Bitcoin CME Futures Long Position on 1H Timeframe This trade is based on the 1-hour chart of Bitcoin CME Futures, where the price has retraced to the 0.7 Fibonacci level, signaling a potential upward move. We are looking for a bullish continuation to push the trend through the Sunday open, aiming for a higher target as the market gains momentum.
Key Levels:
• Entry: The trade is initiated near the 0.7 Fibonacci retracement level, where a strong support zone is identified.
• Target: The target is set at the upper green zone, which aligns with the expected upward movement through the Sunday open.
• Stop-Loss: A stop-loss is placed below the recent low (indicated by the lower red zone) to limit potential downside risk if the market moves against the position.
Rationale:
The 0.7 Fib level often serves as a critical support point, and the current market conditions suggest a possible upward movement. With the price consolidating at this level, we are positioned to capitalize on a bullish breakout toward the Sunday open.
Risk Management:
By setting a stop-loss below the recent low and adjusting the position size accordingly, we maintain a favorable risk-to-reward ratio. Traders should consider adjusting this setup based on their individual conditions, such as position size, broker, and other external factors.
Note: Please remember to adjust this trade idea according to your individual trading conditions, including position size, broker-specific price variations, and any relevant external factors. Every trader’s situation is unique, so it’s crucial to tailor your approach to your own risk tolerance and market environment.
