Bitcoin broke its previous ATH. WHAT NEXT?
BTC is overall bullish trading inside the orange channel so we will be looking for Trend-Following Buy setups as it approaches our lower orange trendlines. Knowing that BTC can still trade higher from here, to reach 50k.
Here are the two/three strong zones where I will be looking for high probability setups:
I call them War Zones, (highlighted in Purple circles)
Zone 1: (40k-42k)
This highlighted purple circle is a strong area to look for buy setups as it is the intersection of the previous ATH and lower orange trendline. (trend-following setup)
Zone 2: (around 50k)
This highlighted purple circle is a strong area to look for sell setups as it is the intersection of the round number 50k and upper orange trendline. (over-bought / over-extended area)
As per my trading style:
As BTC approaches one of the purple circles, I will be looking for reversal buy/sell setups (like a double bottom/top pattern, trendline break and so on...)
Always follow your trading plan regarding entry, risk management, and trade management.
Good luck!
All Strategies Are Good; If Managed Properly!
~Rich
BTC is overall bullish trading inside the orange channel so we will be looking for Trend-Following Buy setups as it approaches our lower orange trendlines. Knowing that BTC can still trade higher from here, to reach 50k.
Here are the two/three strong zones where I will be looking for high probability setups:
I call them War Zones, (highlighted in Purple circles)
Zone 1: (40k-42k)
This highlighted purple circle is a strong area to look for buy setups as it is the intersection of the previous ATH and lower orange trendline. (trend-following setup)
Zone 2: (around 50k)
This highlighted purple circle is a strong area to look for sell setups as it is the intersection of the round number 50k and upper orange trendline. (over-bought / over-extended area)
As per my trading style:
As BTC approaches one of the purple circles, I will be looking for reversal buy/sell setups (like a double bottom/top pattern, trendline break and so on...)
Always follow your trading plan regarding entry, risk management, and trade management.
Good luck!
All Strategies Are Good; If Managed Properly!
~Rich