BTC indicating higher chance to long vs going short (better risk to profit ratio to long)
Previous Chart:
Congrats for the win to all of you who are brave enough to hold on in your bullish conviction! I did only a 5x leverage as market was very choppy, but any profit is still a profit!
My plan for today's trade:
Yes yes, this will be one of them unpopular opinion of the day. Why are you shorting when we are all rejoicing!?
Well, someone has to be the sane one to put the possibility of correction since we are now way overbought. Chart is self explanatory I suppose, you guys can check back historically on the 52k-54k area.
At the moment breaking 53,000 will confirm BTC back to bullish, while breaking 48,000 will confirm BTC back to bearish.
I am flushed at the moment just cashing out at 51,111. Will I short now? No, right now I am going to sleep and to prepare some last minute gifts tomorrow for my loved ones. I will wait a bit before confirming to enter another long or go for a short.
Until next post, I wish you all a very happy holiday, and for those who are celebrating, Merry Christmas!
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 my idea helpful, it will mean a lot to me. Thanks and kindest regards!
Previous Chart:
Congrats for the win to all of you who are brave enough to hold on in your bullish conviction! I did only a 5x leverage as market was very choppy, but any profit is still a profit!
My plan for today's trade:
Yes yes, this will be one of them unpopular opinion of the day. Why are you shorting when we are all rejoicing!?
Well, someone has to be the sane one to put the possibility of correction since we are now way overbought. Chart is self explanatory I suppose, you guys can check back historically on the 52k-54k area.
At the moment breaking 53,000 will confirm BTC back to bullish, while breaking 48,000 will confirm BTC back to bearish.
I am flushed at the moment just cashing out at 51,111. Will I short now? No, right now I am going to sleep and to prepare some last minute gifts tomorrow for my loved ones. I will wait a bit before confirming to enter another long or go for a short.
Until next post, I wish you all a very happy holiday, and for those who are celebrating, Merry Christmas!
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 my idea helpful, it will mean a lot to me. Thanks and kindest regards!