As we begin the week, it seems I was dead wrong on my trade from Friday. Bitcoin is weaker than I assumed, and I got stopped out of the trade. I am now tracking a bearish trend from our top of about 7400 last week. We have some minor support around the 5850 price, so I will look to buy there, setting a stop loss at 5650. With a profit target of 6450, that gives me about a 3-1 profit ratio (which is my minimum for any trade I make).
Also take note how the long-term trend line from April of last year was broken last month. That same trend line predicted the 7400 top almost to the letter. Only further confirmation that we have broken bullish sentiment and we are going lower for the time being.
Good luck!
Also take note how the long-term trend line from April of last year was broken last month. That same trend line predicted the 7400 top almost to the letter. Only further confirmation that we have broken bullish sentiment and we are going lower for the time being.
Good luck!
