Bitcoin (BTC/XBT) Daily Long&Short Trade Setups 2021/02/25

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Market Overview

• Price Action: After Bitcoin dropped 23% from a high of 58.4K to a low of $45K, it has rallied 13% to the current level of $51K. Bitcoin attempted multiple times to close strongly above $51K in order to flip resistance to support, but has so far failed to do so. It is testing again right now. As a general rule of thumb, the more times a level/zone gets tested, the more likely that it will break, and now that Bitcoin is above the 200MAs, it might just have enough support and buying strength to finally break the $51K mark and confirm the end of this correction. Will be monitoring the markets closely here since if Bitcoin again fails to break up, then there is a possibility that it goes lower, perhaps to as low os $40K.
  
• Patterns: N/A
  
• Areas of Interest: The area(s) of interest for me are the 61.8Fib @ $53.2K Once price reaches one of these areas, I will monitor for entry confirmations. If the entry confirmations are aligned, I will take a trade and share the my trade in real time.
  

Trade Setups
Below are the potential trade setups that I would be interested in trading:

Short Trade Setup #1: Retest and Continuation (61.8Fib)
1. Price Action: Price needs to move back up to the 61.8Fib @ $53.2K and bounce back down.
2. Trade Entry Confirmations: Bearish candlestick pattern, above average volume, MACD topping out

My Recent Trades

• 2021/ 02/012:I had a losing trade. I entered into a long @ $47,810, SL @ $46,647, and trade hit stop loss.
  
• 2021/ 02/04: I had a winning trade! I entered long @ $$36,819.0, SL @ $$36,528.0, price reached a high of $37,783.8, giving a risk reward ratio of 3.3:1.
  
• 2021/ 01 /31: I had a winning trade! I entered long @ $33654 SL @ $33292, price reached a high of $34220, giving a risk reward ratio of 1.6:1.
  

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 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.
  

Why Follow Me

• Daily analysis on the latest market movements and price zones for high probability trade setups.
  
• Sharing of live trades that I take.
  
• A great place to help each other, learn from each other, and grow together.
  
• Trading education including a comprehensive cryptocurrency trading eBook, personal advice, and other educational materials
  
• Constantly testing and adding new trading strategies and refining battle-tested ones.
  

DISCLAIMER: I am NOT a financial advisor and this post is NOT financial/investment/trading advice. I will not be responsible for any actions you take based on the analysis and comments that I provide. I am simply sharing what I am doing, and is not meant to be investment or trading advice. What you choose to do with the information that I provide is your own sole responsibility! The cryptocurrency market is extremely volatile, and you WILL lose all your money if you are inexperienced! DO NOT risk any money that you cannot afford to lose and always be cautious and manage your risk!

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