Possible diamond bottom here on bitcoin as it aims to make 60k the new floor of support
Buy ahead of the breakout to minimise risk,
What I like here is the extreme bullish divergence on the MACD histogram as shown on the hourly charts yesterday. These lead to powerful moves 90% of the time.
Stop loss at 59k ish at the swing low. If that breaks the pattern will have changed to a bear flag and we can likely expect a move to 53000 in which case a reversal short trade will cover losses here and leave us profit either way.
Buy ahead of the breakout to minimise risk,
What I like here is the extreme bullish divergence on the MACD histogram as shown on the hourly charts yesterday. These lead to powerful moves 90% of the time.
Stop loss at 59k ish at the swing low. If that breaks the pattern will have changed to a bear flag and we can likely expect a move to 53000 in which case a reversal short trade will cover losses here and leave us profit either way.
Trade closed manually:
Formation broke down and trading is way too choppy.
Trade active:
The thing with trading as a human being is that its easy to miss things which later seem obvious as trading is all about having accurate perception. Sunday is never my best day as i'm working from home on my macbook rather than my office with my 7 screens. Yesterday was like this for me, I completely missed the bull flag set up which explains why price failed to break heavily below 59.5K. I knew something was happening as bulls had stepped in but couldn't figure it out. Sometimes taking a few hrs out then coming back and looking at the charts again with fresh eyes is the best thing to do. Thankfully i managed to spot this later in the day and re-enter my longs again
About me: I'm a retail day trader (trading since 1993). Most ideas here are for short time frames and become profitable quickly. I take profits fast as things change fast. 1-2-1 mentoring sessions available.
Telegram coming soon.
Telegram coming soon.