Long

BTCUSD Long Inverse Head and shoulder

Updated

BTC was stuck in a channel that broke down to 7k and recovered for about a week which it has recently broken out at 7600. Now we are seeing a nice pullback on 4h chart with a volume contraction, note how the volume as around 2x average volume near breakout and drastically reduced during 7600 retest. And ideal entry would be 7580 ish but looks like market is already taking off. A half position size is suggested below 7650 and if it dips to 7580 another half can be entered. Target for this inverse head and shoulder triangle is 8k. Given we had a daily engulfing recently at 7k makes this trade even better.

Trade active

Note

Now we are approaching a minor resistance area 7800-8000 (only acted as resistance in previously year, not so much this year) on daily. If buy dries up, it's suggested that you exit at least half the position with some profit. Once crossed, stop loss should be raised to 7800.

DistortedBit

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