Bitcoin Short-term Setup (2.5 R:R)

With fundamentals still looking solid, we think it’s a good opportunity to enter a short-term trade or simply accumulate a portion into the long-term portfolio.

Technicals:
1. RSI key support & hidden bullish divergence
2. Bottom of channel
3. We’ve broken and dropped back to key resistance1 since a year ago
4. Tight stop loss -> good risk reward setup

Fundamentals:
Most fundamentals remain in bullish trend, and some indicate a potential decrease in selling pressure these few days, which tend to be good entering opportunities. The way we like to see the market is “believing in the current trend until proven otherwise”. :)

The biggest risk factor for us right now is still COVID19’s status. If China experiences another outbreak, we might see a repeat of March in smaller degree.

What do you think about the idea? Do you agree or disagree? Share your thoughts and critics in comments!

노트

Potential Elliot Wave scenarios here. Which one is your count?