Two setups I am eyeing for BTC soon
Updated
My bias was bullish till 10000 and now in the last two weeks, BTC's failure to make a higher high on the daily or 3D or weekly with declining volume has reduced my bullish bias a tad bit. While I currently sit flat, I am observing the weekly with a huge interest. The accompanying weekly chart shows we are the apex of the triangle from June 2019 highs and March, 2020 bottoms. Its time BTC makes a decision this week or next. Hence, my set-ups are simple, break 10000 on the weekly close, and I enter long with. 14000 as target by end of June. I think 10500 will provide tough resistance but it will be over come.
On the short side, if we close below 9300 on the weekly, I will be targeting 7800 within a week. Short trades always happen quickly.
My setups are as below:
Long side:
1. Condition: Weekly close above or daily close above 10200
2. Target: 14000
3. Stop-loss: 9500
4. R:R: 8:1
Short side:
1. Condition: Weekly close below or daily close below 9300:
2. Target: 7800
3. Stop loss: 9700
4: R:R: 3.4
Declining volume on the daily hints more at the short trade getting triggered
On the short side, if we close below 9300 on the weekly, I will be targeting 7800 within a week. Short trades always happen quickly.
My setups are as below:
Long side:
1. Condition: Weekly close above or daily close above 10200
2. Target: 14000
3. Stop-loss: 9500
4. R:R: 8:1
Short side:
1. Condition: Weekly close below or daily close below 9300:
2. Target: 7800
3. Stop loss: 9700
4: R:R: 3.4
Declining volume on the daily hints more at the short trade getting triggered
Trade active
The 'long' and 'short' positions aren't positioned correctly in the charts. So, please be careful about it and read the text below. I will update this regularlyTrade active
Short active from 9300 :-) Now we wait with buyStop at 9700Trade active
willl move stop-loss to 9300 for a break even trade at midnight UTC today. Double top confirmation and hence, expect it. to go down but a break up could be devastating also. So protecting capital hereTrade active
Now, it’s become a risk free trade. So letting it go. My take profits are:
1. 15% at 8700 (done this morning)
2. 15% at 8500
3. 20% at 8200
Rest at target of 7800.
My rule of trading, always book profits.
Trade closed: stop reached
stopped out overnight at 9300. Am I happy with the trade - yes. Made a 0.25R on this trade, even when the trade will go against me now.
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