Firstly, congratulations to anyone who have followed my previous long position swing trade. Again a tremendous profit of 11.59% x Leverage. Although I have stated the stop loss at $6700 in the idea but I have advised my group member with a great stop loss placed at $6500 which was able to hold after a tap on $6800.
This is a short position set up with estimated profit of at least 20% x Leverage.
Purple Box: The possible areas of BTC to hit once it able to tap on $8200 and hold above.
Black Line: The major resistance of BTC which is at $7700 with previous wicks, support and resistance. Thats the reason of the big barrier to break through.
Set Up ( Short Position )
Entry Prices: $8200-$7700 OR $8800-$8600 ( If the demand of this period will be exceedingly higher than I have expected )
Take Profit: $6200-$5800
Stop Loss: $9000 or Above ( It will be great to avoid any volatility with wicks )
Risk:Reward: 1:2-1:4
Enjoy the trade and All The Best. Let me know what do you think if you have any opinion.
@Migueldiz, It is the strongest resistance for me, it has the most of the previous wicks during the consolidation. Once we break it, we will definitely see a higher rise.
incryptible
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Awesome - thank you so much and congrats on your successes
fakerhi
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@incryptible, Thank you very much and thank you for your support my friend
fakerhi
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Taken Profit 50% at $7200. Second TP price: $7050-$6900