TraderSZ Bitcoin Long

Known for his bearish Twitter posts and short positions, TraderSZ today is long Bitcoin targeting last week’s highs. BTC pumped 3% July 4th.

TraderSZ noted that on the daily time frame the crypto market appears to be turning around, so a relief rally could be expected this week.

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TraderSZ Twitter Trade

TraderSZ is more of a price action (PA) trader – rather than using on-chain data, or technical indicators like the RSI and MACD, he tends to only plot ranges on the price chart, identifying areas that are capping the price and where it’s holding – support and resistance lines.

The UK based trader is one of the most followed crypto Twitter accounts with over 423k followers (beware of imposters and scammers, check the following count and handle) and 47k on Telegram.

For this Bitcoin long he noted that the Bitcoin price had reclaimed the weekly low from two weeks ago – $19,637 and was holding above it. The price action below that level could then be considered a deviation.

For a simple range to range play he’s now targetting the mid-range and top of the range – the range high being last week’s high of $21,888. When price re-enters a range, it tends to move towards the opposite end of the range.

Key highs and lows also tend to get swept as stops are hunted and Bitcoin moves to find areas of liquidity – buyers and sellers either side of a range. TraderSZ set an invalidation below today’s low ($19,050) where he will start to cut the position.

Bitcoin is currently trading at around $20,000 so his Bitcoin long is playing out so far. The crypto markets are reacting positively to news that Celsius have lowered their Bitcoin liquidation price again to under $5,000.

Binance CEO CZ also shared a news article on Twitter about banks around the world potentially being allowed to hold 1% of their reserves in Bitcoin. July 4th was also a holiday in the US, and market optimism can increase on holidays.

Some traders are more cautious however as Bitcoin is still trading below the 200 week moving average (MA) and is yet to close a high timeframe candle back above the psychological support level of $20k.

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