BTC - Finally a Trade Worth Taking
So in our group the other day I posted a trade with a potential target of 95k. Yes we have been patient and patient and even more patient waiting for the right setup. Finally I there was a setup I liked and so we took it.
This was a broad seven (7) month consolidation which is often indicative of 4th waves. Look at Gold for example, broad consolidation before the next leg higher. Well same here for Bitcoin.
Now why Goldie do you take a trade at "the high"? I know you will hear many so called Furu's talk about not wanting to take a trade at a high. Well the philosophy on this is equities making new highs, make higher highs, and after a broad consolidation, a breakout is generally bullish for the equity.
This is exactly what we have here is a pretty broad breakout. So where was the signal?
Pretty simple here, nice inside bullish pinbar on the weekly with two closes above the upper boundary. I like that, shows selling is likely exhausted. Continuations occur after selling is exhausted and often when shorts get stuck trading the boundary. Here we are.
Though I have added some Bitcoin during the consolidation, (I sold my BITO and bought BTC outright, I didn't like the speed of decay) I am also taking a trade here.
Now who knows what happens, it is not uncommon to get a retest of the boundary before the move happens, and if so, and we get tapped out, I will just look for another trade. The key here is we are getting 3:1 or better on our RR so if I am right 50% of the time, I am making money!
There are a couple other coins I am looking at for this next bull run, and as I shared with the group today I have bought another coin in anticipation for a bull run. I am looking at always adding some more because once my buds that don't trade anything start talking about buying ELO I already want to be positioned.
Markets are still bull and I am going to follow up with a silver report. BULLL on silver baby!!
This was a broad seven (7) month consolidation which is often indicative of 4th waves. Look at Gold for example, broad consolidation before the next leg higher. Well same here for Bitcoin.
Now why Goldie do you take a trade at "the high"? I know you will hear many so called Furu's talk about not wanting to take a trade at a high. Well the philosophy on this is equities making new highs, make higher highs, and after a broad consolidation, a breakout is generally bullish for the equity.
This is exactly what we have here is a pretty broad breakout. So where was the signal?
Pretty simple here, nice inside bullish pinbar on the weekly with two closes above the upper boundary. I like that, shows selling is likely exhausted. Continuations occur after selling is exhausted and often when shorts get stuck trading the boundary. Here we are.
Though I have added some Bitcoin during the consolidation, (I sold my BITO and bought BTC outright, I didn't like the speed of decay) I am also taking a trade here.
Now who knows what happens, it is not uncommon to get a retest of the boundary before the move happens, and if so, and we get tapped out, I will just look for another trade. The key here is we are getting 3:1 or better on our RR so if I am right 50% of the time, I am making money!
There are a couple other coins I am looking at for this next bull run, and as I shared with the group today I have bought another coin in anticipation for a bull run. I am looking at always adding some more because once my buds that don't trade anything start talking about buying ELO I already want to be positioned.
Markets are still bull and I am going to follow up with a silver report. BULLL on silver baby!!
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