BITCOIN: Bounce off the Cloud?
BTCUSDT is touching a red cloud for the first time in this bull run.
Are we getting a bounce? or we will be going straight down?
I'm betting for a bounce, we are still on an uptrend on the daily and we have a bullish Kumo twist ahead.
Also, we are still above the 180 EMA on the daily and weekly.
We also seem to have quite a few buy orders waiting around this level (46700), this could potentially lead to a big PUMP.
I'm opening a LONG position here with a pretty tight STOP LOSS (closing just inside the cloud at 46.800).
Let's see how this plays out.
ALWAYS PRACTICE RISK MANAGEMENT, RISK MANAGEMENT IS KEY TO TRADING.
Are we getting a bounce? or we will be going straight down?
I'm betting for a bounce, we are still on an uptrend on the daily and we have a bullish Kumo twist ahead.
Also, we are still above the 180 EMA on the daily and weekly.
We also seem to have quite a few buy orders waiting around this level (46700), this could potentially lead to a big PUMP.
I'm opening a LONG position here with a pretty tight STOP LOSS (closing just inside the cloud at 46.800).
Let's see how this plays out.
ALWAYS PRACTICE RISK MANAGEMENT, RISK MANAGEMENT IS KEY TO TRADING.
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