BTCUSD (8H) - Bulls' Successful Breakout & Retest of Downtrend
BTCUSD recently broke out of it's recent consolidation down from it's most recent ATH just above $40k around the beginning of 2021. Successful retest of the former downtrend resistance now turned support. Flipped the short from near $41k to a long on 5:1 leverage at average entry of approx $33,650. Considering adding to the position on a near-term pull-back/consolidation over next few days/week(s) to just above the Pivot near $34k. Stops under swing low and uptrend support, at approx $31,650. Initial target is just below the current ATH, at approx $41,650. Second target just below the $50k psychological level. Reward to risk ratio on the first target is 4:1, with even more favorable reward-to-risk setup for target(s) above that point, if BTCUSD breaks out to a new ATH above the old one near $41k. Buckle up. Also playing this via long MSTR in traditional brokerage account.
***NOT intended to be nor should be interpreted as financial advice, trading recommendation, or the like. Not intended as a solicitation to form any kind of fiduciary professional relationship whatsoever including but not limited to lawyer-client, broker-client, or the like. Rights reserved; all express and/or implied warranties disclaimed. Info provided for informational and/or educational purposes only and any said speech or communicated info herein is being expressed pursuant to protectionss under Amendment 1, U.S. Constitution, and any and all other applicable legal rights thereunder. Don't risk capital in the markets which you are not prepared to fully lose. Seek advice of the appropriate licensed professional (i.e., NOT me) before risking said capital***
***NOT intended to be nor should be interpreted as financial advice, trading recommendation, or the like. Not intended as a solicitation to form any kind of fiduciary professional relationship whatsoever including but not limited to lawyer-client, broker-client, or the like. Rights reserved; all express and/or implied warranties disclaimed. Info provided for informational and/or educational purposes only and any said speech or communicated info herein is being expressed pursuant to protectionss under Amendment 1, U.S. Constitution, and any and all other applicable legal rights thereunder. Don't risk capital in the markets which you are not prepared to fully lose. Seek advice of the appropriate licensed professional (i.e., NOT me) before risking said capital***
Trade active:
So far so good. HODLing for now. Current return on positions approx 6.5% and counting. Looking to further accumulate on dips, hopefully again as low as the zone around the $34,000 level.