Bitcoin Trend ContinuationOn the Daily chart, this is the potential long setup I mentioned in my Telegram group yesterday. If $8,200 is broken which is not yet confirmed, but looks likely, then this long trade may become active. The cryptocurrency market has been very volatile over the months of April and May so this is why I am staying on the Daily chart as opposed to the H4 as well as only searching for trend continuation opportunities and not counter-trends.
Entry for this trade is around the $7450 level with targets up at the $9,675 level at the -0.27% Fibonacci and Stop Loss around $6,800 at the 110% Fib extension. This gives me a nice 3.39/1 Risk Reward which meets my preferred target of a minimum 3/1. Risk of account is 2% as usual.
Of course, this buy limit may not be fulfilled and then further setups will be analysed in that case.
