We decide to openly share our personal trade strategy to show everyone how a good trade is made even in an uncertain market. That said, we want to remind everyone that no trade is without any risk, which is why we should only take trades where the reward is greater than the risk.
From a technical standpoint, the lack of money inflow may probably cause the BTC market to extend lower over the very short term. We also see that a support structure near 46K has been formed and therefore, if the market has sufficient buying interest to keep price afloat this price level long enough, then buyers are likely to reverse the short-term trend. A rebound from 46K would most likely retest the nearest resistance that has formed around 56.5K.
Given this reason, we decide to personally open a long position from 46.5K with a stop loss set at 45K. We plan to exit our long position from 55K and 56K with a profit ranging between 18% and 20%. However, if the price does not drop to our buy level or perhaps exceed our stop loss level, then we would skip the trade entirely or exit our trade with a small loss of 3.23%, respectively.
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As expected, the BTC price finally visit 46K and we got our entry. If bulls can defend this price level, we would likely see a bounce to 55K - 56K before Christmas.
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Our trade is in the green (10% gain from our entry) but this forecast is not about that. The emphasis is on how we can help you trade safely even when market uncertainty is high.