Bitcoin long 4 to 1 risk reward for BITSTAMP:BTCUSD by bagofXMR

Not my field, but this is a nice spot to long for a 4:1 Risk/Reward trade
I had made a mistake in the previous chart and while i deleted the previous and published the new the price changed. My exact entry can be checked here in twitter

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They owe me obedience, like a Caesar

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A retest of this neckline would justify a move up to 10k

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Inverse head and shoulders just confirmed targeting the same area.

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Time to think about stops in profit. If 8800 ends up failing and there is no bounce we will retest lows, which i dont want to do holding my position. So placing a stop at 8250 for now.

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After being stopped out at 8250 I am a buyer again in the low 6000

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Got some interesting fills down there.

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Buys played out great

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Trying to unload at least half of my position near 8000

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Got those sells below 8000.
Let's see if this ihas plays out

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Inverse head and shoulders played out perfectly.

Now that we are deep in green time to set a stop loss in profits and choose a target.
By now our SL is going to be at 6900
And also by now our take profit is going to be a 10500

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Let's see if this bull flag plays out.

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There is this

And also this

So once (if) we breakout this trendline fomo will kick in

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As suggested here i am expecting a bull trap, at least upto 12k, maybe even higher, before more blood.

I still target 10.5k with the remaining of this long, and i consider it a safe target for now.

Mainstream media is calling bottom, JPM is comparing btc/eth/xrp to regular bank transfers... this is the perfect "return to normal" enviroment. But there are so many people in loss (new buyers since november) that i dont believe we can get rid of them without MOAR panic

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In head and shoulders we trust.
Go, go, go Bitcoin!

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Looking good so far.
Raising that stop loss in profits to 7900.

Trade closed: target reached:

And this is it. I hope you had fun.
From 6000 to 10500 :)

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