FXLeaders
Long

A Basic Fundamental Play: Buying Bitcoin At $5501

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
The recent pain in Bitcoin is bringing a huge psychological level into play. The $5500-$5000 level is very likely to attract institutional longs in anticipation of a return to $7500-$10,000 by year's end. If you don't mind a traditional buy-and-hold investment, then going long from this area is not a bad idea.

Here is the trade:

1)Instrument: Physical Bitcoin , Exchange Purchased
2)Entry: Buy $5501
3)Stop Loss: $4474
4)Profit Target: $7500
5)Risk vs Reward Ratio: 1/2

This trade is one that will be made by a majority of long-term BTC bulls. It is a buy-and-hold play, meaning that it will take some time to be decided. There are a myriad of trade management options here, so check back for ideas on how to manage the open position should it go live.

Comments

Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter
Profile Profile Settings Account and Billing Refer a friend My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out