DuncanForex
Long

BTCUSD - Bitcoin - Bullish Shark Pattern - 6 to 1 Trade

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Hello all - DuncanForex here with another trade idea.

I have been watching Bitcoin the past few weeks since my last trade idea didn't activate.

Since price has been consolidating and bouncing along the 10700 area which is now acting as decent support - it has now created a nice Bullish Shark pattern at this level of Support.

We have triple divergence on the RSI as well suggesting price is oversold.

A safer way to enter is to wait for the break higher at 11834 - wait on a lower time frame for the retest and then enter, however I have entered a lot lower to increase my lot size and have a smaller distance between entry and stop, as I have left this trade some space to move.

I entered at the 11350 mark and am aiming for a 6 to 1 trade with varying targets on the way up.

I am expecting this to fly higher quite quickly over the coming few days

Bitcoin does behave differently to Forex and can gap - however price action is price action. This trade meets my trade plan and I am in.

Thanks for looking at my trade idea

Duncan
Trade active: trades live
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