BTCUSD developing a healthy bull trend
Bitcoin is at a huge juncture at $300 and it looks very close to breaking through. Plenty of room for upside and once it cracks that $300 mark, it's on like donkey kong. Depending on the risk you can handle, you can pick a stop-loss at various levels. I'm personally keeping a pretty tight stop-loss below the breakout zone on a 2h scale because I believe this is going to happen very quickly once it breaks.
When the price pops, we will see a quick run to the upper 300s before a retrace. If and when this occurs, I plan to play both sides of it. We can see volume supporting this trend on a daily time frame, but also on shorter time frames as well, with steadily increasing volume accompanying steadily increasing price. What's more, the speed of the trend seems to be increasing, although we obviously haven't reached climax levels yet, which would be indicated by huge volume and very fast upward price action. This would also be a good indicator that it's time to fold our longs and begin shorting.
Good luck!
When the price pops, we will see a quick run to the upper 300s before a retrace. If and when this occurs, I plan to play both sides of it. We can see volume supporting this trend on a daily time frame, but also on shorter time frames as well, with steadily increasing volume accompanying steadily increasing price. What's more, the speed of the trend seems to be increasing, although we obviously haven't reached climax levels yet, which would be indicated by huge volume and very fast upward price action. This would also be a good indicator that it's time to fold our longs and begin shorting.
Good luck!
Related publications
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.