Bitcoin analyst reveals his BTC trading plan for this week 
Cryptocurrency Sep 1, 2024 Share
Bitcoin (BTC) has a volatile week ahead, with notable short-term technical indicators in its price chart. A prominent Bitcoin trading analyst revealed his plan to trade BTC between price targets from $51,500 to $61,300.
CrypNuevo has drawn two possible scenarios for trading Bitcoin this week, considering multiple indicators and sharing the plan on X. In particular, the trader highlighted candlestick wicks in the daily and four-hour charts, together with a liquidation heatmap.
Finbold has previously reported these two strategies from CrypNuevo, which have a high accuracy rate for weekly trades. Moreover, the analyst also considered the 50-hour exponential moving average (1H 50-EMA) as a key low-time frame resistance.
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This analysis suggests opportunities for either opening long positions or shorting Bitcoin, depending on its development. Nevertheless, BTC traders must understand that cryptocurrency price predictions are challenging even for expert analysts and properly manage their risks.
$BTC Sunday update:
A lot of information in the chart:
• Long wick at $56.6k
• 1h50EMA acting as resistance
• Wicks to the downside but price not progressing any further for the last 5 days
• Liquidation heatmap full of liquidityThis is what I'm expecting next week 🧵👇 pic.twitter.com/L34LZ96rJU
— CrypNuevo 🔨 (@CrypNuevo) September 1, 2024
This week’s Bitcoin trading plan in details
Looking at the wicks, CrypNuevo explains that there are two possible interpretations.
First, long individual wicks usually mean open interest (OI) liquidity gaps, which could act as a price magnet and make appealing targets following the “wick-filling strategy.” There are two: One in the four-hour chart, targeting $56,600, and the other in the daily, targeting $51,500.
However, a series of shorter wicks could suggest market makers are consistently building their positions at these levels. If they continue with this behavior, the price may hold above the individual long wick.
On that note, the trader says he now favors longs, waiting to open a position at $56,600. This target is also a high liquidity zone, increasing the likelihood of happening and bouncing up.
Bitcoin (BTC) liquidation levels heatmap (Binance – 7 days). Source: HyblockCapital / CrypNuevo
Moreover, CrypNuevo eyes the $61,300 price as his next likely target to close possible longs and realize the profit. This is because there is also significant liquidity at this level, and the trader still believes the $51,500 will inevitably appear after what he called a “run for liquidity.”
Bitcoin (BTC) 4-hour price chart, trading plan for the week. Source: TradingView / CrypNuevo
Before that, the Bitcoin analyst plans to add more fuel to his long if BTC retests the 50-hour EMA resistance.
Following this plan requires discipline and, yet, may not render the expected results, as cryptocurrencies are highly unpredictable assets. Investors should remain cautious and understand their risk profile before mirroring experts’ trading plans.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.