Taking a close look at the BTC/USD 1 HOUR charts on Bitfinex we can see that there appears to be an Elliot wave forming, alongside a bullish RSI. The idea is simple, consider taking a ride up from wave D to wave E.
1) The buy range is 9100-8900
2)) The Stop loss is a break of 8700. Perhaps it's a bit high, but if it breaks that line, it might retest the low or worse break through all the way and find a lower low.
3) There is a trend forming here at the beginning of a strong green candle at 1100 on 3/11/2018, a break below it might spell disaster and turn the risk too high for the reward.
4) The sell is just around 10k, 9900 to 10300.
Risk = 200-400 per BTC
Reward = 800-1400 per BTC
Some things to consider before entertaining this idea.
1) This is idea is solely for educational purposes and not financial advice, when you enter a trade, you assume all risk and at the same time, all reward. Always do your own research first!!
2) There is a potential double top forming here, which can potentially lead to a retest of the lowest low and a break of the current trend.
3) Finally, always trade responsibly, never trade more than you can afford to lose/risk.
4) Support is fairly decent along the purple support trend line.
Good Luck to everyone out there,
May BTC reach Mars before Elon Musk.
1) The buy range is 9100-8900
2)) The Stop loss is a break of 8700. Perhaps it's a bit high, but if it breaks that line, it might retest the low or worse break through all the way and find a lower low.
3) There is a trend forming here at the beginning of a strong green candle at 1100 on 3/11/2018, a break below it might spell disaster and turn the risk too high for the reward.
4) The sell is just around 10k, 9900 to 10300.
Risk = 200-400 per BTC
Reward = 800-1400 per BTC
Some things to consider before entertaining this idea.
1) This is idea is solely for educational purposes and not financial advice, when you enter a trade, you assume all risk and at the same time, all reward. Always do your own research first!!
2) There is a potential double top forming here, which can potentially lead to a retest of the lowest low and a break of the current trend.
3) Finally, always trade responsibly, never trade more than you can afford to lose/risk.
4) Support is fairly decent along the purple support trend line.
Good Luck to everyone out there,
May BTC reach Mars before Elon Musk.