Hi Traders! Bitcoin forecast follow up and update is here. On February 11th I shared this “Bitcoin Short Term Buy Idea” post in Trading View. In this post, let’s do a recap of this setup and see how it has developed now. If you would like to learn more about the way we trade and the technical analysis we use then check out the Traders Academy Club. Spoiler alert – free memberships are available!
My Idea
Bitcoin H4(4 Hours) Chart Current Scenario
Based on the above-mentioned analysis my view was bullish here and I was expecting the price to move higher further until the strong support zone holds. We had a small pullback and most importantly the price was holding above the strong support zone. The price then moved higher further and provided a fantastic move to the upside.
Also on the H1 chart, I mentioned that the price is currently moving inside a bullish flag pattern and if we get a valid breakout above this bullish flag pattern we may consider it as a validation for the bullish view. The validation for the bullish view happened as I expected, the price which was moving inside the bullish flag pattern moved higher and broke above the top of this pattern and then it moved higher further and provided an excellent move to the upside exactly as per my plan.
So traders when it comes to trading, there are various important factors that we need to pay attention to, just because we have a good setup doesn’t mean that we can enter the trade randomly and it will pay us huge profits. First of all, we need to validate the entry and we should have a perfect entry plan to get into the trade which is a key factor when it comes to trading. This Bitcoin forecast is yet another good example of this scenario.
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To your success,
Vladimir Ribakov
Certified Financial Technician
