Bitcoin - Another 10% increase is likely, long here!
- Bitcoin looks extremely strong these days; there is probably nothing that can stop the rise at this moment. This is an analysis on the 1h chart that could give you 2 potential trades.
- On the first trade, you want to buy/long the ascending triangle's support. If this trade fails for some reason, there is another trade that you could take. It's at the start of the ascending triangle, which is also a significant swing low, and below this swing low is a huge gap, so it's very positive for a long trade!
- Now, where to trade profits for this trade? It's not that hard in this case. If we take a look at the parallel projection of the ascending triangle, we can see there is a dynamic resistance, so once the price reaches this level, you want to take profit!
- Exchanges do not support dynamic take-profit targets like profiting at the trendline. At this moment, you have to use some 3rd-party programs and an API interface.
- This analysis is not a trade setup; there is no stop-loss, entry point, profit target, expected duration of the trade, risk-to-reward ratio, or timing. I post trade setups privately.
- From the Elliott Wave perspective, we can see that the price has been moving in 5-wave impulses to the upside in the main direction of the trend and in 3-wave corrections to the downside. By identifying these patterns, we have a higher chance of success in these trades.
- This is my plan for Bitcoin on the 1h chart. I trade these moves on the futures market in addition to my spot holdings. By taking these trades, you will gain a pretty good risk-reward ratio, specifically one above 1:4 depending on your stop loss.
- Bitcoin should reach a price range of $28,000 to $30,000 in the immidiate short-term. If you do not know why, take a look at my previous analysis below! Remember to trade with the trend and only go long to increase your chances of success.
- Thank you, and for more ideas, hit "Like" and "Follow"!
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