I'm currently bearish for BTC, but I examined possible strategies for a long entry because a bullish dragon pattern is detected on the 4H chart.
Recommended Entry condition: breaking out diagonal resistance (green dotted line) & ideally pullback onto it
Recommended TP:
TP1: 20000
TP2: 0.618 - 0.786 Fib Retracement
Criteria for entry (for reference only; trade at your own risk)
Support: Green dotted diagonal line (after breakout); gray box; Gann fan 1/2 (yellow zone); Current low
Gann Fan red zone: wait, or place the stop loss on the support if you already have entered
SL: 17900
Note
Correction:TP1: 20000
TP2 The levels of the red box
TP3: 0.618 - 0.786 Fib Retracement
Note
For aggressive traders: if the candle closed out of the new gray box and above the red resistance line, it would be the first green light.
Note
For comparison.
Breakout is harder than it looks, though it will become easier with time.
Keep in mind that this is still the baer market.
Note
update.
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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.