BTC trading long on 50MA and 100 MA towards 7400
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Hi Guys,
Wanted to publish the following BTC trading idea. The idea includes the following assumptions:
- BTC seems to be in a controlled upward trend (bouncing of the green trendline on the daily chart)
- It seems that the bulls are controlling the price around the 100 MA (around 7k) and not falling below the 50 MA and the (green) uptrend. Nice confirmations of stable short term growth.
- The next resistance level is arguably around 7.4k, this will be my target. Don't be too greedy beceause the RSI is on the high end of things by then
- I would advice a stop loss below the 50 MA. this will be my signal for a retracement and also a breach of the upward trend
General ideas / assumption (bullish)
+ Sell in may and come back in september market boost, we are setting up for a more favorable end of year sentiment.
+ another confirmation around the 6k combined with 50MA and 100MA improves the foundation for positive sentiment
+ Soon a break out is forced of the downard triangle. This could also trigger a bearish move
General ideas / assumption (bearish)
- RSI is a bit on the high side right now
- Trend for btc long term is still downwards
- Low volume combined with the weekend, increases the risks of an organized push downards.
If you have any feedback, please let me know. For the record, this is my first published trading idea. For the record i'm an enthousiast and definitely no expert or proffesional trader / advisor!
Take care!
M.
Wanted to publish the following BTC trading idea. The idea includes the following assumptions:
- BTC seems to be in a controlled upward trend (bouncing of the green trendline on the daily chart)
- It seems that the bulls are controlling the price around the 100 MA (around 7k) and not falling below the 50 MA and the (green) uptrend. Nice confirmations of stable short term growth.
- The next resistance level is arguably around 7.4k, this will be my target. Don't be too greedy beceause the RSI is on the high end of things by then
- I would advice a stop loss below the 50 MA. this will be my signal for a retracement and also a breach of the upward trend
General ideas / assumption (bullish)
+ Sell in may and come back in september market boost, we are setting up for a more favorable end of year sentiment.
+ another confirmation around the 6k combined with 50MA and 100MA improves the foundation for positive sentiment
+ Soon a break out is forced of the downard triangle. This could also trigger a bearish move
General ideas / assumption (bearish)
- RSI is a bit on the high side right now
- Trend for btc long term is still downwards
- Low volume combined with the weekend, increases the risks of an organized push downards.
If you have any feedback, please let me know. For the record, this is my first published trading idea. For the record i'm an enthousiast and definitely no expert or proffesional trader / advisor!
Take care!
M.
Nota
Trade is performing sligtly better then expected. I would advise to set a tight stop loss now, potentially we are short term overbought. I prefered to stay closer to the 50 MA for this trade. Bitfinex long short show warning signals (nr of short positions is growing fast!)
RSI is on the high end of things (as mentioned earlier)
Dagangan ditutup: sasaran tercapai
We allready reached the 7400 target btw, so this trading idea target is finalized. I would advice to be very carefull with the long play right now. I will improve my charting a little bit (the downard triangle line was drawn incorrect and unexplaind), furthermore i mixed up the 50Ma and 100Ma in the explanation (sorry for that). Anyhow, the idea still worked out fine this time around.
Thanks for your views!
Penafian
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