Bitcoin (BTC/XBT) Daily Long&Short Trade Setups 2021/01/28

Live trades will be called in the latest daily post. Follow me to trade live with me!
Also check out my daily post on Ethereum!

MARKET OVERVIEW

• Price Action: Bitcoin has been continuously rejected from the 200MAs, giving us profitable short trades.
  
• Patterns: Channel.
  
• Areas of Interest: The area(s) of interest for us are the 200MAs @ $31.3K and the lows @ $29.2K. Once price reaches one of our areas of interest and gives us a valid entry signal, I will update the trade, so make sure you follow me to get the trade entry signals in real time.
  

TRADE SETUPS
Below are the potential trade setups that I would be interested in trading. Regardless of the path that the price takes, I will be monitoring the market for a valid trade entry signal.

Long Trade Setup #1: False Breakdown
To open a long position, we are waiting for price to break above the horizontal support and then recover.
1. Price Action: Price breaks below the then rapidly climbs above $29.2K, forming a bear trap
2. Trade Entry Confirmations: A breakdown candlestick  followed by a reclaiming candlestick, above average volume on both breakdown candle and reclaiming candle, MACD bottoming

Short Trade Setup #1: Retest and Continuation (200MAs)
To open a short position, we are waiting for price to retrace back up to test the 200MAs and then continue moving down.
1. Price Action: Price needs to move back up to the 200MAs, currently projected to be @ $31.3K by the time price reaches it, and bounce back up.
2. Trade Entry Confirmations: Bearish candlestick pattern, above average volume, MACD topping out

TRADESS RECAP: LATEST 3 TRADES

• 2021/01/27: We had a winning trade! We entered short @ $32236 SL @ $32658, price reached a low of $29242, giving us a risk reward ratio of 7:1, meaning if you risked 1BTC on this trade, you could've made 7BTC.
  
• 2021/01/26: We had a winning trade! We entered long @ $31643 SL @ $31171, price reached a high of $32450, giving us a risk reward ratio of 1.7, meaning if you risked 1BTC on this trade, you could've made 1.7BTC.
  
• 2021/01/20: We had a winning trade! We entered short @ $34940 SL @ $35560, price reached a low of $28850, giving us a risk reward ratio of 10:1, meaning if you risked 1BTC on this trade, you could've made 10BTC.
  

Why Follow Me

• Daily analysis on the latest market movements and price zones for high probability trade setups.
  
• Live trade signals so that you can take the same trades that I am taking.
  
• A great place to help each other, learn from each other, and grow together.
  
• Trading education in the form of personal advice and educational materials
  
• Constantly testing and adding new trading strategies and refining battle-tested ones.
  

About Me

• I started trading in 2008, first got introduced to bitcoin in 2009, and have been actively trading cryptocurrencies since 2016.
  
• I have worked on Wall Street trading bonds, stocks, and options.
  
• I have worked at top consulting firms advising Fortune 500 companies and worked on $10Billion+ deals.
  
• I have founded and advised blockchain projects and companies, including in the areas of defi, nft, data ownership, and personal identity.
  
• I have taken hundreds of live trades, each recorded with over 50 data points, all meticulously analyzed, using data analysis and modeling to optimize win probability and risk reward.
  

DISCLAIMER: I'M NOT A FINANCIAL ADVISOR AND THIS IS NOT FINANCIAL ADVICE, AND I WILL NOT BE RESPONSIBLE FOR YOUR WINS OR LOSSES, DYOR.

Please support me by liking, sharing, commenting, and following, and sharing your ideas and analysis below! Thanks!

Comment:

Both eth and btc testing 200MAs. Let’s see if we finally can break the bearish trend or we get another entry to go short. Stayed tuned as entry could be within the hour or less. Potentially.

Comment:

open short

SL 31,427
TP1 30,937
TP2 30,773
TP3 30,610
TP4 30,446

Trade closed: stop reached:

Got stopped out.