Bitcoin (BTC) Good long while waiting for big move

19 Ağu 2018

This time, I will be longing Bitcoin from 6370 to around 6.5k. I will probably set a trailing profit if we get past 6.5k in case we have a bullish breakout. We have a bearish rising wedge on Bitcoin so I think we can ride this one up for a good long with a nice risk/reward ratio.

However, it is important to note there is a high chance for this pattern to fail as Bitcoin is highly manipulated relative to altcoins, which are way easier to predict. We will be prepared by setting a stop loss and take profit system.

How to trade:
Buy in: 6370

Stop loss: 6308/6290 area

Take profit:
6.5k+ with a trailing take profit system. I believe we may be able to reach 6.7k if t his goes according to textbook.

Thanks for reading! I will respond to all comments below. My short entries are as shown on the chart.

20 Ağu 2018

İşlem kapandı: hedefe ulaştı

I took profit here. I agree with Astroc that we will be dropping pretty soon. This was a pretty risky trade I took.

20 Ağu 2018

Not

Keep this in mind. You should be looking for shorts mostly.

20 Ağu 2018

Not

Price slowly rising, on Bitmex longs have surpassed shorts.

Wait for the right entry to short this. On the 23rd there will be an ETF decision. I believe it will get denied.

21 Ağu 2018

Not

Possible long, wait to see if support holds.