I took profit cause I thought that the price ended his retracement but the RSI was showing the sign of a strong up-trend.

Why did I close it?

- Fear to lose money cause I haven't stop loss? (I used the normal Coinbase app)
- Was I in a hurry to close the deal to take profit?

I think are these two, added to the incapacity to better analyze the situation cause I was traveling to get back home.