Hello there!
In my last post on BTC, the idea was that the retracement after the massive drop would take 1-2 weeks and the price goes to 8500 (later changed to 9000) before another journey south. From the current market condition, it looks like the recent spike was a nice manipulation to stop out high-leverage short positions and trigger people into buying. It looks like many traders were ready to buy after 8500 which is not the wisest thought I guess.
I think it is very likely that we keep falling from the current levels, especially after the recent spike happened. The current setup gives a nice risk-reward ratio, up to 4:1 with 300-400$$ stop-loss. For more aggressive entry the RRR can be even higher but it is riskier.
GENERAL RULES TO KEEP YOU SAFE:
1. Do not risk more than 2-3% per trade!
2. Always use stop-loss!
3. Do not FOMO!
4. Do not add to a losing trade
THIS IS NOT A FINANCIAL ADVICE so, please do not follow it if you are in doubt. DYOR!
In my last post on BTC, the idea was that the retracement after the massive drop would take 1-2 weeks and the price goes to 8500 (later changed to 9000) before another journey south. From the current market condition, it looks like the recent spike was a nice manipulation to stop out high-leverage short positions and trigger people into buying. It looks like many traders were ready to buy after 8500 which is not the wisest thought I guess.
I think it is very likely that we keep falling from the current levels, especially after the recent spike happened. The current setup gives a nice risk-reward ratio, up to 4:1 with 300-400$$ stop-loss. For more aggressive entry the RRR can be even higher but it is riskier.
GENERAL RULES TO KEEP YOU SAFE:
1. Do not risk more than 2-3% per trade!
2. Always use stop-loss!
3. Do not FOMO!
4. Do not add to a losing trade
THIS IS NOT A FINANCIAL ADVICE so, please do not follow it if you are in doubt. DYOR!
Note
The sideways movement took too long time so I thing we should not expect a drop from here. At most, we can see a spike down and a rapid price rush to the upside. But, I do think that a strong push from 8000 is more likely, maybe a 400$ candle...I am still waiting for another big drop to 6000 but it looks like this scenario will be postponed until November. Currently there is a good chance for a short-term uptrend. However, I would not advise to enter a trade now, especially selling.
If you like, you may try a small buy but not more that 1% of your account balance. I would put stop-loss around 7800.
Remember: always use stop-loss and never trade more than 2-3% per trade!
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.