vjsharma89
Long

Consolidation about to get over? Time to LONG?

BITMEX:XBTUSD   Bitcoin / US Dollar Perpetual Inverse Swap Contract
BTC has been consolidating after that mammoth drop . It's clear that investors weren't really happy to buy 6k BTC and we finally broke that market structure.
The drop was not anticipated by many if it was, BTC would have dropped much further.
People had their SLs in 56-5900 range that triggered many liquidations that got us here.
Now, it is what it is.
Being a trader, my aim is to win more and lose less.
And I've been doing that for quite some time now.
That being said, let's take a look at what we have infront of us.
The new market structure is 4500-6k imo .
4500 being a very solid support ( Like 6k). 6k held for more than 11 months.
There is no doubt in my mind that we won't bounce hard from 4.5k if we ever get there. I think we would get there eventually.
A Major support is broken and we won't just launch into a bull run without testing the next big support.
So, following are the two trade setups I can see
Trade 1
LONG XBTUSD
Initial Entry -> 5510
Stagger 1 -> 5469
Stagger 2 -> 5424
SL -> 5400
TP1 -> 5555
TP2 -> 5640
TP3 -> 5850
TP4 -> 5973

My SL will close my LONG position and get me into a SHORT position with same amount of contracts with TPs between 5350 and 5150.
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