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Here we see price in a rising channel. The red lines represent the rising channel. Rising channels typically break to the downside. The measured of the rising channel breakdown aligns with the yellow support zone around $4850. The vertical purple line represents the measured move from the breakdown of the rising channel. This target also has confluence with the 0.382 Fibonacci from the impulse move down that commenced March, 11th and with horizontal support.
This trade setup is active if/when we get a 4H closure below the yellow support zone around $6350.
Alternatively, you may enter upon price ticking below the prior 4H candle wick low at $6400. This approach is more risky, but may give you a better entry.
---
Entry: 6400
Entry Zone: 6415-6281
T1: 6245
T2: 6085
T3: 5885
T4: 5525
T5: 4820
Stop: 6891.5
--
R:R: 3.21
Risk: 7.68%
Reward: 24.69%
Leverage: 3X
Leveraged Risk: 23.04%
Leveraged Reward: 74.07%
--
Disclaimer:
This is not financial advice. I am not a financial adviser. This information is not meant to be used for financial advice, nor trade ideas. This is for educational purposes only.
Here we see price in a rising channel. The red lines represent the rising channel. Rising channels typically break to the downside. The measured of the rising channel breakdown aligns with the yellow support zone around $4850. The vertical purple line represents the measured move from the breakdown of the rising channel. This target also has confluence with the 0.382 Fibonacci from the impulse move down that commenced March, 11th and with horizontal support.
This trade setup is active if/when we get a 4H closure below the yellow support zone around $6350.
Alternatively, you may enter upon price ticking below the prior 4H candle wick low at $6400. This approach is more risky, but may give you a better entry.
---
Entry: 6400
Entry Zone: 6415-6281
T1: 6245
T2: 6085
T3: 5885
T4: 5525
T5: 4820
Stop: 6891.5
--
R:R: 3.21
Risk: 7.68%
Reward: 24.69%
Leverage: 3X
Leveraged Risk: 23.04%
Leveraged Reward: 74.07%
--
Disclaimer:
This is not financial advice. I am not a financial adviser. This information is not meant to be used for financial advice, nor trade ideas. This is for educational purposes only.
Note
First two targets hit! Let's get this crypto!T1: 6245 - HIT (7.27% Gain)
T2: 6085 - HIT (26.72% Gain)
Note
Correction, T2 was a 14.25 Gain!Note
Here we can see price ranging between the 0.706 Fibonacci and the 0.786 Fibonacci. The 0.706 Fibonacci has strong confluence with the vertical support zone from $6K-$6.1K. If price moves below the support zone, then that zone will likely turn into Resistance. Target for the next breakdown is the yellow support zone at $5820-$5860. The 0.618 Fibonacci has strong confluence with this support zone.
Target #3 ($5885) will likely be hit on this next move down.
Note
Disregard that last Fib chart. This is the one! The yellow support zone has confluence with the 0.618 Fibonacci and the next blue support zone below that has confluence with the 0.5 Fibonnaci. Note
We could very well come up to test the support zone at 6400. If price action breaks through the 6400 resistance zone, then price may come up to test the next support zone at 6700.
I would consider closing out this trade if the 6400 resistance zone does not hold, in order to lock-in profits.
Note
3/5 targets hit! Let's get this crypto! Making money whilst at home during the pandemic! T1: 6245 - HIT (7.27% Gain)
T2: 6085 - HIT (14.8% Gain) *Corrected*
T3: 5885 - HIT (24.14% Gain)
General Inquiries: t.me/cryptoguru369
Twitter: twitter.com/CryptoGuru369
Twitter: twitter.com/CryptoGuru369
Related publications
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.
General Inquiries: t.me/cryptoguru369
Twitter: twitter.com/CryptoGuru369
Twitter: twitter.com/CryptoGuru369
Related publications
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.