Bitcoin Long Trade Setup

10 Nis 2020

Bitcoin broke-down from an apparent bearish pennant on the 4H. The brake-down from the pennant was not confirmed by volume which suggests there was low market conviction in the move. To add to this price found resistance at both the 62% and 79%, printing a bullish engulfing pattern at the latter (1H confirmed). I look to open a long position. TP1 is at RR = 2, where I will take 50% off the table and raise stop above entry.

12 Nis 2020

Not

The lows of the bullish engulfing pattern appear to be respected as support. In the future I will look for a retracement back into the reversal candlestick pattern before entering the position to improve RR.

13 Nis 2020

Not

Stop loss was raised above entry and position was closed resulting in break even.