BitcoinLong
The Four Reasons I'm Long On Bitcoin
Updated
On the weekly timeframe for BTC:
- A candle closed above the downwards trendline (Forming a bull flag), indicating strength in buyers
- The MACD indicator had a crossover on the weekly timeframe
- Price has been respecting the 21 EMA in the last few weeks. All of my favorite setups include EMAs!
- There seems to be a potential Cup and Handle pattern forming.
- And obviously... The news about an ETF forBTC seems very bullish and I can see this continuation!
Given these four reasons, I am bullish onBTC
Stop Loss / Take Profits
Stop loss: My stop loss on this trade is pretty tight. I put it at a break of low of this week. However, I might wait for a close on the low!
Take Profits:
All of these take profits are set at levels that were areas where there was previous heavy selling pressure.
My plan would be to scale out half of my position at TP1, 1/2 of the remaining position at TP2, and fully out at TP3
Let me know what you think of this trade!
BTC:- A candle closed above the downwards trendline (Forming a bull flag), indicating strength in buyers
- The MACD indicator had a crossover on the weekly timeframe
- Price has been respecting the 21 EMA in the last few weeks. All of my favorite setups include EMAs!
- There seems to be a potential Cup and Handle pattern forming.
- And obviously... The news about an ETF for
BTC seems very bullish and I can see this continuation! Given these four reasons, I am bullish on
BTCStop Loss / Take Profits
Stop loss: My stop loss on this trade is pretty tight. I put it at a break of low of this week. However, I might wait for a close on the low!
Take Profits:
All of these take profits are set at levels that were areas where there was previous heavy selling pressure.
My plan would be to scale out half of my position at TP1, 1/2 of the remaining position at TP2, and fully out at TP3
Let me know what you think of this trade!
Note
TP2 Hit
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