BTC /USD - Potentially good time for a swing long
Bitcoin has been correcting and is currently at a so-called decent support zone. Specifically, it is in the proximity of double-Ichimoku's baseline and MA50 line. In my opinion, this is a good time to scale in for a swing long, targeting $21400 and $24600, which are the 1.618 and 2.618 levels of Fib-expansion.
If the bullish trend is not over, the current market structure of higher lows & higher highs shall hold. Hence, I think somewhere below $16200 (the previous low) would be reasonable to put the stop-loss.
If the bullish trend is not over, the current market structure of higher lows & higher highs shall hold. Hence, I think somewhere below $16200 (the previous low) would be reasonable to put the stop-loss.
Trade active:
Position fully allocated.
Size: 20% of total capital
Price: ~$18000
Stop-loss: $16100
(Risk: ~2.1%)
Target 1: $21400
Target 2: $24600
Size: 20% of total capital
Price: ~$18000
Stop-loss: $16100
(Risk: ~2.1%)
Target 1: $21400
Target 2: $24600
