Long

Bitcoin in megaphone pattern on its way upwards to $68k

~~BTCUSDT~~ has remarkably been respecting a slight megaphone chart pattern for nearly 6 months now since mid March 2024. It has respected the upper and lower trend lines of the pattern approximately 4 times each. Additionally, the rsi is also at the oversold bottom level.

Technical chartists usually say that price action is most important of all the indicators, and with such 4 time upper and lower pattern boundary respecting price moves the price action confirmation is strong. This coupled with the rsi, means there is opportunity for a swing trade with approx 25% upside.

Entry: 55k
Exit: 68k
Trade exit: 47.5k (to avoid major market event caused spikes downwards)

Note: The expected future fed rate cut should cause further buoyancy to price action. Furthermore, market events may cause spikes downwards, thus setting an automatic trade exit at $47.5 would avoid the previous downward spike level of $48 and leave a 1:2 P/L ratio. Therefore, allocating more than a max of 2-4% of a portfolio to this swing trade would not be advisable.

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