Bitcoin (BTC/XBT) Daily Long&Short Trade Setups 2021/03/22

Market Overview

• Price Action: Bitcoin has been rallying strongly for the past few days, but has been taking a breather after hitting $60.1K. Price dropped to the 61.8 Fib @ $$55.9K, where price found support and bounced up to the 200MAs @ $58K, where the rally got rejected down to the $56Ks and price is now retesting the 200MAs. Similar to Ethereum, the fact that price established a higher low before retesting the 200MAs suggests potential bullish strength to break through.
  
• Patterns: N/A
  
• Areas of Interest: The area(s) of interest for me are the resistance @ $60.1K. 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. Of course, it is possible we just pump to ATH of $58K directly from here, in which case we will be looking for trading opportunities at that level.
  

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

Long Trade Setup #1: Breakout and Continuation
1. Price Action: Price breaks above and falls back down to $60.1K and bounce back up.
2. Trade Entry Confirmations: Bullish candlestick pattern, above average volume, MACD bottoming

Long Trade Setup #1: False Breakdown
1. Price Action: Price breaks below the then rapidly climbs above $60.1K, 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

My Recent Trades

• 2021/ 03/15: I had a winning trade! I entered long @ $$60,000, SL @ $$58,705, price reached a high of $60,633.4, giving a risk reward ratio of 0.5:1.
  
• 2021/ 03/01: I had a winning trade! I entered long @ $46,288.00, SL @ $45797.19, price reached a high of $49,470.0, giving a risk reward ratio of 6.5:1.
  
• 2021/ 02/28: I had a winning trade! I entered long @ $44,875.0, SL @ $43,800.0, price reached a high of $45,530.6, giving a risk reward ratio of 0.6:1.
  

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 am simply sharing what I am doing, and I will not be responsible for any actions you take based on the analysis and comments that I provide. 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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