Nice Day trade on the Bitcoin 30 minute chart here.
This 4500 level looks critical. WE had a nice run from 4340 to 4460, a healthy consolidation flag and now we are attacking that 4500 level.
If we can breakout above 4480, then I think we will see a continuation to the upside.
Long above 4480 for an attack on the 4500 level Target 1: .618 Fib retracement at 4540 Target 2: Measured move at 4580 Stop: Under consolidation at 4420, then on break of 4500 level, raise stop to break even at 4480
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MY TRADING METHOD: I keep my analysis simple. Good analysis always is. I use Price Patterns, Moving Averages, and RSI for my analysis. I use the 1 day for trend analysis and 60 minute for trade entry For my Targets I use Fibonacci projections, measured moves, support and resistance. Successful trading means proper risk sizing and trading small so you can stay in the game.
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First target reached. Great success! Holding a little for the second target.
Wow, you nailed it!!! So what to expect next when we hit both targets and it is heading back to the first target.
BerlinTrader591
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@alphaVision, Thanks. Good execution on this one. When my targets are hit, I'm out. After that I don't care what it does. But of course I watch for new patterns and signals. But usually after targets are hit, it's just noise. Some people who missed the move are getting in at the absolutely wrong time because sure it could continue up, but it's probably going to pull back a bit or move sideways. It's about timeframe as well. I mean, this is only the 30 minute chart. On the daily, it's heading to 5000, maybe in a few days, so you could still enter here. BUt if you're looking for a day trade, then it's time to wait for a pullback and/or consolidation pattern to get back in with a good reward to risk ratio.