Long

Waiting for XBTUSD to close above descending trend line

Updated

Yesterday big volume bears pushed XBTUSD back inside the descending channel. As you can see on the 4 hour chart, XBTUSD looked like it wanted to complete an inverse head and shoulders pattern. Instead XBTUSD bounced off the neckline (yellow dotted line) a few times before eventually losing steam. Some traders will want to short sell XBTUSD because it is currently at the high end of the channel anticipating a move back down. The MACD and RSI is also looking bearish (RSI close to 'oversold' levels). However, I'm looking for a breakout and will wait patiently for XBTUSD to break above the channel entirely before entering a long position. I'll place my initial stop loss right below the 200 SMA ($9,700) and a $11.700 as my target for profit taking. This trade has a risk/reward ratio of approximately 4.0

Note

Correction 1: Replace the word "some" with SMART or PROFITABLE to start the sentence(s), "Some traders will want to short sell XBTUSD -6.94% because it is currently at the high end of the channel anticipating a move back down. The MACD and RSI is also looking bearish ( RSI close to 'oversold' levels).

Correction 2: Disregard everything written after the above correction

Tip when publishing ideas: You have 10 minutes (I think) to edit or change your idea before it posts to the record. If the stock drops significantly as soon as you submit your "long" idea, then take advantage of the 10 minutes and delete idea to save face.

JoshNJ82

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