BTC major downtrend breakout at 2,4R
Updated
I'm generally bearish which is why I trade as a breakout to the top. If this breakout doesn't materialize I'll close the trade and create a newer one at a lower price.
This is not a paper trade. I have created a real stop limit order for that trade.
My hypothesis:
If the SEC is approving the VanEck-SolidX Bitcoin ETF proposal the 1D major downtrend (red descending line) will be broken and BTC will rally until my rectangle resistance.
Target:
My rectangle resistance will be the target. It is formed from two sharp moves down. The first engulfing the second. But the target is set below the second.
Stop loss:
The latest highest high (red ray) at the 4H TF.
Position size:
75% of my crypto portfolio.
Disadvantage:
o A very big position size.
o I've setup this trade late at night which makes it more error prone.
o As the entry is 5% away from the current price the rally might be a bit out of steam already before the entry.
Advantage:
o A break of the 1D major downtrend will be seen by many traders and make the rally from there higher likely.
o The trigger of the entry is 5% away. This way a major event is needed to actually trigger this setup with the big position size.
o I'm happy with 2,4R
Disclaimer:
I'm a bloody beginner and I'm only publishing that to make use of the teddy bear effekt. I expect to be more aware and conscious about what I'm doing by making it public and to also motivate me more to review my trades correctly. This is why it is obviously not financial advice.
Your feedback is welcome!:
Please tell me your opinions as I'm looking forward to other views on my trade idea in the comments and please click thumbs up if you like id.
This is not a paper trade. I have created a real stop limit order for that trade.
My hypothesis:
If the SEC is approving the VanEck-SolidX Bitcoin ETF proposal the 1D major downtrend (red descending line) will be broken and BTC will rally until my rectangle resistance.
Target:
My rectangle resistance will be the target. It is formed from two sharp moves down. The first engulfing the second. But the target is set below the second.
Stop loss:
The latest highest high (red ray) at the 4H TF.
Position size:
75% of my crypto portfolio.
Disadvantage:
o A very big position size.
o I've setup this trade late at night which makes it more error prone.
o As the entry is 5% away from the current price the rally might be a bit out of steam already before the entry.
Advantage:
o A break of the 1D major downtrend will be seen by many traders and make the rally from there higher likely.
o The trigger of the entry is 5% away. This way a major event is needed to actually trigger this setup with the big position size.
o I'm happy with 2,4R
Disclaimer:
I'm a bloody beginner and I'm only publishing that to make use of the teddy bear effekt. I expect to be more aware and conscious about what I'm doing by making it public and to also motivate me more to review my trades correctly. This is why it is obviously not financial advice.
Your feedback is welcome!:
Please tell me your opinions as I'm looking forward to other views on my trade idea in the comments and please click thumbs up if you like id.
Note
My big picture and the 1D downtrend lines:Note
Looks like the deadline as moved to the end of the year. Seecoindesk.com/vaneck-and-solidx-unfazed-by-the-secs-latest-bitcoin-etf-delay/
I'll keep this setup for now anyways.
Order cancelled
I moved the setup down along the major downtrend resistance.
Disclaimer
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