$BTCDOM/USDT 12h (Binance Futures) Descending channel breakout
Bitcoin Dominance seems to have broken bullish, let's enter on a pull-back to hedge Altcoins positions.
Current Price= 1020.6
Buy Entry = 1000.8 - 973.80
Take Profit= 1074.6 | 1134.3 | 1215.5
Stop Loss= 937.3
Risk/Reward= 1:1.75 | 1:2.94 | 1:4.56
Expected Profit= +26.52% | +44.67% | +69.33%
Possible Loss= -15.18%
Fib. Retracement= 0.618 | 0.786 | 1
Margin Leverage= 3x
Estimated Gain-time= 1.5 months
Current Price= 1020.6
Buy Entry = 1000.8 - 973.80
Take Profit= 1074.6 | 1134.3 | 1215.5
Stop Loss= 937.3
Risk/Reward= 1:1.75 | 1:2.94 | 1:4.56
Expected Profit= +26.52% | +44.67% | +69.33%
Possible Loss= -15.18%
Fib. Retracement= 0.618 | 0.786 | 1
Margin Leverage= 3x
Estimated Gain-time= 1.5 months
Trade active
First entry filledBitcoin Dominance pulled back, now could be a good time to reduce some Altcoins exposure.
Note
Up to +18.18% (3x)Bitcoin Dominance bounced nicely as planned, hedging the current correction properly! 👌🏼
Trade closed: target reached
TP1 reached with +26.52% (3x) and +1.75RBitcoin Dominance bounced on 100EMA and regained 200MA, good for that hedge!
But this is bad news for Altcoins against Bitcoin, seems like the king will reign again short-term...
Road to 2nd target now, SL updated to lowest entry (973.8$) in case it reverses.
Trade closed: target reached
TP2 reached with +44.67% (3x) and +2.94RBitcoin 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 +4.56RBitcoinDominance 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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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.