{"id":387219,"date":"2021-12-29T17:30:28","date_gmt":"2021-12-29T14:30:28","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bitcoin-dips-below-47k-but-one-trader-is-eyeing-solid-risk-reward-for-longing-btc-now\/"},"modified":"2021-12-29T17:30:28","modified_gmt":"2021-12-29T14:30:28","slug":"bitcoin-dips-below-47k-but-one-trader-is-eyeing-solid-risk-reward-for-longing-btc-now","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bitcoin-dips-below-47k-but-one-trader-is-eyeing-solid-risk-reward-for-longing-btc-now\/","title":{"rendered":"# Bitcoin dips below $47K but one trader is eyeing &#8216;solid risk\/reward&#8217; for longing BTC now"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_89 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<label for=\"ez-toc-cssicon-toggle-item-6af0167d00411\" class=\"ez-toc-cssicon-toggle-label\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #dd3333;color:#dd3333\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #dd3333;color:#dd3333\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/label><input type=\"checkbox\"  id=\"ez-toc-cssicon-toggle-item-6af0167d00411\" checked aria-label=\"Toggle\" \/><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-dips-below-47k-but-one-trader-is-eyeing-solid-risk-reward-for-longing-btc-now\/#RSI_flashes_%E2%80%9Coversold%E2%80%9D\" >RSI flashes &#8220;oversold&#8221;<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/buradabiliyorum.com\/en\/bitcoin-dips-below-47k-but-one-trader-is-eyeing-solid-risk-reward-for-longing-btc-now\/#Brandt_Panic_sell-off_%E2%80%9Cstill_yet_to_happen%E2%80%9D\" >Brandt: Panic sell-off &#8220;still yet to happen&#8221;<\/a><\/li><\/ul><\/nav><\/div>\n<p>&#8220;<strong># Bitcoin dips below $47K but one trader is eyeing &#8216;solid risk\/reward&#8217; for longing BTC now <\/strong>&#8221;<\/p>\n<div class=\"post-content\" data-v-128018ef>Bitcoin (BTC) added to its losses on Dec. 29 with a fresh tumble briefly taking BTC\/USD below $46,600.<\/p>\n<figure><img decoding=\"async\" src=\"https:\/\/s3.cointelegraph.com\/uploads\/2021-12\/d135c7ba-eadb-4f13-81b9-6bc5fd82cd6d.png\"><figcaption style=\"text-align: center;\"><em>BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView<\/em><\/figcaption><\/figure>\n<h2><span class=\"ez-toc-section\" id=\"RSI_flashes_%E2%80%9Coversold%E2%80%9D\"><\/span>RSI flashes &#8220;oversold&#8221;<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Data from Cointelegraph Markets Pro and <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSD\/?exchange=BITSTAMP\">TradingView<\/a> showed the pair giving up ground prior to the Wall St. open to increase its 48-hour correction to 10.4%.<\/p>\n<p>The latest move in a familiar pattern of behavior, the market showed that the range in which Bitcoin has acted in December remains very much in play.\u00a0<\/p>\n<p>As market participants resigned themselves to a lackluster end to the year, popular trader and analyst Scott Melker noticed a possible buying opportunity at current levels on short timeframes.<\/p>\n<p>Bitcoin&#8217;s relative strength index (RSI), in addition to other bullish signals, had entered &#8220;oversold&#8221; territory during the dip in what is a classic buy-in trigger.<\/p>\n<p>&#8220;If you are trading small time frames, there&#8217;s very solid risk\/reward of punting longs here,&#8221; he wrote in one of several tweets about the opportunity. <\/p>\n<blockquote><p>&#8220;RSI oversold, hourly about to make a bull div, at the range EQ, low conviction selling on minimal volume.&#8221;<\/p><\/blockquote>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\"><a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\">$BTC<\/a><\/p>\n<p>Beautiful bullish divergence with oversold RSI on the hourly chart. Small time frame, so I look for the div to build to higher time frames. The 4-hour would be next.