Hello traders! Below is my idea about trading opportunity for next week. If you have missed the pump, I strongly recommend to not buy now (take a look at my previous analysis in Related Ideas). After seeing a strong pump and tons of bullish sentiments on the internet, I think this is just not the right time buy. Price begins to consolidate and we might see a slight upward movement to $9200 or even testing $9400. I really do not think it will break $9400 this time.
For a Sell:
A good selling setup can appear around $9200. If the price gets there and starts to range for a few days, be ready for another small dump. When to enter? It really depends on your style of trading. Some people like to wait for a confirmation, others set limit orders. Personally, I expect to see a spike above $9200 after consolidation followed by a drop. The risk-reward ratio might not be that high though. The scenario is invalidated if the price shoots above $9400.
For a Buy:
If you do not want to risk with selling, wait for a pullback to $8200. I expect another pump after a week with targets at $10k - $10.5k. Around 8200 we will have much better risk-reward ratio and the trade will be safer. Here, the scenario will be invalidated if the price drops sharply below $7600.
Remember, do not rush into trades and use proper risk management!
=============================
GENERAL RULES TO KEEP YOUR ACCOUNT SAFE:
1. Do not risk more than 1-2% of your account per trade
2. Look for a Risk-Reward Ratio of at least 2:1
3. Always use stop-loss
4. Do not FOMO
5. Remember: Patience is the key!
THIS IS NOT A FINANCIAL ADVICE so, please do not follow it if you are in doubt. DYOR!
For a Sell:
A good selling setup can appear around $9200. If the price gets there and starts to range for a few days, be ready for another small dump. When to enter? It really depends on your style of trading. Some people like to wait for a confirmation, others set limit orders. Personally, I expect to see a spike above $9200 after consolidation followed by a drop. The risk-reward ratio might not be that high though. The scenario is invalidated if the price shoots above $9400.
For a Buy:
If you do not want to risk with selling, wait for a pullback to $8200. I expect another pump after a week with targets at $10k - $10.5k. Around 8200 we will have much better risk-reward ratio and the trade will be safer. Here, the scenario will be invalidated if the price drops sharply below $7600.
Remember, do not rush into trades and use proper risk management!
=============================
GENERAL RULES TO KEEP YOUR ACCOUNT SAFE:
1. Do not risk more than 1-2% of your account per trade
2. Look for a Risk-Reward Ratio of at least 2:1
3. Always use stop-loss
4. Do not FOMO
5. Remember: Patience is the key!
THIS IS NOT A FINANCIAL ADVICE so, please do not follow it if you are in doubt. DYOR!
If you are in a trade, from 7k, keep holding. If you want to buy now, consider risk-reward ratio and wether it fits your strategy.