BTCUSD - Taking a little breather before next pump
Hello everyone.
Since we saw that last big price pump in Bitcoin, market is starging to look like there is an exhaustion in the price. At the moment we are looking at a consolidation area 90k-100K.
I have been using this range to buy from the support area 91,500 - 92,500. I have liquidated the profits from these trades at the area between 95,5 - 98K.
Looking at Bitchoin on the weekly timeframe indicates that we still need a deeper fullback before shooting to new highs. Previous history highs have retraced more than we have still seen now.
My HOT ZONE to watch for deep pullback opening for swing trades is 82,000 - 85,000. finishing that pullback, the market should be ready for the next decent pump. TP set at last highest point on first entry. Add on entry after 100% confirming a reversal up from Swing area will have TP´s 110.000, 116.000, 118,000 Trades from the swing area could possibly see minor drawdown around the entry area, but giving steady profits when breaking above 90,000 again.
Swing trade will have 0,5% risk to my SL. Reaching above 90.000 I will already have profits running on the swing trade and can start adding on layered small buys at the most obvious Higher Lows on the way up.
Add trades on the way up will be 3 entries. Each of them 0.15% risk to SL.
Since we saw that last big price pump in Bitcoin, market is starging to look like there is an exhaustion in the price. At the moment we are looking at a consolidation area 90k-100K.
I have been using this range to buy from the support area 91,500 - 92,500. I have liquidated the profits from these trades at the area between 95,5 - 98K.
Looking at Bitchoin on the weekly timeframe indicates that we still need a deeper fullback before shooting to new highs. Previous history highs have retraced more than we have still seen now.
My HOT ZONE to watch for deep pullback opening for swing trades is 82,000 - 85,000. finishing that pullback, the market should be ready for the next decent pump. TP set at last highest point on first entry. Add on entry after 100% confirming a reversal up from Swing area will have TP´s 110.000, 116.000, 118,000 Trades from the swing area could possibly see minor drawdown around the entry area, but giving steady profits when breaking above 90,000 again.
Swing trade will have 0,5% risk to my SL. Reaching above 90.000 I will already have profits running on the swing trade and can start adding on layered small buys at the most obvious Higher Lows on the way up.
Add trades on the way up will be 3 entries. Each of them 0.15% risk to SL.
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.