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As can be seen in the chart, price action has been ranging between the 0.382 Fibonacci and the 0.5 Fibonacci (There are two Fibs on this char. Scroll right to see this one). Those Fibs are also confluent with horizontal support/resistance.
We can look at these support and resistance areas as pivots. When price break through one of these pivots (8925 top or 8550 bottom), it tends to want to (yes, I am anthropomorphizing) hit the next support/resistance zone (the blue boxes).
Whilst ranging, you can take short term day/scalp trades within the range.
This paper trade idea is in anticipation of breaking out of the current range. I'm anticipating confirmation of the break out from the Descending Triangle as potentially being the catalyst for breaking through the pivot zone (blue box at 8925) and moving up to the resistance zone at 9550.
Price just broke out of the Descending Triangle. If we wait for a candle close outside the Descending Triangle, then our chances for a profitable trade increase. You can wait for a 30m/1H/2H/4H candle close.
The higher the time frame close, the great the chance that the trade will be profitable. You need to manage this according to your risk management rules.
If the breakout is confirmed with a candle close, the measured move takes us up to the next blue resistance box.
I would close the position out if the bulls do not show strength around the 8925 resistance box.
Open Interest is again rising, and Historical Volatility Percentile is declining, just like it did prior to the melt down from 9550. Open Interest increasing and Historical Volatility Percentile reaching very low levels is typically a recipe for a range breaking move (see prior posts for more information). It does not, however, imply direction.
Volume coupled with Historical Volatility Percentile signatures show that this move is likely to happen within the next 36 hours.
However, if price breaks through one of the pivots over the weekend, I would be very skeptical. Typically, when BTC breaks through a pivot on the weekend, the move is revered the following Monday.
---
⚡️⚡️ #BTC/USD ⚡️⚡️
Trade Type: Regular (Long)
Leverage: 5X
Entry Zone:
8762.5 - 8800
Take-Profit Targets:
1) 8806 - 20.0%
2) 8895 - 20.0%
3) 9100 - 20.0%
4) 9380 - 20.0%
5) 9550- 20.0%
Stop Targets:
1) 8665.5 - 100.0%
--
R:R: 9.05
Risk: 1.01%
Reward: 9.1%
Leverage: 5X
Leveraged Risk: 5.05%
Leveraged Reward: 45.5%
---
If you want to learn how to trade like a professional, then checkout this TA course! I've completed many courses, but this one was by far the best! I became consistently profitable after applying the concepts learned in this course!
krown-trading.teachable.com/p/trade-like-a-professional-the-art-and-application-of-technical-analysis
---
Disclaimer:
This is not financial advice. This information is not meant to be used for financial advice, nor trade ideas. This is for educational purposes only.
As can be seen in the chart, price action has been ranging between the 0.382 Fibonacci and the 0.5 Fibonacci (There are two Fibs on this char. Scroll right to see this one). Those Fibs are also confluent with horizontal support/resistance.
We can look at these support and resistance areas as pivots. When price break through one of these pivots (8925 top or 8550 bottom), it tends to want to (yes, I am anthropomorphizing) hit the next support/resistance zone (the blue boxes).
Whilst ranging, you can take short term day/scalp trades within the range.
This paper trade idea is in anticipation of breaking out of the current range. I'm anticipating confirmation of the break out from the Descending Triangle as potentially being the catalyst for breaking through the pivot zone (blue box at 8925) and moving up to the resistance zone at 9550.
Price just broke out of the Descending Triangle. If we wait for a candle close outside the Descending Triangle, then our chances for a profitable trade increase. You can wait for a 30m/1H/2H/4H candle close.
The higher the time frame close, the great the chance that the trade will be profitable. You need to manage this according to your risk management rules.
If the breakout is confirmed with a candle close, the measured move takes us up to the next blue resistance box.
I would close the position out if the bulls do not show strength around the 8925 resistance box.
Open Interest is again rising, and Historical Volatility Percentile is declining, just like it did prior to the melt down from 9550. Open Interest increasing and Historical Volatility Percentile reaching very low levels is typically a recipe for a range breaking move (see prior posts for more information). It does not, however, imply direction.
Volume coupled with Historical Volatility Percentile signatures show that this move is likely to happen within the next 36 hours.
However, if price breaks through one of the pivots over the weekend, I would be very skeptical. Typically, when BTC breaks through a pivot on the weekend, the move is revered the following Monday.
---
⚡️⚡️ #BTC/USD ⚡️⚡️
Trade Type: Regular (Long)
Leverage: 5X
Entry Zone:
8762.5 - 8800
Take-Profit Targets:
1) 8806 - 20.0%
2) 8895 - 20.0%
3) 9100 - 20.0%
4) 9380 - 20.0%
5) 9550- 20.0%
Stop Targets:
1) 8665.5 - 100.0%
--
R:R: 9.05
Risk: 1.01%
Reward: 9.1%
Leverage: 5X
Leveraged Risk: 5.05%
Leveraged Reward: 45.5%
---
If you want to learn how to trade like a professional, then checkout this TA course! I've completed many courses, but this one was by far the best! I became consistently profitable after applying the concepts learned in this course!
krown-trading.teachable.com/p/trade-like-a-professional-the-art-and-application-of-technical-analysis
---
Disclaimer:
This is not financial advice. This information is not meant to be used for financial advice, nor trade ideas. This is for educational purposes only.
Note
Alternatively, you can always enter trades upon the breakout, especially if price is moving quickly as it did in this example. It is riskier, but if you want for a candle close, you may miss the entry. One needs to develop trading and risk management rules in order to identify which methods works best.
Note
Take-Profit Targets:1) 8806 - 20.0% - HIT
2) 8895 - 20.0% - HIT
3) 9100 - 20.0%
4) 9380 - 20.0%
5) 9550- 20.0%
Note
Let's get this crypto! Keep up with this channel to get the most profitable trading ideas on TV! We are here to serve you!Note
Take-Profit Targets:1) 8806 - 20.0% - HIT!
2) 8895 - 20.0% - HIT! <3 - Let's get this crypto! <3
3) 9100 - 20.0%
4) 9380 - 20.0%
5) 9550- 20.0%
Note
1) 8806 - 20.0% - HIT!2) 8895 - 20.0% - HIT!
3) 9100 - 20.0% - HIT! <3 - Let's get this crypto!
4) 9380 - 20.0%
5) 9550- 20.0%
We are at resistance now. Consider closing out trade to lock-in profits!
Note
Are the bullz going to make a push to 9550? Time will tell! Let's get this crypto!
General Inquiries: t.me/cryptoguru369
Twitter: twitter.com/CryptoGuru369
Twitter: twitter.com/CryptoGuru369
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
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.