BITCOIN (BTCUSD) Resumes It's Bull Rally Towards 1 Year Highs
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I am long on Bitcoin and took a buy entry as of earlier this week. BTCUSD has been bullish and on my watchlist for the past several months but due to lots of uncertainty and choppy range bound conditions I stood out until further notice.
The pair rises on its own and I do not control market movement so I only participate when the pattern, context & triggers all align forming the ideal market condition for me to trade and now price action is displaying everything in alignment.
As of an hour ago I just moved my stop loss up to 34069.00 which is less than half my initial risk (0.5R).
I do believe that we will see 40000.00 hit before the year is over and that is my longer term target as long as momentum picks up and continues to show strength in the bull rally northbound.
I will get out at +3R target around 35860.00 if momentum shows signs of slowing.
My current trailing stop is dynamic and will be moved to break even later on in the day if we could see price reach above 37000.00 in the next 4-12 hours.
Updates will be provided below.
The link to my YouTube Technical Breakdown video explaining my exact entry & exit BEFORE this rally took off from Monday is in the link below.
You can actually see I had called this move and am not just predicting in hindsight.
Real-Time trading is what I do.
The pair rises on its own and I do not control market movement so I only participate when the pattern, context & triggers all align forming the ideal market condition for me to trade and now price action is displaying everything in alignment.
As of an hour ago I just moved my stop loss up to 34069.00 which is less than half my initial risk (0.5R).
I do believe that we will see 40000.00 hit before the year is over and that is my longer term target as long as momentum picks up and continues to show strength in the bull rally northbound.
I will get out at +3R target around 35860.00 if momentum shows signs of slowing.
My current trailing stop is dynamic and will be moved to break even later on in the day if we could see price reach above 37000.00 in the next 4-12 hours.
Updates will be provided below.
The link to my YouTube Technical Breakdown video explaining my exact entry & exit BEFORE this rally took off from Monday is in the link below.
You can actually see I had called this move and am not just predicting in hindsight.
Real-Time trading is what I do.
Nota
Due to TradingView's house rules, I cannot post my exact entry that I initially took on this pair so to view the exact time I entered the long you can check out my YouTube video where I broke this pair down and entered my order BEFORE this post.youtube.com/watch?v=eAlkP_eo-Cg
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