Hi,
Bitcoin is looking well primed for a short term move up [few days]. This is a low risk trade [2%] with good upside [5%] in my opinion.
Why?
There is a chance we see further upside to around t he 8200$-$8500 IF we smash straight through the 50EMA on good volume as both the 100/200 EMA are sat around these levels alongside multiple fibs.
I would expect a complex pullback to around 7800$ to retest the 20 day EMA if we do not break the 50 day EMA.
Please note, the stop loss is very tight and may get taken out due to volatility. Personally this is how I trade.
My entry target: $7650
My exit target: $8060
My stop loss: $7498
This is not financial advice. Just my personal trading plan.
Bitcoin is looking well primed for a short term move up [few days]. This is a low risk trade [2%] with good upside [5%] in my opinion.
Why?
- Bouncing off 20day EMA resistance, nice airgap to 50day EMA once cleared, clearing the 20 day will take a little volume - which ATM is declining with price rising, I typically see this as a good thing.
- RSI still just sub 50, diverging well with price [+Look at the last few times RSI bottomed out on the daily..]
- MACD looking OK - not fantastic - with histogram growing after it crossed up
- Several key fib levels lining up on short, med and longer time frames to validate the potential upside once the 20day EMA is broken
There is a chance we see further upside to around t he 8200$-$8500 IF we smash straight through the 50EMA on good volume as both the 100/200 EMA are sat around these levels alongside multiple fibs.
I would expect a complex pullback to around 7800$ to retest the 20 day EMA if we do not break the 50 day EMA.
Please note, the stop loss is very tight and may get taken out due to volatility. Personally this is how I trade.
My entry target: $7650
My exit target: $8060
My stop loss: $7498
This is not financial advice. Just my personal trading plan.
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.
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.