Swing: Do not get caught by the breakout (03/05/2019)

3 May 2019

Bitcoin has exhibit clear bullish signals and has so far traded above 5560 at the time of writing. This level was previously the resistance zone which caused the huge sell down on 20 Nov 2018. We are bullish on Bitcoin but the current price is unattractive from a risk reward stand-point. We will strongly recommend to wait for price at the next support level instead of going long at current market price. Price has also broken 200 EMA and have been holding well above the moving average. The bullish set-up seems legit from a TA point of view with bull candlestick pattern accompanied by increasing volume dated on 2nd and 3rd April 2019.

Trade Set-up:

EP: 5212
SL: 4850
TP: 6430

Best Regards,
Nour Capital - Tracking Smart Money Flow

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