Confluences to Enter a Buy
1. Multiple psychological level bounces (5)
2. Doji's on psychological level indicating indecision loss of momentum
3. Falling wedge breakout
This setup looks too obvious to enter right now. I think we will get a price spike to take out 1 or 2 Lower Highs (21,800 & 21,900) and then a drop in price to take out Stop Losses setup up at 21,480 and possibly lower. Long Term I am still bearish on BTC, but I think price will need to retest consolidation breakout at the 22,600 psychological level before prices can move lower.
I have my entry setup as a Buy Limit at 21,480 and stop loss setup at 21,147 well after our psychological level and additional space to avoid getting wicked
3 to 1 Risk to Reward
Timeline for this trade is 3 to 7 days
1. Multiple psychological level bounces (5)
2. Doji's on psychological level indicating indecision loss of momentum
3. Falling wedge breakout
This setup looks too obvious to enter right now. I think we will get a price spike to take out 1 or 2 Lower Highs (21,800 & 21,900) and then a drop in price to take out Stop Losses setup up at 21,480 and possibly lower. Long Term I am still bearish on BTC, but I think price will need to retest consolidation breakout at the 22,600 psychological level before prices can move lower.
I have my entry setup as a Buy Limit at 21,480 and stop loss setup at 21,147 well after our psychological level and additional space to avoid getting wicked
3 to 1 Risk to Reward
Timeline for this trade is 3 to 7 days
Note
Both Lower Highs were taken out and we now have drop in price moving toward our Buy Limit for an entry. Patience, let price come to us.Note
Buy Limit activated for an entry at 21, 480Trade closed manually
With CPI approaching the markets tend to do the unexpected. Trade closed manually in profit.Trade closed: target reached
Even though we closed early on this one with less profit, I considered this trade a win. If it wasn’t for CPI we would have stay in the trade. This one played out just as we thought
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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.