Long Bitcoin 1 Hour Chart near 7900 Since it's Trending Up
Since the 20 hour moving average (red line on the chart) is above the 50 hour moving average (blue line on the chart), I think it's a good idea to buy the next pull back to the 7900 level with a relatively tight stop loss near 7800, and a profit exit near 8200.
Notice how when bitcoin's 20 hour moving average is above the 50 hour moving average, prices tend to continue upwards.
Also, if you enter near 7900, you risk 100 for a reward of 300. That's a 3:1 risk/reward ratio meaning you can be wrong 3 times and right 1 time, and still break even.
Notice how when bitcoin's 20 hour moving average is above the 50 hour moving average, prices tend to continue upwards.
Also, if you enter near 7900, you risk 100 for a reward of 300. That's a 3:1 risk/reward ratio meaning you can be wrong 3 times and right 1 time, and still break even.
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