1) Huge drop at the start of the week from 18.9K to 17.6K
2) Price cooled off into a trading range and started to consolidate
3) BTC tested the lows again and rejected
4) Price then expanded the range to the upside!
Entry: 18.3-18.5K is fine
Stop: around 18K
Target: open
Expected holding time: 5-6 days has been the average in 2020
2) Price cooled off into a trading range and started to consolidate
3) BTC tested the lows again and rejected
4) Price then expanded the range to the upside!
Entry: 18.3-18.5K is fine
Stop: around 18K
Target: open
Expected holding time: 5-6 days has been the average in 2020
Note
Historical win rate for this trade is 40% with a profit ratio of 2.7.Note
Good start so far. If you want to join in, there's a free script in my profile I use for retracements (Donchian Ichimoku Hybrid). Just catch a ride on the clouded green zone and ride it up!Note
+5% so far. We can either put a trailing stop on it of $540, or wait until the trend changes. I prefer to ride it for a while since we're near all-time highs, but each trader is different.Note
We're now in day 4 of the trade and it's going well. BTC is trending upward again and looking to break all-time highs!Note
Day 5 update: +15%. Still in the trade!Note
We're now in day 6: we caught a +25% move! It's possible to take profit here as BTC goes into a range, or you can let it ride. I'll still ride the trend as we're in price discovery.Trade closed: target reached
That ended up being more than a weekend pump! The move comes out to +24%!Taking profit now that the trend has changed.
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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.