Bitcoin swing trade long signal in play from the 23,250 level. If bullish momentum follows through, a higher high can follow with a test of the 26 to 28K AREA over the coming week. This move has prompted me to call for a risk adjustment on the short trade that I shared privately from the 24,150 level. At this point, that trade is now RISK FREE if you adjust the stop.
In my previous article, I described the compelling argument for a Wave 5 completion and anticipated the beginning for a corrective structure (Wave 2). While it's possible Wave 2 may be in progress, I'm not willing to get stuck in any opinions. While there is a broader 5 wave structure in place, it can extend itself for whatever reason. The short term trend is bullish and until that changes, I expect less from bearish signals. That means play strong defense, reduce risk as quickly as possible and/or take profits when a conflicting signal appears.
As far as longs go, there is a higher low established at the 23,250 area, This is the reference point to measure risk which is about 2K points. If the 26K area is used to measure the profit potential, the reward/risk is about 1.5:1. I have laid out enough information here for you to arrive at your own conclusion in terms of a swing trade idea.
This game is more about quantifying risk and assessing probabilities which can be done with information that is available on a chart. You just have to know what information carries any value. Unless you have inside info, the LESS retail nonsense you consume, the better able you will be to make sound judgements.
All markets today are extremely efficient, and only getting more so. Mean while short term profits come from inefficiencies. This means if you are unable to identify a very specific opportunity and why it should exist, then you are playing a completely random game. You might as well flip a coin, because you will get the same result. Can't build an account that way.
Thank you for considering my analysis and perspective. I hope you find it helpful.
In my previous article, I described the compelling argument for a Wave 5 completion and anticipated the beginning for a corrective structure (Wave 2). While it's possible Wave 2 may be in progress, I'm not willing to get stuck in any opinions. While there is a broader 5 wave structure in place, it can extend itself for whatever reason. The short term trend is bullish and until that changes, I expect less from bearish signals. That means play strong defense, reduce risk as quickly as possible and/or take profits when a conflicting signal appears.
As far as longs go, there is a higher low established at the 23,250 area, This is the reference point to measure risk which is about 2K points. If the 26K area is used to measure the profit potential, the reward/risk is about 1.5:1. I have laid out enough information here for you to arrive at your own conclusion in terms of a swing trade idea.
This game is more about quantifying risk and assessing probabilities which can be done with information that is available on a chart. You just have to know what information carries any value. Unless you have inside info, the LESS retail nonsense you consume, the better able you will be to make sound judgements.
All markets today are extremely efficient, and only getting more so. Mean while short term profits come from inefficiencies. This means if you are unable to identify a very specific opportunity and why it should exist, then you are playing a completely random game. You might as well flip a coin, because you will get the same result. Can't build an account that way.
Thank you for considering my analysis and perspective. I hope you find it helpful.
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Free Signal Every Week: bit.ly/signalwk
My discord community: bit.ly/inviteme2
Trade Bybit: bit.ly/bybreg
Trade Mexc: bit.ly/usmexc
