(More) Bitcoin Trend Continuation
Updated
As crazy as it seems, recent price action suggests that the bulls aren't finished yet.
It's pretty typical for us to consolidate for a few bars after a big candle like this, so I'm scaling in my long over the next few hours.
The risk on this trade is definitely higher than the previous one. We're much further from support making a drop more likely, and meaning stop-loss has to be set further away from entry. So I will be trading a smaller position than usual to offset these risks.
As before, there's plenty of technical reasons to be bearish, but I'm choosing to trust price action over indicators.
It's pretty typical for us to consolidate for a few bars after a big candle like this, so I'm scaling in my long over the next few hours.
The risk on this trade is definitely higher than the previous one. We're much further from support making a drop more likely, and meaning stop-loss has to be set further away from entry. So I will be trading a smaller position than usual to offset these risks.
As before, there's plenty of technical reasons to be bearish, but I'm choosing to trust price action over indicators.
Note
Stoploss moved up into profit at 4200 (beneath latest doji)Trade closed: stop reached
Trade stopped out in profit.
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.