Hello everyone, it is pretty clear that BTC is now highly bullish, more so than ever. Previously whenever we hit all time high, the day after will always turn into a red candle, but not today!
Its always a game of probability, but today based on all the channels that I have drawn, we are currently better of betting on long (sorry about the many lines, it may seems confusing but if you look at them carefully, they are basically current existing channels)
I have not take any entry today as I was planning to confirm the direction of BTC, especially after that sudden correction that occured in the morning. I am now sure BTC is still on its way up and have decided to preplan my entry point.
I have marked on my chart two possible entry points, and where best you can probably try to short.
1. we await for a small pullback nearing the past ath which coincidentally in the next few hours will meet with bottom orange channel. This will proof to be a tough wall of resistance and highly likely to reject the current downward pressure. 65,000 or so will be ideal, basically anywhere near the orange line.
2. we enter now (higher risk) and should btc drop, we will average down near the orange line
should our long plan failed and the orange line is broken, we can retry to average down at the yellow line or cut loss there. I personally however suggest to make the orange channel as your life line, if it breaks, cut your long. But i know some of us are more bullish, so there I present you secondary options to pullback.
Exit point will be at the blue line somewhere around 68300 ish and climbing with time. I suggest from then on to take profit and do wait and see or you can try to switch to short.
Thanks for stopping by to check my idea, hope it helps you in someway. As always use my chart only as guide but please do not swear by it.
May the bulls be with you
Its always a game of probability, but today based on all the channels that I have drawn, we are currently better of betting on long (sorry about the many lines, it may seems confusing but if you look at them carefully, they are basically current existing channels)
I have not take any entry today as I was planning to confirm the direction of BTC, especially after that sudden correction that occured in the morning. I am now sure BTC is still on its way up and have decided to preplan my entry point.
I have marked on my chart two possible entry points, and where best you can probably try to short.
1. we await for a small pullback nearing the past ath which coincidentally in the next few hours will meet with bottom orange channel. This will proof to be a tough wall of resistance and highly likely to reject the current downward pressure. 65,000 or so will be ideal, basically anywhere near the orange line.
2. we enter now (higher risk) and should btc drop, we will average down near the orange line
should our long plan failed and the orange line is broken, we can retry to average down at the yellow line or cut loss there. I personally however suggest to make the orange channel as your life line, if it breaks, cut your long. But i know some of us are more bullish, so there I present you secondary options to pullback.
Exit point will be at the blue line somewhere around 68300 ish and climbing with time. I suggest from then on to take profit and do wait and see or you can try to switch to short.
Thanks for stopping by to check my idea, hope it helps you in someway. As always use my chart only as guide but please do not swear by it.
May the bulls be with you
Trade closed: stop reached:
Entry 64950 Stop profit was triggered at 65230