Bitcoin has build a downtrend since the rejections of the 13200$ area, in the H4 timeframe.
I think Btc is going to make a correction to the upside target 11640$. The daily timeframe
is showing a nice uptrend since the 25th of April. After breaking through the daily trendline
the bulls were able to show strenght and managed to break back above the daily trendline.
In addition to that, we can see in the H4 timeframe, the building of an inverse
shoulder-head-shoulder formation.
Arguments for the long trade:
1. Daily trendline as support
2. Support zone of 9730$-9900$
3. A possible inverse shoulder-head-shoulder formation
Nevertheless, i am waiting for almost clear signs and candles for the turn back at my
buy zone, before i open a trade. Should there be a clear break of the daily trendline,
(H4 or Daily timeframe) this trade becomes invalid.
Keep in mind sometimes you miss a trade, but that ain´t a problem. The market
always offer´s new opportunities to take trades. It is very important to stick to
your trading plan and do not rush into trades.
Minimize risks & maximise profits ;)
Now to the trade:
Only risk 1% of your capital by trading cryptocurrencies, because the market is very manipulated and volatile.
Buy in: 9900$ area
Stopp loss: 9690$ (depends on your buy in)
Take Profit 1: 11000$
Take Profit 2: 11640$
Good luck!
I think Btc is going to make a correction to the upside target 11640$. The daily timeframe
is showing a nice uptrend since the 25th of April. After breaking through the daily trendline
the bulls were able to show strenght and managed to break back above the daily trendline.
In addition to that, we can see in the H4 timeframe, the building of an inverse
shoulder-head-shoulder formation.
Arguments for the long trade:
1. Daily trendline as support
2. Support zone of 9730$-9900$
3. A possible inverse shoulder-head-shoulder formation
Nevertheless, i am waiting for almost clear signs and candles for the turn back at my
buy zone, before i open a trade. Should there be a clear break of the daily trendline,
(H4 or Daily timeframe) this trade becomes invalid.
Keep in mind sometimes you miss a trade, but that ain´t a problem. The market
always offer´s new opportunities to take trades. It is very important to stick to
your trading plan and do not rush into trades.
Minimize risks & maximise profits ;)
Now to the trade:
Only risk 1% of your capital by trading cryptocurrencies, because the market is very manipulated and volatile.
Buy in: 9900$ area
Stopp loss: 9690$ (depends on your buy in)
Take Profit 1: 11000$
Take Profit 2: 11640$
Good luck!
Komen:
Btc is looking good right now, broke out of the downtrend range.
Expecting a quick spike to the 9815$ Region, which would fullfill a retest of the freshly broken out range. Now im going to set a long order around the 9815$ Region with a stopp loss arround 9570$-9590$
Expecting a quick spike to the 9815$ Region, which would fullfill a retest of the freshly broken out range. Now im going to set a long order around the 9815$ Region with a stopp loss arround 9570$-9590$
As i said before i do not rush into this trade and await more clear signs. Going to update later :)