<\/p>\n<p>As I said, great potential R\/R for a trade here back to the 50Ks. <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/a6T0sPCG6X\">pic.twitter.com\/a6T0sPCG6X<\/a><\/p>\n<p>\u2014 The Wolf Of All Streets (@scottmelker) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/scottmelker\/status\/1476191166987177986?ref_src=twsrc%5Etfw\">December 29, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>BTC\/USD subsequently bounced from the lows to return above $47,000.<\/p>\n<p>Melker had previously defended the retracement from $52,000, arguing that &#8220;nothing had changed&#8221; overall for rangebound Bitcoin.<\/p>\n<h2><span class=\"ez-toc-section\" id=\"Brandt_Panic_sell-off_%E2%80%9Cstill_yet_to_happen%E2%80%9D\"><\/span>Brandt: Panic sell-off &#8220;still yet to happen&#8221;<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p>Not everyone, however, was optimistic.<\/p>\n<p><strong><em>Related:\u00a0\u2018Net neutral\u2019 \u2014 Rising Bitcoin exchange balances could be due to Huobi Chinese user block<\/em><\/strong><\/p>\n<p>Peter Brandt, the veteran trader who earlier in the week had warned of &#8220;fake breakouts&#8221; in thin-liquidity markets over the holidays, now eyed room for further downside.<\/p>\n<blockquote class=\"twitter-tweet\">\n<p lang=\"en\" dir=\"ltr\">Still yet to h<a href=\"https:\/\/buradabiliyorum.com\/en\/category\/download-scripts-themes-apps\/\" data-internallinksmanager029f6b8e52c=\"9\" title=\"Download Scripts &amp; Themes &amp; Apps\" target=\"_blank\" rel=\"noopener\">app<\/a>en &#8230; <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/t.co\/o4I4KuVMNf\">https:\/\/t.co\/o4I4KuVMNf<\/a><\/p>\n<p>\u2014 Peter Brandt (@PeterLBrandt) <a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/twitter.com\/PeterLBrandt\/status\/1476172427944087552?ref_src=twsrc%5Etfw\">December 29, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>A phase of &#8220;panic capitulation&#8221; worse than early December appearing is nonetheless a topic of debate.<\/p>\n<p>Retail investors, others argued, were likely not prone to mass selling at current levels, pointing to increases in small-balance wallets and evidence of strong hodl behavior throughout the year.<\/p>\n<p><template data-name=\"subscription_form\" data-type=\"markets_outlook\"><\/template><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong>\n<\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/general\/\" target=\"_blank\" rel=\"noopener\">General category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/cointelegraph.com\/news\/bitcoin-dips-below-47k-but-one-trader-is-eyeing-solid-risk-reward-for-longing-btc-now\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;# Bitcoin dips below $47K but one trader is eyeing &#8216;solid risk\/reward&#8217; for longing BTC now &#8221; Bitcoin (BTC) added to its losses on Dec. 29 with a fresh tumble briefly taking BTC\/USD below $46,600. BTC\/USD 1-hour candle chart (Bitstamp). Source: TradingView RSI flashes &#8220;oversold&#8221; Data from Cointelegraph Markets Pro and TradingView showed the pair&#8230;<\/p>\n","protected":false},"author":1,"featured_media":387220,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/images.cointelegraph.com\/images\/1200_aHR0cHM6Ly9zMy5jb2ludGVsZWdyYXBoLmNvbS91cGxvYWRzLzIwMjEtMTIvNmJkNDE2YTktNTA1Yi00YzlhLThhZmQtYzNjZGUzNjZkYzBjLmpwZw==.jpg","fifu_image_alt":"","footnotes":""},"categories":[1],"tags":[74862,74937,73785],"class_list":["post-387219","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-general","tag-bitcoin","tag-bitcoin-price","tag-markets"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/387219","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=387219"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/387219\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/387220"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=387219"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=387219"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=387219"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}