BTC just completed its 4 hr HNS drop and back touching the neckline. Whats next?
My plan for today's trade:
Sorry for the past 2 days absentees on publishing any new idea. I just hit a big profit with the last idea despite hitting a stop profit and decided to take a break for a while from trading (please always remember to take time off despite crypto trading 247)
Everyone has probably seen that huge 4hr HNS and its now completed, along with the rebound back touching its neck. Most channels are already pointing downwards and I think we are heading towards the long needed correction before BTC can climb higher. I have just currently taken a short at 61699.9 and should a rebound hit, will further average my short at the orange channel resistance (top most red arrow somewhere around 63xxx).
Should the HNS succeed, you can plan to take profit at the bottom of the light blue channel or near the blue colored marked buying area. I personally plan to hold this short for quite a while, hopefully up to 54xxx and from then on we will see how it goes.
Should you decide to do a short as well, stop loss can be taken at either the green dotted line or orange dotted line depending on your risk appetite and portfolio management. Should you decide for a long, wait for the candle to hit bottom blue channel or when it hit the blue colored marked buying area. I personally feel a long is currently much riskier than a short. But please DYOR before making any decision
The arrow icons are guide lines. It will not hit exactly on the same spot.
Use them as guidelines to make decisions based on the ongoing channel lines closest to it. A rejection usually occurs when the line is hit. These are where u usually enter your trade, or set your stop loss, or gradually increasing your stop profit point.
1) breaking the channel line means continuation of the current trend.
2) rejection of the channel line means reversal of the current trend.
The arrow patterns are possible movement path. It will not move exactly as how they were drawn. Use them as guidelines to consider your decision
Please always remember to put a stop loss when you first enter a position, a stop profit when you are already in profit, and never chase a trade.
Should you have any questions or inputs, please let me know in the comment section, I will always answer them as best as I can,
Thanks for stopping by to my post, hope it can help you better in your decision making.
My plan for today's trade:
Sorry for the past 2 days absentees on publishing any new idea. I just hit a big profit with the last idea despite hitting a stop profit and decided to take a break for a while from trading (please always remember to take time off despite crypto trading 247)
Everyone has probably seen that huge 4hr HNS and its now completed, along with the rebound back touching its neck. Most channels are already pointing downwards and I think we are heading towards the long needed correction before BTC can climb higher. I have just currently taken a short at 61699.9 and should a rebound hit, will further average my short at the orange channel resistance (top most red arrow somewhere around 63xxx).
Should the HNS succeed, you can plan to take profit at the bottom of the light blue channel or near the blue colored marked buying area. I personally plan to hold this short for quite a while, hopefully up to 54xxx and from then on we will see how it goes.
Should you decide to do a short as well, stop loss can be taken at either the green dotted line or orange dotted line depending on your risk appetite and portfolio management. Should you decide for a long, wait for the candle to hit bottom blue channel or when it hit the blue colored marked buying area. I personally feel a long is currently much riskier than a short. But please DYOR before making any decision
The arrow icons are guide lines. It will not hit exactly on the same spot.
Use them as guidelines to make decisions based on the ongoing channel lines closest to it. A rejection usually occurs when the line is hit. These are where u usually enter your trade, or set your stop loss, or gradually increasing your stop profit point.
1) breaking the channel line means continuation of the current trend.
2) rejection of the channel line means reversal of the current trend.
The arrow patterns are possible movement path. It will not move exactly as how they were drawn. Use them as guidelines to consider your decision
Please always remember to put a stop loss when you first enter a position, a stop profit when you are already in profit, and never chase a trade.
Should you have any questions or inputs, please let me know in the comment section, I will always answer them as best as I can,
Thanks for stopping by to my post, hope it can help you better in your decision making.