BitcoinLong
Does the Bitcoin have the potential to go long again?
Hey there,
I was looking at some crypto charts and then I noticed the pullback on the bitcoin. After browsing om some different timeframe charts, I saw some potential in the 4 hour chart.
The first thing I noticed was the support and resistance. After the bitcoin has been in an uptrend for a pretty long time, it looks like the trend is over, atleast for now. After looking to the support and resistance for a while. I checked some indicators. I found the RSi which is oversold at this moment. So the RSI is oversold when there also is support. On average, that's a pretty strong buy/long signal.
Finally, after looking some more, I came down to say that this is looking like the best trade to me:
Buy on: current ~32k
S/L: ~30k
T/P: ~39k
Risk reward ratio: ~3
I got to say, I'm not 100% happy with the SL and TP and when to enter the trade, so let me know if you have any improvements. Also note that I'm only 16 and that I still got to learn. So if you have any tips, just let me know!
Have a great day :)
I was looking at some crypto charts and then I noticed the pullback on the bitcoin. After browsing om some different timeframe charts, I saw some potential in the 4 hour chart.
The first thing I noticed was the support and resistance. After the bitcoin has been in an uptrend for a pretty long time, it looks like the trend is over, atleast for now. After looking to the support and resistance for a while. I checked some indicators. I found the RSi which is oversold at this moment. So the RSI is oversold when there also is support. On average, that's a pretty strong buy/long signal.
Finally, after looking some more, I came down to say that this is looking like the best trade to me:
Buy on: current ~32k
S/L: ~30k
T/P: ~39k
Risk reward ratio: ~3
I got to say, I'm not 100% happy with the SL and TP and when to enter the trade, so let me know if you have any improvements. Also note that I'm only 16 and that I still got to learn. So if you have any tips, just let me know!
Have a great day :)
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