Hi everyone,
Hope today's crash did not influence your weekend too much (mine did, haha).
Going straight to the point of this idea:
We have two major scenarios that both are related to the resistance level (box) of 46-48k USD. The only thing to do now is to wait for a daily candle close and choose our trading strategy wisely.
If S1 occurs it's highly likely that BTC will try to close the CME gap of 53k~ on Monday, thus it would be a great opportunity to long with a risk-reward ratio of 2.75.
TP - 52.5-53k
SL - 45.8k
If S2 occurs it's highly likely that BTC will go down further to retest our previous resistance of 44k, and will then drop to our previous daily low of 42k. This would be the shorting opportunity with a risk-reward ratio of 1.8.
TP1 - 44k
TP2 - 42k
SL - 48.2k
If the price of bitcoin consolidates thru the whole weekend (S3) - this trade option is off.
In my personal opinion, I feel that the probability to go down is quite higher, given the short-term consolidation. But nevertheless, let's wait for the future 4h closes and let's catch some profits! Take into account.
Cheers!
Hope today's crash did not influence your weekend too much (mine did, haha).
Going straight to the point of this idea:
We have two major scenarios that both are related to the resistance level (box) of 46-48k USD. The only thing to do now is to wait for a daily candle close and choose our trading strategy wisely.
- Scenario 1 - the 4h candle closes above the resistance box (at around 48k).
- Scenario 2 - the 4h candle closes below the resistance box (at around 46k).
- Scenario 3 - multiple 4h candles close in the range of 46-48k.
If S1 occurs it's highly likely that BTC will try to close the CME gap of 53k~ on Monday, thus it would be a great opportunity to long with a risk-reward ratio of 2.75.
TP - 52.5-53k
SL - 45.8k
If S2 occurs it's highly likely that BTC will go down further to retest our previous resistance of 44k, and will then drop to our previous daily low of 42k. This would be the shorting opportunity with a risk-reward ratio of 1.8.
TP1 - 44k
TP2 - 42k
SL - 48.2k
If the price of bitcoin consolidates thru the whole weekend (S3) - this trade option is off.
In my personal opinion, I feel that the probability to go down is quite higher, given the short-term consolidation. But nevertheless, let's wait for the future 4h closes and let's catch some profits! Take into account.
Cheers!