BTC/USD 4Hr Chart
After topping out at $10,500, BTC has been in a downtrend for the last month breaking through important short term support with no end in sight. After hitting $6,600 we finally started to see some buy volume come in causing BTC to bounce up towards 7800, breaking through the previous low of $7,400 and the downtrend line.
BTC is still holding steady above the downtrend and is starting to form a small bull flag as well. These trend changes can provide some good R2R setups.
Entry
I'm waiting for BTC to pullback to 7700 before going long
Stop Loss
My SL will be 7590 which is right under the soft $7.6-7.7k support
Take Profits
My take profits are pretty loose on swing trades so I will be taking partial profit as the trade develops
If the buy volume continues I could easily see BTC hitting the $9000 level but I could also see this as a small relief rally before continuing downwards. I will be ready to flip my position if it ever gets to that point.
Best of luck
-Mitchell
After topping out at $10,500, BTC has been in a downtrend for the last month breaking through important short term support with no end in sight. After hitting $6,600 we finally started to see some buy volume come in causing BTC to bounce up towards 7800, breaking through the previous low of $7,400 and the downtrend line.
BTC is still holding steady above the downtrend and is starting to form a small bull flag as well. These trend changes can provide some good R2R setups.
Entry
I'm waiting for BTC to pullback to 7700 before going long
Stop Loss
My SL will be 7590 which is right under the soft $7.6-7.7k support
Take Profits
My take profits are pretty loose on swing trades so I will be taking partial profit as the trade develops
If the buy volume continues I could easily see BTC hitting the $9000 level but I could also see this as a small relief rally before continuing downwards. I will be ready to flip my position if it ever gets to that point.
Best of luck
-Mitchell
Trade active:
I got filled on my long at 7700. Now we wait
Trade closed: stop reached:
Not enough buy volume coming through. Stop got hit for a 2.5% loss. Looking for a an ETH short right now