ONE - 40% Breakout to $0.22? The Market Indicates Another Push!One (Harmony) is threatening the resistance line with another higher high. This could mean a breakout above the $0.18 price area which opens the door to the $0.22 resistance area. Should we enter a long now?
How do we trade this? 🤔
It's reasonable to enter a long now with a 1:1 Risk/Reward Ratio, selling half of your position at $0.175 just before the previous high. Once the 1:1 target is hit, move your stop loss up to your entry point to secure profits and eliminate the risk of loss. Sell the second half of your position at 1:3 Risk/Reward around $0.22 or whenever the first sell signal pattern appears. Our protective stop is below the 200EMA at $0.135 which has demonstrated support for the last two higher lows.
💡 Trade Idea 💡
Long Entry: $15.66
🟥 Stop Loss: $13.50
✅ Take Profit #1: $17.50
✅ Take Profit #2: $22.22
⚖️ Risk/Reward Ratio: 1:3
🔑 Key Takeaways 🔑
1. 200EMA Support on Daily, Bias to Long.
2. Higher Highs and Higher Lows.
3. Multiple Buy Signals at 200EMA with follow-through.
4. RSI at 60.00 and Above Moving Average, Supports Long Bias.
5. Bitcoin nearing important $46,000 Resistance, Long on Lower Timeframes.
💰 Trading Tip 💰
It's reasonable to take half profits at 1:1 Risk/Reward on a swing trade and move the stop loss up to entry. This secures profits, and allows the latter half of your position to be executed without the worry of loss, improving trading psychology.
⚠️ Risk Warning! ⚠️
Past performance is not necessarily indicative of future results. You are solely responsible for your trades. Trade at your own risk!
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