Long

Trade of the day August 31st - Bitcoin BTC

Updated

Reasons of Placing the Trade:
Strong Demand Level
Oversold RSI with divergence
Slight Volume Increase
Multiple attempts at the demand level

Setup:
Stop Loss: 30000 pips or 300.0$ per unit @9,200.00
Take Profit 1: 140000 pips or 1400.0$ per unit 11,000.00
Take Profit 2: 250000 pips or 2500.0$ per unit 12,000.0
Reward: 4:1 and 8:1

Note

2:1 reward reached :)

Note

4:1 reward reached

Note

Pullback after the first target nearly reached (supply zone)

Note

Target 1 reached (4:1 reward)

Note

Rejection at target 2, bearish pressure

Note

2 Billion dollars worth of bitcoin lost in Mt Gox hack plumbed the trading volume to 83.3% less. Bitcoin follows a triangle scheme with a strong support, with upside opportunities when the stolen units will be recovered as claimed.

Note

The average daily traded volume is back to normal, illustrated by aggressive sellers pushing prices lower due to the recent 2 Billion dollars worth of Bitcoin loss. The Support level has been a magnet for a while, and presents an excellent opportunity to buy, aiming 10 - 11 and 13k$ per coin levels.

Note

Investment Opportunity of Bitcoin - Bearish Pressure will pull back prices around 7000.0 (-30% from now) and then by 2023 the cryptocurrency will reach 100000.0 (+1000%)!

Note

correct image

Theperfectionist

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