Long Entry
Bitcoin has broken a significant exponential moving average level on the 4 hour chart, there is a high chance it will retest this level before moving upwards.
As you can see our smart momentum indicator is flagging it to be bullish currently, and with the price ranging above the EMA it leads us to believe it will carry on upwards to some extent.
With our tools pointing to bullish, a long position could be profitable on the retest of an EMA. R/R is always an important factor, and we usually look to only take opportunities 1.5+ using this strategy. We place our stop below the EMA and below some wicks just to make sure we don't get stopped out easily without a support level being underneath our EMA retest first. Trade safe, take care.
Be sure to give a like and follow us! If you want access to the smart momentum indicator, it's entirely free and can be used alongside pretty much anything.
Bitcoin has broken a significant exponential moving average level on the 4 hour chart, there is a high chance it will retest this level before moving upwards.
As you can see our smart momentum indicator is flagging it to be bullish currently, and with the price ranging above the EMA it leads us to believe it will carry on upwards to some extent.
With our tools pointing to bullish, a long position could be profitable on the retest of an EMA. R/R is always an important factor, and we usually look to only take opportunities 1.5+ using this strategy. We place our stop below the EMA and below some wicks just to make sure we don't get stopped out easily without a support level being underneath our EMA retest first. Trade safe, take care.
Be sure to give a like and follow us! If you want access to the smart momentum indicator, it's entirely free and can be used alongside pretty much anything.
Comment:
Moving target to 11k region instead.
Comment:
Trade closed: stop reached:
Stop hit, only a small loss though due to some good risk management.