Considering doing my very first trade.
Updated
First of all let me say I'm not a trader yet, I'm an investor in some cryptocurrencies since July of this year. The purpose of this chart is to know what you experienced traders think about my trade idea, if you have the amiability to give me your thoughts.
The idea is to entry at $1325 and take profit at $1800, with a stop loss at $1200. Most of my analysis is based in fibb levels setting 0 at $2800 and .768 at $851 which is the support for now. I'm also looking if RSI manages to keep above 50, and not losing momentum.
I also keep the eyes on BTC, if it attempts to hit $8000 again with enough strength for a breakout, I'm not doing this trade.
Orange arrows represent my pronostic for the next three days IF BTC starts a correction.
Allright so that's my chart and my trade idea, almost full dependent of BTC's next steps. I will apreciate every constructive critics. Opinions also wellcomed. Thank you in advance.
The idea is to entry at $1325 and take profit at $1800, with a stop loss at $1200. Most of my analysis is based in fibb levels setting 0 at $2800 and .768 at $851 which is the support for now. I'm also looking if RSI manages to keep above 50, and not losing momentum.
I also keep the eyes on BTC, if it attempts to hit $8000 again with enough strength for a breakout, I'm not doing this trade.
Orange arrows represent my pronostic for the next three days IF BTC starts a correction.
Allright so that's my chart and my trade idea, almost full dependent of BTC's next steps. I will apreciate every constructive critics. Opinions also wellcomed. Thank you in advance.
Trade active
So I'm in this trade. Target is $1800 but BTC looks like is in correction mode, so if BTC crosses the $1500, then my take profit for this trade can be higher, $2000-$2200. I'll update with some snapshots. Give me your thoughts!Trade active
Edit: "...so if BTC crosses the $7500 lvl, then I look for BCH $2000-$2200.Note
It's important to look at BTC and BCH because the markets are being inversely correlated.
If BTC breaks support 1, I'll set my TP at BCH $2000.
If BTC breaks support 2, BCH will be around $2200-$2600. But that will require a new analysis.
Note
Look at the three price range of ~25%. Last one is a projection of the other 2, if it happens price reach .5 fibb lvl (from previous ATH).
Trade closed: stop reached
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