Bitcoin has had a nice run from the breakout near $7200 until now. A cluster of top markers (orange crosses) recently developed near the top. This is usually a sign that it's time to take a breather. I use them as a visual clue to either tighten my trailing stop or exit the trade. Right now BTC is still above the main trend support which is at $8879.28. If it moves below those levels then the current 4 hour trend is done.
If the trend does end, the overall move was still a relatively healthy trade. Based on the breakout price and where the initial stop was set, a 1% risk model would yield a net return of 4-5% to the bottom line. Best of luck!
*All ideas are for informational purposes only. They are never recommendations to buy or sell.*
If the trend does end, the overall move was still a relatively healthy trade. Based on the breakout price and where the initial stop was set, a 1% risk model would yield a net return of 4-5% to the bottom line. Best of luck!
*All ideas are for informational purposes only. They are never recommendations to buy or sell.*
Note
On the 4 hour chart, BTC closed below it's main trend support. We never know how deep and shallow a move can be, which is why you have to adhere to your trailing stops.
BTC provided a nice trend to capture a good return.
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.
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.