BerlinTrader591
Long

Bitcoin BREAKOUT back to 5000?

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
THE PRICE ACTION SOFAR:
Bitcoin             peaked at 5000 and immediately fell 20% in a few days to around 4000, where it has bounced nicely.

MY THESIS:
Overall, I think it will take some time to break the big 5000, but until then I have predicted a range bound trade between 4000 - 5000.

THE PLAY:
Playing the range means buying around 4000 (or more aggressive around 4500) and selling around 5000

On the 60 minute chart here, we see that 4500 plays an important role as the midpoint line between 4000 and 5000. When price is above 4500 then we can be long until around 5000 and take profits there.

Entry on the 60minute: above 4600
Stop: Below head and shoulders neck line, 4590
Target: 4900 / 5000 area

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!! PM me with any trading questions !!

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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@BerlinTrader591
It is getting out from Ichimouku cloud, trying to approach with little steps the 4700$ level. If it will break that level, probably it will rise up further.
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Right now it is trying to approach the 4700$ level, going up with little steps. If it breaks that level, it will go up again. Then... We have to see, but a further correction is possible.
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