Hello traders! What a beautiful day! So many things to be grateful for!
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Are you feeling bullish? If so, this could be an excellent trade setup! That said, my current bias is bearish as long as price stays below 9.5K. If we close above 9.3K, then the next resistance zone is at 9.5K. If we close above this resistance zone, then I suspect we'll see continuation to the top side of the ascending price channel. If we close above the top side of the ascending price channel, then we have very strong resistance at 11.5K. Closure above 11.5K could lead to a moon shot, so keep your moon boots close to the lambo!
If the bulls muster the strength to close above 9.5K, then I suspect we'll see a quick move to the 9.8K zone. If 9.8K resistance can be broken, then the next resistance is at 10K. If we close above 10K, I suspect we'll see a quick move up to the 10.5K-11.5K zone.
10.5K is a potential double top. If we lose momentum there, then I will consider maximizing profits. If we close above 10.5K, then the next resistance is at 11.5K. We have some 'very strong' resistance at 11.5K. If we close above 11.5K, then I suspect we'll see some incredibly bullish moves!
I'm looking for a 2H, 4H, 12H, and/or 24H candles to close above the support/resistance zone at 9.5K prior to entering a trade. Higher time frame closures and entries upon a re-test of broken resistance will help increase the likelihood of follow-through.
Seeing as BTC has a 95% correlation to the S&P500, this setup will closely impacted by SPY performance. If SPY breaks above the last local high, then I suspect BTC will follow! However, if the S&P500 breaks down, then get ready for some downside! I have charts showing shorts should we break down.
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Please leave a like and comment if you find value in this post! It is a really quick and effective way to show your support! Thank you and have a wonderful day!
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Entry: 9585.5
Entry Zone: 9520-9700
T1: 9750
T2: 9950
T3: 10225
T4: 10365
T5: 10575
T6: 11000
T7: 11420 - Great number! -_-
Stop: 9133.5
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R:R: 4.06
Risk: 4.72%
Reward: 19.14%
Leverage: 5X
Leveraged Risk: 23.6%
Leveraged Reward: 95.7%
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This is not financial advice; I am not a financial adviser. This information is not meant to be used for financial advice, nor trade ideas. These posts are simply a record of my trade ideas and are intended for educational purposes only.
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Are you feeling bullish? If so, this could be an excellent trade setup! That said, my current bias is bearish as long as price stays below 9.5K. If we close above 9.3K, then the next resistance zone is at 9.5K. If we close above this resistance zone, then I suspect we'll see continuation to the top side of the ascending price channel. If we close above the top side of the ascending price channel, then we have very strong resistance at 11.5K. Closure above 11.5K could lead to a moon shot, so keep your moon boots close to the lambo!
If the bulls muster the strength to close above 9.5K, then I suspect we'll see a quick move to the 9.8K zone. If 9.8K resistance can be broken, then the next resistance is at 10K. If we close above 10K, I suspect we'll see a quick move up to the 10.5K-11.5K zone.
10.5K is a potential double top. If we lose momentum there, then I will consider maximizing profits. If we close above 10.5K, then the next resistance is at 11.5K. We have some 'very strong' resistance at 11.5K. If we close above 11.5K, then I suspect we'll see some incredibly bullish moves!
I'm looking for a 2H, 4H, 12H, and/or 24H candles to close above the support/resistance zone at 9.5K prior to entering a trade. Higher time frame closures and entries upon a re-test of broken resistance will help increase the likelihood of follow-through.
Seeing as BTC has a 95% correlation to the S&P500, this setup will closely impacted by SPY performance. If SPY breaks above the last local high, then I suspect BTC will follow! However, if the S&P500 breaks down, then get ready for some downside! I have charts showing shorts should we break down.
---
Please leave a like and comment if you find value in this post! It is a really quick and effective way to show your support! Thank you and have a wonderful day!
---
Entry: 9585.5
Entry Zone: 9520-9700
T1: 9750
T2: 9950
T3: 10225
T4: 10365
T5: 10575
T6: 11000
T7: 11420 - Great number! -_-
Stop: 9133.5
--
R:R: 4.06
Risk: 4.72%
Reward: 19.14%
Leverage: 5X
Leveraged Risk: 23.6%
Leveraged Reward: 95.7%
---
This is not financial advice; I am not a financial adviser. This information is not meant to be used for financial advice, nor trade ideas. These posts are simply a record of my trade ideas and are intended for educational purposes only.
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