Two trades I am looking for after price breakup

6 Mar 2023

Good ole BTC. It's been consolidating in a small range for the past few days. I don't like taking a trade at this price(22200-22500) but here are the trades I am going to look out for depending on which way we move.



Trade Type:Long

Despite price being surpressed at a multi-month level we are seeing signs of an overall uprward market structure change(still need confirmation). We have multiple levels here between entry and stop loss including 2 different weeklies, fib retraces, a daily and the 200 ema.

Support:

1. Market structure(upward since Nov)
2. Weekly
3. Weekly 2
4. 382 retrace
5. Daily
6. 200 EMA

Entry: 21825
Stop Loss: 21097
TP1: 22982
TP2: 24700
TP3: Rolling or 25300

Move SL to BE on TP1. Move SL below TP1 on TP2. If you aren't risk averse you could move your TP1 closer to the monthly at 23150 or so.


On the flip side...


Trade Type: Short


Resistance:

1. Monthly
2. We have a 382
3. We have a daily(right next to monthly but not charted)

Entry Price: 2980
SL: 23439
Safe TP1: 22350
Risky TP1: 21850

Safe TP2: 21850
Risky TP2: 21300

TP3: None or rolling

As usual I would move stop loss to break even after first take profits.