As always, we share our transactions and the logic of our decisions.
In our previous BTCUSD trading idea, the deal was closed with a SELL Stop order at the price of 3700.
On January 10, the Bitcoin market was quite active, with a strong mood, due to its fundamental influence on the cryptocurrency. As a result, the Alpha of the crypto market lost in price about $ 400. The professionalism of the trader is to adhere to the strategy and a common sense. In this transaction, we booked a loss, but we must remember that this is an integral part of the trade. This situation is only one of many profitable and unprofitable transactions in the trading "chain", the end result of which is an increase in the cash balance of the trader.
Today we offer to pay attention to the crypto cross ETHBTC. We can see two patterns in the picture of the chart. These patterns are called “Rails” (in blue rectangles). This pattern is reversal and, as a rule, indicates a change in mood of the market.
In the first case, the pattern worked in full, and the price went through the level of 0.03800. The second pattern signals to us that the market mood has changed to again and the price will reach at least the nearest .
Therefore, we offer the following flight plan:
1. Open a trade in one of two options (which one working before)
a. BUY Limit at the price 0,03380
b. BUY Stop at the price 0, 03580
2. Set a SELL Stop order at the level of 0.03140
3. Moving to 0.03750, where we close the position with the SELL Limit order.
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Wishing you all a cold mind and profitable trades!
* All KYRREX publications are intended only for informational and / or marketing purposes and should not be taken as economic, financial, investment advice, recommendations, or trading ideas. KYRREX does not take into account the purposes and situations of any particular trader in analytical publications and KYRREX is not responsible for any loss resulting from investment based on published analytical materials.