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krisztiankabat
Oct 26, 2022 7:07 AM

BTC - another leg up #BTC Long

Bitcoin / TetherUS PERPETUAL CONTRACTBinance

Description

Hi everyone!

The last btc long went fast and was on target (hurray).

This play has more risk (under resistance).

but

1) R/R ratio is just fine (2.78)
2) clear invalidation (monthly close + prev ath)
3) RSI consolidating at the higher band - usually indicating a bullish consolidaiton
4) so far looks like a bull pennant is forming, with target exactly at a high volume node

In general it's better to wait for a breakout, but based on the chart (lots of stop loss orders - aka in this case buy orders above the range) so it's possible that there will be an aggressive move (later entry is questionable).

GL & HF




Trade closed manually

Closed my trade at 20630 (~1/3 profit)

Reasoning:

1) Didn't like the first response at TA (trouble area - 20780ish / small resistance)
2) Dollar at key support and faked the breakdown on LTF
3) SP500 futures looks weak right now

Let's see if this was the right decision!
Comments
SwallowPremium
Thank you for publishing this idea. I wish you good luck!
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