Bitcoin trading opportunity on the 1H chart
Updated
Hello traders! Below is my idea about trading opportunity for next week. If you have missed the pump, I strongly recommend to not buy now (take a look at my previous analysis in Related Ideas). After seeing a strong pump and tons of bullish sentiments on the internet, I think this is just not the right time buy. Price begins to consolidate and we might see a slight upward movement to $9200 or even testing $9400. I really do not think it will break $9400 this time.
For a Sell:
A good selling setup can appear around $9200. If the price gets there and starts to range for a few days, be ready for another small dump. When to enter? It really depends on your style of trading. Some people like to wait for a confirmation, others set limit orders. Personally, I expect to see a spike above $9200 after consolidation followed by a drop. The risk-reward ratio might not be that high though. The scenario is invalidated if the price shoots above $9400.
For a Buy:
If you do not want to risk with selling, wait for a pullback to $8200. I expect another pump after a week with targets at 10k - 10.5k. Around 8200 we will have much better risk-reward ratio and the trade will be safer. Here, the scenario will be invalidated if the price drops sharply below $7600.
Remember, do not rush into trades and use proper risk management!
=============================
GENERAL RULES TO KEEP YOUR ACCOUNT SAFE:[/B]
1. Do not risk more than 1-2% of your account per trade
2. Look for a Risk-Reward Ratio of at least 2:1
3. Always use stop-loss
4. Do not FOMO
5. Remember: Patience is the key!
THIS IS NOT A FINANCIAL ADVICE so, please do not follow it if you are in doubt. DYOR!
For a Sell:
A good selling setup can appear around $9200. If the price gets there and starts to range for a few days, be ready for another small dump. When to enter? It really depends on your style of trading. Some people like to wait for a confirmation, others set limit orders. Personally, I expect to see a spike above $9200 after consolidation followed by a drop. The risk-reward ratio might not be that high though. The scenario is invalidated if the price shoots above $9400.
For a Buy:
If you do not want to risk with selling, wait for a pullback to $8200. I expect another pump after a week with targets at 10k - 10.5k. Around 8200 we will have much better risk-reward ratio and the trade will be safer. Here, the scenario will be invalidated if the price drops sharply below $7600.
Remember, do not rush into trades and use proper risk management!
=============================
GENERAL RULES TO KEEP YOUR ACCOUNT SAFE:[/B]
1. Do not risk more than 1-2% of your account per trade
2. Look for a Risk-Reward Ratio of at least 2:1
3. Always use stop-loss
4. Do not FOMO
5. Remember: Patience is the key!
THIS IS NOT A FINANCIAL ADVICE so, please do not follow it if you are in doubt. DYOR!
Note
The chart did not play out as expected and the buying pressure is very strong. Now we do have a breakout from a triangle so the price can easily go all the way to $10500-11000. If you are in a trade, from 7k, keep holding. If you want to buy now, consider risk-reward ratio and wether it fits your strategy.
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.