BTC Daily reversal candle + Rsi Divergence on smaller timeframe
Interesting spot on the BTCUSD chart.
- Yesterday daily candle had a small body and long wick, almost a shooting star candle.
- Today we had a higher daily low already.
- On the smaller 6h chart we a double bottom and there RSI bullish divergence.
- Last thing to mention. The move from 7750 to 7000$ was violent and fast. Usually this type of moves tend to leave a ''gap'' and the price will fill that gap at some point in the future
I will enter the market if we get a 6h close between 7000-7150$.
Stop loss 6740$
Target 7740$
- Yesterday daily candle had a small body and long wick, almost a shooting star candle.
- Today we had a higher daily low already.
- On the smaller 6h chart we a double bottom and there RSI bullish divergence.
- Last thing to mention. The move from 7750 to 7000$ was violent and fast. Usually this type of moves tend to leave a ''gap'' and the price will fill that gap at some point in the future
I will enter the market if we get a 6h close between 7000-7150$.
Stop loss 6740$
Target 7740$
Comment:
About the daily candle, I meant hammer not shooting star
Trade active:
I entered the market around 7050$
Comment:
Just noticed that there is a falling wedge as well in the H4 chart and it has already breakout. Not a big deal but still something to take in consideration. Let's see how the market will move...
Comment:
So far so good. I keep holding the 100% of my position till the target of 7700$.
Stop loss is moved to almost breakeven at 6980 (daily lows)
This trade is risk free from now on...Enjoy!
Stop loss is moved to almost breakeven at 6980 (daily lows)
This trade is risk free from now on...Enjoy!
Trade closed: stop reached:
Trade is closed. Fortunately the trailing stop got hit at 6980$ and we took an almost breakeven position. It seemed like a big win till last night but the market had other plans. This is why you should and reducing your risk during a trade.