$BTC #XBTUSD - Swinging Bitcoin Trade - Day Trader Explains

Hello Lads and Ladies,

We will have today a section called 3 BitMex Coins of the day.

We will be starting off with number 1 and take a look into XBTUSD.

This one is pretty simple and also fairly easy to trade. We had a push from 6210 all the way up towards 6568, over a few days, which has been following one clear trend.
I like looking at the 6h chart lately because it gave the perfect information of a swing trading perspective, following and turning trends.

We can see that we had a retracement towards the 61.8% line after the initial push. This retracement was following a simple and straight trend line as well, which we can see clearly stated.
This retracement had a lot of action, yet also turning points on the 61.8% line even though it has wicked below a few times.

Looking at it as it is right now, I would love seeing a close outside the downtrend line, which would confirm us the a "safe longing opportunity.
Since this (push, retracement to 61.8 and second push possibly) are all considered as one move, as one continuing market structure, we can safely assume that we will follow the same uptrend line again.

For making the best "guestimation" we would simply take the duration and the increase of the last push and see what significant line we would be hitting this time.
Looking at it, we have exactly 8d and 6h of uptrend and with an increase of definitely over 5.5%
This region that we would be brought up to is around one of the "magic crypto numbers" 6666.
Yet, we definitely cannot underestimate the 6350 to 6480 area that we have been deemed into.. This one will be tough but not as tough as last time to break. After doing so, we should be seeing a nice close above 6500 or maybe and really hoping for it, above 6600. This would confirm the bullishness and safe us a lot of trouble again.
From there on, we would have to confirm the next support before making the next more, OR simply pump to 6800 and say in that area.

Based on all if the above, I would start longing when FOMO gives a buy signal, simply because that would be around the break and close above 6385 and with it having a second confirmation.
To add another indicator, I would simply look at the Stoch RSI and would love here seeing an increase again, which will simply bring us to the desired levels.

I will be doing this trade with around 25% of my account with a 25x leverage. Do it before the breakout, it might move fast after it.


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Cheers, TJ