The strong bullish candlestick that has just been completed at the 60min Bitcoin chart favors long positions for sure. Should we trade this breakout, the rules of the previous breakout trading apply here as well. Read my short post about the breakout when Bitcoin penetrated $400 resistance level here:
plus.google.com/u/0/...91/posts/awWfzdqwgKt
In brief, and due to the ascending triangle drawn at the chart, my stop loss would be set right below the trendline. A more conservative strategy would be to exit if Bitcoin drops below $415, which was the low of the (almost) doji candlestick printed on November 14.
Finally, if you opt to day trade Bitcoin and use the breakout candlestick for setting your stop loss, I would trade out 33% or 50% of my position if Bitcoin hits $470 and another 33% at $500 (round number and pullback's range - from $450 to 400).
Here's how you should calculate your risk/reward ratio, based on a trading you could have made during the recent Bitcoin breakout:
plus.google.com/u/0/...91/posts/VJLxACDSgNp
Best of luck if you are trading Bitcoins today!
plus.google.com/u/0/...91/posts/awWfzdqwgKt
In brief, and due to the ascending triangle drawn at the chart, my stop loss would be set right below the trendline. A more conservative strategy would be to exit if Bitcoin drops below $415, which was the low of the (almost) doji candlestick printed on November 14.
Finally, if you opt to day trade Bitcoin and use the breakout candlestick for setting your stop loss, I would trade out 33% or 50% of my position if Bitcoin hits $470 and another 33% at $500 (round number and pullback's range - from $450 to 400).
Here's how you should calculate your risk/reward ratio, based on a trading you could have made during the recent Bitcoin breakout:
plus.google.com/u/0/...91/posts/VJLxACDSgNp
Best of luck if you are trading Bitcoins today!