I’m opening long positions again on Bitcoin, using my Bybit Account , bybit.com/app/register?ref=A1xm7 , at a 3x leverage, here around $7,400 USD, with a price target of $8,600 USD, a planned exit price of $8,500 USD and a stop loss of $7,200 USD. That is a risk reward ratio of 5.5 to 1. I will attempt to take profits $100 USD below the target price just to make sure.
As you can see on the hourly chart, we had a 5-wave impulse coming from $6,500 USD to $7,870 USD, followed by a 3-wave correction coming from $7,870 to $7240 USD. And now I will be expecting another 5-wave impulse to the upside, which I will call a C-Wave according to Elliott Wave Theory. If C-Wave is the same size as A-Wave, Bitcoin should rise to about $8,600 USD in the next couple of days.
Also, we had another MACD buy signal, which is good.
The long or mid-term picture remains bearish, but this seems like a tradeable bounce.
Good Luck in Your Decisions.
Trade closed: stop reached
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I sucks, but it is part of trading. My stop loss just got trigger, meaning I'm out with a small loss of $200 USD per Bitcoin, that is about 2.7%, or more if you are leverage. That is fine, I’m trying another long on Bitcoin soon.
And It just barely got below $7200, to about $7,160 and bounce back immediately after.
I was looking for a $1,100 USD gain, which I could still make on the next trade.