Hope you find value from this post.
Here's an idea for setting up a long position with this asset.
==============================
Quick Disclaimer:
Trade at your own risk. This post/chart is for your reference only, it is not intended as a recommendation, nor is it an advice to buy Bitcoin, nor to place any trade.
Trading poses a risk of losing some or all of your money and it will be your responsibility if you lose money.
==============================
Bitcoin retracing back down towards the White Descending Extended Trend Line to test as support (previous resistance).
For aggressive traders, the rebound triggers a long position. Conservative traders enter above the dashed horizontal line.
Chart: 4HR, Candle Sticks
Tools:
Extended Trend Line (Descending White Line)
Horizontal Ray Line (Dashed Yellow Line)
Moving Average: 50 MA
MACD: Setting - 1Day TF (Time Frame)
Stoch RSI: Setting - 1Day TF
Fibonacci Tool: Fib Retracement
Targets:
52,500
55,666
58,813
59666
Rules:
1. Price must breakout of the White Extended Trend Line .
2. Price must go above and stay above the Yellow Horizontal Ray Line.
3. Price must stay above the 50 MA
4. MACD must have a Bullish Divergence
5. Stoch RSI should be coming from the Oversold Region and a momentum directed upwards.
(Currently, there is a Bullish Divergence present on both the MACD Histogram and the Stoch RSI.)
All rules must be fulfilled to be able to confirm an entry for a long position, otherwise it's a NO GO.
Once a position has been placed, it is...
VERY IMPORTANT TO PLACE A STOP LOSS (My preference is 2.5% - 3%)
Patience and Discipline are KEYS to a successful trade.
Trading is both a Science and an Art.
Develop an intuition and listen to your instinct while following the rules putting emotions aside.
If you have not yet developed it, you will develop this as long as you stay consistent with following
the rules. The skills will become second nature to you much like how you acquire the skill in riding a bicycle.
Soon it will be your subconscious running your trades, again, much like when riding a bicycle
the balance is controlled by the subconscious part of your brain.
Be PERSISTENT and stay PERSISTENT.
Let me know what asset you wish for me to look at and evaluate for potential long set ups and I will post it here on TradingView.
If you found value from this post, consider giving it a like and subscribe. Furthermore, share it with someone you know will benefit from this.
Happy Yuletide Season!
More power to all your trades, my friends!
Ron
Intrepid_Trader
Here's an idea for setting up a long position with this asset.
==============================
Quick Disclaimer:
Trade at your own risk. This post/chart is for your reference only, it is not intended as a recommendation, nor is it an advice to buy Bitcoin, nor to place any trade.
Trading poses a risk of losing some or all of your money and it will be your responsibility if you lose money.
==============================
Bitcoin retracing back down towards the White Descending Extended Trend Line to test as support (previous resistance).
For aggressive traders, the rebound triggers a long position. Conservative traders enter above the dashed horizontal line.
Chart: 4HR, Candle Sticks
Tools:
Extended Trend Line (Descending White Line)
Horizontal Ray Line (Dashed Yellow Line)
Moving Average: 50 MA
MACD: Setting - 1Day TF (Time Frame)
Stoch RSI: Setting - 1Day TF
Fibonacci Tool: Fib Retracement
Targets:
52,500
55,666
58,813
59666
Rules:
1. Price must breakout of the White Extended Trend Line .
2. Price must go above and stay above the Yellow Horizontal Ray Line.
3. Price must stay above the 50 MA
4. MACD must have a Bullish Divergence
5. Stoch RSI should be coming from the Oversold Region and a momentum directed upwards.
(Currently, there is a Bullish Divergence present on both the MACD Histogram and the Stoch RSI.)
All rules must be fulfilled to be able to confirm an entry for a long position, otherwise it's a NO GO.
Once a position has been placed, it is...
VERY IMPORTANT TO PLACE A STOP LOSS (My preference is 2.5% - 3%)
Patience and Discipline are KEYS to a successful trade.
Trading is both a Science and an Art.
Develop an intuition and listen to your instinct while following the rules putting emotions aside.
If you have not yet developed it, you will develop this as long as you stay consistent with following
the rules. The skills will become second nature to you much like how you acquire the skill in riding a bicycle.
Soon it will be your subconscious running your trades, again, much like when riding a bicycle
the balance is controlled by the subconscious part of your brain.
Be PERSISTENT and stay PERSISTENT.
Let me know what asset you wish for me to look at and evaluate for potential long set ups and I will post it here on TradingView.
If you found value from this post, consider giving it a like and subscribe. Furthermore, share it with someone you know will benefit from this.
Happy Yuletide Season!
More power to all your trades, my friends!
Ron
Intrepid_Trader
Note
Rebound
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.