BTC Breakout Confirming. Target 9400.
BTC is getting ready for yet another bull run!
On the 4 hour chart you will see BTC starting to close around the 8300 mark. If we can close above 8300 on the 4 hour, then we should see a fairly easy rise to $9,400 with little resistance, namely $9,000 psychological barrier being the only real pause between.
However once we get to $9,400, you should see a strong bounce off that price and back lower to retest $9,000 support, which would be another great short trade back to $9,300. From there is anyone's guess, but we'll most likely see some consolidation and then back up for the grand battle of $10,000.
On the 4 hour chart you will see BTC starting to close around the 8300 mark. If we can close above 8300 on the 4 hour, then we should see a fairly easy rise to $9,400 with little resistance, namely $9,000 psychological barrier being the only real pause between.
However once we get to $9,400, you should see a strong bounce off that price and back lower to retest $9,000 support, which would be another great short trade back to $9,300. From there is anyone's guess, but we'll most likely see some consolidation and then back up for the grand battle of $10,000.
Comment:
If 8,300 doesn't confirm, it could be a long way down. I would suggest a stop loss you are comfortable with.
Comment:
To clarify, I would not recommend entering the trade until $8,300 close is confirmed on the 4 hour chart. If you choose to enter the trade BEFORE 8,300, I would suggest a stop loss of $7,950
My goal is to find the best risk:reward setups. For instance, if you risk $1,000 at a chance to make $5,000, you can afford to be wrong 4 out of 5 times and still not lose money. I hit my targets over 50% of the time.