Bitcoin - Minor Correction before Golden Cross

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
This has been quite the exciting week for Bitcoin . We've had some fair drops and also bounces that have surprised me. Right now it looks like we are forming a bull flag , as there is a beautiful ascending channel on top of this recent climb. The 1D chart shows some beautiful bullish indicator readings, while the 4h looks like we can have a bit of a drop before going bullish again. That being said, I think we will retest the support on this ascending channel , being a good opportunity to accumulate again before a new moon mission. I can see the price dropping to as low as $7.6k, however, there is a possibility we break support. If that is the case, I would set a stop loss around $7.45k. As for targets, I am setting two targets of $8.125k and $9.095k. Bollinger bands are showing that the price is becoming very volatile, more than we have seen over the past few days. Is this time for Bitcoin to make a move? Time will tell. I'm just really looking forward to the long-awaited golden cross on the 1D chart. I will possibly be opening both a long and a short around $7,600 with tight stop losses so that regardless of the direction I will make a decent amount of profit as I can tell some major movement (up or down) is coming. So, here are my plays:

Entry for both: $7,600-7,700
Short Positions (for safety):
Stop Loss - $7,780
Targets - $7,530, $7,036
Long Positions (more likely):
Stop Loss - $7,523
Targets - $8,125, $9,099

I enjoy entering two positions with close stop losses in a time of major volatility , as the stop loss for both of them will outweigh the possible gains that can be made in either direction. Although this does reduce the amount of profit I can make, I enjoy making safe and steady gains over time than a huge load in one shot while risking a lot of money (I've been making big trades recently). As always: trade safe, set stop losses, love cryptocurrency, and stay tuned!

As always if you enjoyed this analysis please feel free to throw a like on the chart!
Trade active: Entries for the long have been filled with a perfect bounce. Let's ride this out and see how much profit we can make, next stop $8.125k! Excited to see some bitcoin movement over the next few days.
Comment: First target has been hit, I am taking 40% profit and holding the other 60% for $9,100.
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Buddy cool strategy. I think everything will work out. I will follow you, interesting how it will end
+1 Reply
Great chart and strategy to lock in gains from volatility! SIMILAR positions open...

Cyclical Analysis based on the BTC & LTC Halving has offered strong actionable intelligence for both a long on BTC and Short on LTC. Would love to get your analysis on our charts based on Cryptonomics research.

Great info, thanks!
+2 Reply
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