Bitcoin (BTC) Good long while waiting for big move
Updated
This time, I will be longing Bitcoin from 6370 to around 6.5k. I will probably set a trailing profit if we get past 6.5k in case we have a bullish breakout. We have a bearish rising wedge on Bitcoin so I think we can ride this one up for a good long with a nice risk/reward ratio.
However, it is important to note there is a high chance for this pattern to fail as Bitcoin is highly manipulated relative to altcoins, which are way easier to predict. We will be prepared by setting a stop loss and take profit system.
How to trade:
Buy in: 6370
Stop loss: 6308/6290 area
Take profit:
6.5k+ with a trailing take profit system. I believe we may be able to reach 6.7k if t his goes according to textbook.
Thanks for reading! I will respond to all comments below. My short entries are as shown on the chart.
However, it is important to note there is a high chance for this pattern to fail as Bitcoin is highly manipulated relative to altcoins, which are way easier to predict. We will be prepared by setting a stop loss and take profit system.
How to trade:
Buy in: 6370
Stop loss: 6308/6290 area
Take profit:
6.5k+ with a trailing take profit system. I believe we may be able to reach 6.7k if t his goes according to textbook.
Thanks for reading! I will respond to all comments below. My short entries are as shown on the chart.
Trade closed: target reached
I took profit here. I agree with Astroc that we will be dropping pretty soon. This was a pretty risky trade I took.Note
Keep this in mind. You should be looking for shorts mostly.
Note
Price slowly rising, on Bitmex longs have surpassed shorts.
Wait for the right entry to short this. On the 23rd there will be an ETF decision. I believe it will get denied.
Note
Possible long, wait to see if support holds.
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