BTC indicating higher chance to long vs going short (better risk to profit ratio to long)
Previous Chart:
Congrats for the huge win if you have similar reading with my past chart. It was my highest week earning for this month and I hope you are enjoying as much! Nothing much to discuss on that chart as it was self explanatory so lets move on into today's strategy.
My plan for today's trade:
BTC is showing a sign of weakening as of now, but overall I think we are still in the safe bullish zone as multiple support channels are still untested.
In trading crypto, basically the most important key is simply to know whether the trend is currently bearish or bullish. Once the direction is clear, we can simply set a safer and more solid strategy to minimize our risks
As of right now, the exact time I am writing this idea, BTC is leaning towards moving up, either to the top green or top light blue dotted channel.
You can either short once it hit there (if you short at green and it still goes up, you can avg at blue or cut loss there), or the better option, is to wait until it pulls back down at the bottom of blue channel.
For me personally, I will wait for the pullback to set my long (63,8xx to 63,9xx) as BTC is still bullish (hence higher chance to go up rather than down). 4 supports are visible as you can see from my chart, should 1 fail, you can average up on the next, or simply wait for the rebound from the next lower support line. The cut loss point is the dotted orange line.
Yes we still have another last support at the straight purple line, but in my opinion, if three supports fail, most likely we are going to head down deeper and the chart will need to be redrawn.
I wish you the best of luck on your next trade and I hope my idea helps you in someway. Live long and profit!
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.
Please support my idea with a like should you find it helpful, it will mean a lot to me.
Thanks and kindest regards!
Previous Chart:
Congrats for the huge win if you have similar reading with my past chart. It was my highest week earning for this month and I hope you are enjoying as much! Nothing much to discuss on that chart as it was self explanatory so lets move on into today's strategy.
My plan for today's trade:
BTC is showing a sign of weakening as of now, but overall I think we are still in the safe bullish zone as multiple support channels are still untested.
In trading crypto, basically the most important key is simply to know whether the trend is currently bearish or bullish. Once the direction is clear, we can simply set a safer and more solid strategy to minimize our risks
As of right now, the exact time I am writing this idea, BTC is leaning towards moving up, either to the top green or top light blue dotted channel.
You can either short once it hit there (if you short at green and it still goes up, you can avg at blue or cut loss there), or the better option, is to wait until it pulls back down at the bottom of blue channel.
For me personally, I will wait for the pullback to set my long (63,8xx to 63,9xx) as BTC is still bullish (hence higher chance to go up rather than down). 4 supports are visible as you can see from my chart, should 1 fail, you can average up on the next, or simply wait for the rebound from the next lower support line. The cut loss point is the dotted orange line.
Yes we still have another last support at the straight purple line, but in my opinion, if three supports fail, most likely we are going to head down deeper and the chart will need to be redrawn.
I wish you the best of luck on your next trade and I hope my idea helps you in someway. Live long and profit!
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.
Please support my idea with a like should you find it helpful, it will mean a lot to me.
Thanks and kindest regards!