This is my trade set up for BTC. The critical levels for BTC right now are the $46k, $48 and $52k regions. It is where most of the recent price actions have taken place. If there is a pullback and followed by a bullish reaction at the $46k region then BTC will take shape of a reverse head and shoulder pattern. This is the trade I want to anticipate and enter. My entry point is on that $46k support with a stop loss right below. On the flip side, if you are bearish, you could enter a short here as well, with a stop loss right above. The region around $42k-40k is where I would close my short. Let's wait and see what happens. Happy trading!
Note
My predicted entry point was the $46k region which did BTC did not reach. The $47k support held and BTC has been tracking up higher. This highlights the importance of ladder buying and ladder selling. You never definitively know where the market will go. My targets were also off because I calculated a lower entry point. Since my game plan did not play out, I did not chase this trade.Note
Funny how the trade comes to you when you don't chase it. I'm glad it worked out. I made some errors on my chart. I need more practice.
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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.