Bitcoin Long with a Risk Reward of 1 to 3
Dear friends,
We are looking at Bitcoin on the 30 minute chart.
Bitcoin is moving in the trading range between 29000 and 41000. Nevertheless, a few bullish patterns can be seen.
A Reverse head shoulder formation has formed with a v bottom. Target of the HS is 38000.
We also see that Bitcoin has broken out of the falling trend channel to the upside. And also Bitcoin has formed a large bullish falling wedge with the top trend line being the top at 65000 and the penultimate top at 41000.
For a long position the target is 38000 the stop 31500 and the entry 333000. The entry is immediately the retest of the reversed head-shoulder formation.
We then have a trade with a risk reward of 1 in 3.
PYou can also check out my previous Bitcoin Analysis.
Dear friends, please share your thoughts and idea's below. What do you think and why do you think it with or without a chart.
I wish you all good luck with trading!
Disclaimer Traders this is my view, no advice to buy or sell. Also always do your own research!
--->> Traders please follow me for updates and give me support with a like 👍 if you like me to continue this work. Thanks 💚
We are looking at Bitcoin on the 30 minute chart.
Bitcoin is moving in the trading range between 29000 and 41000. Nevertheless, a few bullish patterns can be seen.
A Reverse head shoulder formation has formed with a v bottom. Target of the HS is 38000.
We also see that Bitcoin has broken out of the falling trend channel to the upside. And also Bitcoin has formed a large bullish falling wedge with the top trend line being the top at 65000 and the penultimate top at 41000.
For a long position the target is 38000 the stop 31500 and the entry 333000. The entry is immediately the retest of the reversed head-shoulder formation.
We then have a trade with a risk reward of 1 in 3.
PYou can also check out my previous Bitcoin Analysis.
Dear friends, please share your thoughts and idea's below. What do you think and why do you think it with or without a chart.
I wish you all good luck with trading!
Disclaimer Traders this is my view, no advice to buy or sell. Also always do your own research!
--->> Traders please follow me for updates and give me support with a like 👍 if you like me to continue this work. Thanks 💚
Trade closed manually:
Position Turn.
Dear friends, This long trade is closed now. Please checkout why in the next analysis of Bitcoin. Should we rise above 36500 then we probably can go long after a pullback but for now it is too risky with a new bearish rising wedge forming.
Dear friends, This long trade is closed now. Please checkout why in the next analysis of Bitcoin. Should we rise above 36500 then we probably can go long after a pullback but for now it is too risky with a new bearish rising wedge forming.
Another method is to buy in the following way. A buy limit order for buying above a certain (safer level) for example when we have set a higher high. Then your calm and when the market has reached the level you are in the trade.
Buying now and putting a stop lower is also possible. Or combined. 50% with a buy limit at a higher level and 50% buy now with a stop loss at a lower level.
Would love to hear your thoughts on this idea or your experiences with these or other types of bracket orders combined or not combined.