Bitcoin: First Buy Signal 4H & 8H
Updated
Timeframe: 4H to 8H to avoid false signals
Target Zones:
First Target: $58,000 - $59,500
Second Target: $55,000 - $56,500
Rationale:
-I took substantial profits on my long-term position between $69,000 and $72,000. I'm starting to look for areas to reposition my funds.
-I expect Bitcoin to then reach the second target of $55,000 - $56,500 range.
-ETF flows will also be monitored closely for additional insights.
-Hash ribbons will also be monitored closely for additional insights.
With a bit of luck, I'll manage to wait for the $55,000 zone. I'd like to make it clear that I'll always have funds available if Bitcoin were to sink back below $50,000, $40,000, or even $30,000, the important thing being risk management.
Trade Carefully!
Target Zones:
First Target: $58,000 - $59,500
Second Target: $55,000 - $56,500
Rationale:
-I took substantial profits on my long-term position between $69,000 and $72,000. I'm starting to look for areas to reposition my funds.
-I expect Bitcoin to then reach the second target of $55,000 - $56,500 range.
-ETF flows will also be monitored closely for additional insights.
-Hash ribbons will also be monitored closely for additional insights.
With a bit of luck, I'll manage to wait for the $55,000 zone. I'd like to make it clear that I'll always have funds available if Bitcoin were to sink back below $50,000, $40,000, or even $30,000, the important thing being risk management.
Trade Carefully!
Trade active
First spot buy made between $59,500 and $57,500. Now waiting for a break below the May 1st low around $56,600.Trade active
First take profit around 60,000$ for 5.5% gain. Sale of 50% of my position at an average purchase price of 56,700$.
Trade closed: target reached
Second take profit at $64,000 for a gain of 12.5%.Selling the remaining 50% of my position.
Total gain: 9%.
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