Today, we bring to your attention our vision of a long-term trade on the pair BTCUSDT
Now the price of BTC is in a very critical zone.
Bitcoin forecast – global growth to $ 52,200
On the one hand, some market participants may argue that the price of BTCUSD has broken down the black support line and is fixed under it, and accordingly, the continuation of the decline is inevitable.
On the other hand, it seems to us that the fall in early May completed the ABC correction and is now consolidating before moving up, perhaps even within and with the goals of white parabolic growth.
Also, the Crypto Fear & Greed Index is now in the same consolidation at the absolute bottom as in December 2018 and March 2020.
For ourselves, we consider acceptable and balanced long-term trade with the following parameters:
Entrance to the position in the area of $29300
Take profit $52200
Stop under $25700
Profit/loss ratio 6/1
The next update of this idea will be:
– if the Bitcoin price will fix above $35500-36000. If this condition is met, you can take more long position, or re-enter long with less risk.
– if the stop order on this trade works, it means that the downtrend will most likely continue, and we will have to look for points to enter the shorts after the rebound.