Bitcoin - 4hr - BitMex(XBTUSD)
BTC has been creating Higher-lows and respecting the short term uptrend, since Mach 16.
Resistance was found at $7k tested multiple times and was rejected until today, when price was squeezed and is starting to creep above $7k.
BTC has had a 4hr close above $7k which is the first step towards a breakout to the upside.
I will be looking for a long opportunity from a retest of 7k, to confirm that previous resistance is now support. (wicks to the downside - bullhammer or bullish engulfing from this level - morning star)
The target I am aiming for will be just below $7,700. $7,700 is previous structure/supply and close to 61.8% Fibonacci retracement level.
Stop loss placement for this trade will be clear after the retest of $7k happens.
Providing the retest of $7k holds and gives some clear structure for a stop loss placement the trade could provide a 2.5:1 Risk reward ratio.
If price retests $7k and it does not hold, I will not be entering this trade.
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Day trader, trading primarily crypto currency focusing on BitMex pairs.
Want to learn to trade? Come join the best only trading community focusing on technical analysis and mindset!
Send me a message on tradingview or discord (Jordan S#2373)
Not signed up on BitMex? Use my link and save 10% on fees for 6 months.
bitmex.com/register/OZY10v
BTC has been creating Higher-lows and respecting the short term uptrend, since Mach 16.
Resistance was found at $7k tested multiple times and was rejected until today, when price was squeezed and is starting to creep above $7k.
BTC has had a 4hr close above $7k which is the first step towards a breakout to the upside.
I will be looking for a long opportunity from a retest of 7k, to confirm that previous resistance is now support. (wicks to the downside - bullhammer or bullish engulfing from this level - morning star)
The target I am aiming for will be just below $7,700. $7,700 is previous structure/supply and close to 61.8% Fibonacci retracement level.
Stop loss placement for this trade will be clear after the retest of $7k happens.
Providing the retest of $7k holds and gives some clear structure for a stop loss placement the trade could provide a 2.5:1 Risk reward ratio.
If price retests $7k and it does not hold, I will not be entering this trade.
-------------------------------------------------------------------------------------------------------------
Day trader, trading primarily crypto currency focusing on BitMex pairs.
Want to learn to trade? Come join the best only trading community focusing on technical analysis and mindset!
Send me a message on tradingview or discord (Jordan S#2373)
Not signed up on BitMex? Use my link and save 10% on fees for 6 months.
bitmex.com/register/OZY10v
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Haftungsausschluss
Die Informationen und Veröffentlichungen sind nicht als Finanz-, Anlage-, Handels- oder andere Arten von Ratschlägen oder Empfehlungen gedacht, die von TradingView bereitgestellt oder gebilligt werden, und stellen diese nicht dar. Lesen Sie mehr in den Nutzungsbedingungen.