BTCUSD New Long Limit Order Entry Point & Stop Loss Position
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Just sharing what I am doing next with regards to BTCUSD. Everything is explained in the chart. Please do your own research. This is not financial advice. Am just sharing what I am doing next for BTCUSD and how I came to my decision.
I am a bull and am confident that price has seen its bottom at 6400+ and that is why i believe that there might be only a minor retracement and also to cover the CME gap that I keep hearing about at about 9100+ region if i am not mistaken. So yes there might be a downside in the short-term but the uptrend will continue. Bears will tell you different of course.
Also, if you study BTCUSD past history of price movements when it is in an uptrend, all retracements and minor corrections the price will never correct below the last correction bottom price. For example, in this instance, the price corrected from 9100+ to about 8250, if this is a confirmed reversal from 6400 bottom, i expect every minor correction to never be below the last correction bottom price. As it breaks new resistances, the price corrects always at a higher price than the last correction bottom price. So I do not expect this next correction to go below 8250. This can be another factor you can consider when deciding on stop loss positions.
Nothing is 100% and no one knows where this is going which is why stop losses are important to avoid the possibility of a long-term an underwater position. This i know from experience. Used to trade without stop losses but learnt my lesson the hard way.
Good luck with your trades.
By the way if you are wondering why I have placed my stop loss further away and risking more capital, its because i am considering the possibility that a Cup and Handle Bullish Pattern might actually play out and if that happens, the formation of the handle that is currently pending in the pattern should go no lower than about 8500 if the top of the Cup is about 9500 and the bottom price is 6400.
Thanks for dropping in!
I am a bull and am confident that price has seen its bottom at 6400+ and that is why i believe that there might be only a minor retracement and also to cover the CME gap that I keep hearing about at about 9100+ region if i am not mistaken. So yes there might be a downside in the short-term but the uptrend will continue. Bears will tell you different of course.
Also, if you study BTCUSD past history of price movements when it is in an uptrend, all retracements and minor corrections the price will never correct below the last correction bottom price. For example, in this instance, the price corrected from 9100+ to about 8250, if this is a confirmed reversal from 6400 bottom, i expect every minor correction to never be below the last correction bottom price. As it breaks new resistances, the price corrects always at a higher price than the last correction bottom price. So I do not expect this next correction to go below 8250. This can be another factor you can consider when deciding on stop loss positions.
Nothing is 100% and no one knows where this is going which is why stop losses are important to avoid the possibility of a long-term an underwater position. This i know from experience. Used to trade without stop losses but learnt my lesson the hard way.
Good luck with your trades.
By the way if you are wondering why I have placed my stop loss further away and risking more capital, its because i am considering the possibility that a Cup and Handle Bullish Pattern might actually play out and if that happens, the formation of the handle that is currently pending in the pattern should go no lower than about 8500 if the top of the Cup is about 9500 and the bottom price is 6400.
Thanks for dropping in!
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Long Limit Order at 8888 and Stop Loss at 8188 Placed.
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