Long

$BTCDOM/USDT 12h (Binance Futures) Descending channel breakout

Updated

Bitcoin Dominance seems to have broken bullish, let's enter on a pull-back to hedge Altcoins positions.

Current Price= 1020.6
Buy Entry = 1000.8 - 973.80
Take Profit= 1074.6 | 1134.3 | 1215.5
Stop Loss= 937.3

Risk/Reward= 1:1.75 | 1:2.94 | 1:4.56
Expected Profit= +26.52% | +44.67% | +69.33%
Possible Loss= -15.18%

Fib. Retracement= 0.618 | 0.786 | 1
Margin Leverage= 3x
Estimated Gain-time= 1.5 months

Trade active

First entry filled

Bitcoin Dominance pulled back, now could be a good time to reduce some Altcoins exposure.

Note

Up to +18.18% (3x)

Bitcoin Dominance bounced nicely as planned, hedging the current correction properly! 👌🏼

Trade closed: target reached

TP1 reached with +26.52% (3x) and +1.75R

Bitcoin Dominance bounced on 100EMA and regained 200MA, good for that hedge!
But this is bad news for Altcoins against Bitcoin, seems like the king will reign again short-term...
Road to 2nd target now, SL updated to lowest entry (973.8$) in case it reverses.

Trade closed: target reached

TP2 reached with +44.67% (3x) and +2.94R

Bitcoin Dominance kept increasing while Bitcoin is making Higher High, what a beast!
Nice profit taken, SL adjusted to first entry now (1000.8$) and let the remaining position run.

Trade closed: target reached

TP3 reached with +69.33% (3x) and +4.56R

BitcoinDominance was definitely the safest thing to trade lately and just made a new ATH since that index launched back in June.
Altcoins still bleeding a lot, we may have avoiding much loss taking that chart more seriously...
Anyway, trade is fully closed now and we'll wait patiently for a new opportunity!

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