Bitcoin just broke out of the 8200 resistance, buy next pullback
In an earlier post, I mentioned that 7900 offered a good buy opportunity with a stop loss near 7800 and a profit exit near 8200. That 3:1 risk to reward ratio trade has worked out nicely.
I currently think if Bitcoin pullbacks to the 8200 level, this would be another good pullback buying opportunity since Bitcoin is still trending up on the 1 hour timeframe. You can see that because the 20 period moving average is still above the 50 period moving average.
Trade Idea: Long Bitcoin 8200 with a stop near 8000, and a profit exit near 8600. This offers a risk:reward ratio of about 2:1 which is quite good.
I currently think if Bitcoin pullbacks to the 8200 level, this would be another good pullback buying opportunity since Bitcoin is still trending up on the 1 hour timeframe. You can see that because the 20 period moving average is still above the 50 period moving average.
Trade Idea: Long Bitcoin 8200 with a stop near 8000, and a profit exit near 8600. This offers a risk:reward ratio of about 2:1 which is quite good.
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