Looking at the chart on 4hr time frame we see a good opportunity for a long entry at roughly $61,000.
Reasons
-Prior support at same levels (yellow line/arrow)
-Key moving average support level (200 MA)
-$60k potential wick area for bottom of the daily Bollinger Bands
Entry method
-Ladder entry
-Front run the 200 MA at $61,800
-Right at 200 MA
-Below catch wicks between $60k and $61k
Best case scenario all bids fill down to as low as $60k, with an average entry price around just below the 200 MA on the 4hr right about $61k.
I would step into the position to reduce risk.
Stop loss $58k
Take profit $68k
Reasons
-Prior support at same levels (yellow line/arrow)
-Key moving average support level (200 MA)
-$60k potential wick area for bottom of the daily Bollinger Bands
Entry method
-Ladder entry
-Front run the 200 MA at $61,800
-Right at 200 MA
-Below catch wicks between $60k and $61k
Best case scenario all bids fill down to as low as $60k, with an average entry price around just below the 200 MA on the 4hr right about $61k.
I would step into the position to reduce risk.
Stop loss $58k
Take profit $68k
Trade closed: target reached
I have been away from the computer for the last day or so, but I wanted to update this idea.Had you placed orders where I had in the idea, you would have taken profit at the target.
This idea played out to perfection, catching not only the wicks on the buys, but the wicks on the sells as well. Giving myself a pat on the back for this one.
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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.