$BTCDOM/USDT 2h (Binance F.) Descending trendline break & retest
Bitcoin Dominance is locally reversing again, let's enter on a pull-back to hedge our Altcoins positions against Bitcoin.
Current Price= 929.6
Buy Entry = 925.2 - 917.2
Take Profit= 944.7 | 960.4 | 983.9
Stop Loss= 901.6
Risk/Reward= 1:1.2 | 1:2 | 1:3.52
Expected Profit= +17.85% | +29.82% | +47.67%
Possible Loss= -14.91%
Fib. Retracement= 0.5 | 0.618 | 0.786
Margin Leverage= 7x
Estimated Gain-time= 10 days
Current Price= 929.6
Buy Entry = 925.2 - 917.2
Take Profit= 944.7 | 960.4 | 983.9
Stop Loss= 901.6
Risk/Reward= 1:1.2 | 1:2 | 1:3.52
Expected Profit= +17.85% | +29.82% | +47.67%
Possible Loss= -14.91%
Fib. Retracement= 0.5 | 0.618 | 0.786
Margin Leverage= 7x
Estimated Gain-time= 10 days
Trade active
First entry filledBitcoin Dominance directly pumped to last target then pulled back letting us in, time to be very patient, more than ever!
Trade closed: target reached
TP1 reached with +17.85% (7x) and +1.2RBitcoin Dominance bouncing as expected while Altcoins market is bleeding more than Bitcoin, great way to hedge!
SL adjusted to lowest entry (917.2$) to secure the trade and let it run.
Trade closed: target reached
TP2 reached with ++29.82% (7x) and +2RBitcoin Dominance kept going up following the forecast, that's nice to earn on those hard market conditions.
SL edited up to first entry (925.2$), so we've got a winner today!
Trade closed: target reached
TP3 reached with +47.67% (7x) and +3.52RBitcoin Dominance went for last target in the end, unfortunately PC bot sold remaining position with +3.01% (7x) and +0.2R on the first pull-back!
Currently forming a rising wedge, if confirms the break-down we would see a bullish momentum in Altcoins.
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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.