BTC - another leg up #BTC
Hi everyone!
The last btc long went fast and was on target (hurray).
This play has more risk (under resistance).
but
1) R/R ratio is just fine (2.78)
2) clear invalidation (monthly close + prev ath)
3) RSI consolidating at the higher band - usually indicating a bullish consolidaiton
4) so far looks like a bull pennant is forming, with target exactly at a high volume node
In general it's better to wait for a breakout, but based on the chart (lots of stop loss orders - aka in this case buy orders above the range) so it's possible that there will be an aggressive move (later entry is questionable).
GL & HF
The last btc long went fast and was on target (hurray).
This play has more risk (under resistance).
but
1) R/R ratio is just fine (2.78)
2) clear invalidation (monthly close + prev ath)
3) RSI consolidating at the higher band - usually indicating a bullish consolidaiton
4) so far looks like a bull pennant is forming, with target exactly at a high volume node
In general it's better to wait for a breakout, but based on the chart (lots of stop loss orders - aka in this case buy orders above the range) so it's possible that there will be an aggressive move (later entry is questionable).
GL & HF
Trade closed manually
Closed my trade at 20630 (~1/3 profit)Reasoning:
1) Didn't like the first response at TA (trouble area - 20780ish / small resistance)
2) Dollar at key support and faked the breakdown on LTF
3) SP500 futures looks weak right now
Let's see if this was the right decision!
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