BTC/USD Technical Analysis
- Move up as expected
- I am holding the long position
- Bullish trend slow but steady
- M H3 then M H5 on strong breakout
MEGATREND MAs: Bullish
D1 Chart BTC/USD
- Trend line start
- Swing high
- Higher low
- Higher high
- Higher low
- Breakout target
The BTC/USD has become an asset. We can spot the strong correlation to US equities especially US100 and SNP500. The market is moving in slow but steady uptrend. You can see my position in the real account and I am of course holding it. When everyone were selling I was buying the BTC due to obvious reasons. The price is engaged in an ascending flat top triangle and the first target is around 25000.
Why do you need inflation? For equities to climb higher. Basically, when there is inflation it means goods and services are being priced higher. which means more revenue for companies. On the flip-side, it can mean more costs for companies. The positive correlation in the BTC/USD and Equity markets is evident and the market should move to the first target. If 25000 breaks we are on the way towards 31000 zone again.
This analysis, and all entry signals and targets are a part of the Megatrend trading course. I have 1 long position that I will maintain until the intraweek / monthly target and possible swing.The first target is 25000 while the swing target is 31300. Position management is very important once you are in a trade.
Summary of July trading results is HERE(click to see)
Cheers and safe trading,
Nenad
