BTC Probable Scenario To End The Week - $40000
Hello fellow traders
I usually dont post ideas, last one posted was for 2021
I'm gonna keep everything simple on the chart
as you can see price has been stuck in this triangle continuation type pattern or whatever you wanna call it, what matters is that it gives us a clue about the next market move
as you can see the market has been dealing with 38k mark and in its last approach did not get rejected as it did previous times, this is a buy at resistance type of setup, as traders we have to adjust and adapt to the market environment and actually see what price is doing instead of just taking a trade short because we're at resistance, no, that resistance could easily get humiliated, we've seen it before, and we're gonna see it again and again, so we have to be smart, right now the last few h4 and h1 bearish candles at resistance are showing weakness like bears do not have enough strength, there was couple of strong attempts to sell off to the downside but buyer came in and were like no this is not going to happen. i personally trade what i see rather than what i think, it's a cliché but if you implement it into your trading it is gonna do wonders. you can see my entry on this trade, been in the for like a day and the market is just not moving yet, the RR for this trade is 1/2, i usually dont go for anything below 1/3 but this setup is different and i cant give it a 1/3, i could just fool myself and put my target at 44k and get a better RR but that will just be a hypothetical target which i dont know if the market will get there before stopping me out, so i'll stick to my 1/2 and target the next resistance level which is sitting at 40k, i hope you find this idea helpful, have a good trading day people.
I usually dont post ideas, last one posted was for 2021
I'm gonna keep everything simple on the chart
as you can see price has been stuck in this triangle continuation type pattern or whatever you wanna call it, what matters is that it gives us a clue about the next market move
as you can see the market has been dealing with 38k mark and in its last approach did not get rejected as it did previous times, this is a buy at resistance type of setup, as traders we have to adjust and adapt to the market environment and actually see what price is doing instead of just taking a trade short because we're at resistance, no, that resistance could easily get humiliated, we've seen it before, and we're gonna see it again and again, so we have to be smart, right now the last few h4 and h1 bearish candles at resistance are showing weakness like bears do not have enough strength, there was couple of strong attempts to sell off to the downside but buyer came in and were like no this is not going to happen. i personally trade what i see rather than what i think, it's a cliché but if you implement it into your trading it is gonna do wonders. you can see my entry on this trade, been in the for like a day and the market is just not moving yet, the RR for this trade is 1/2, i usually dont go for anything below 1/3 but this setup is different and i cant give it a 1/3, i could just fool myself and put my target at 44k and get a better RR but that will just be a hypothetical target which i dont know if the market will get there before stopping me out, so i'll stick to my 1/2 and target the next resistance level which is sitting at 40k, i hope you find this idea helpful, have a good trading day people.