Bitcoin Bullish Confirmation or Breakdown?
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Hello folks. We will begin today to reveal our strategy that yields to date 2600% profits. Follow along as we win some, lose some and profit, profit profit.
Today we made two trades:
1. Exit our short scalp from $8650
2. Took a long trade at $8410
Although we are currently in a long position, keep in mind that have published this idea as neutral until we break the 4h 21e with confirmation of candle close.
We had a nice test of the lower support earlier (6am NYC time) and failed to break $8200. This is a bullish signal with 4h candle closes above this support line. However, price action has still failed to confirm above the 4h 21 exponential moving average.
Medium time frames aka: 4 hour are a mixed bag at the moment.
Edge Trader signaled to buy at $8410. Because of the rejection at $8210, we took this long signal. This was also a good place to manage risk for us as we see lower support tested with a quick rejection sustained with strong buy volume for the following 4 hours (bullish). Here, we have entered a 1% stoploss which would stop us at $8325. Keep in mind that any 2h or more candle close above $8200 is bullish. 2h or higher candle close below $8200 increases risk for further breakdown into the high $7 thousands.
Macro is still on a downtrend, but a strong weekly close this Sunday could reveal a reversal to that. Lets see how it holds up.
Keep in mind
CME weekly closes today which has been driving the Bitcoin price action. We consider any close about 8200 to be bullish.💪
Watch the 4h 21. 4h closure above the 21 is the next bullish confirmation.
DONT FORGET THE TRADING RULES:
Always PLAN YOUR TRADES before you place them
Never risk more than 2-5% (maximum) of your account per trade
Use a stop loss
Take profits at key levels or trail your stop accordingly
*This is not financial advice.
Today we made two trades:
1. Exit our short scalp from $8650
2. Took a long trade at $8410
Although we are currently in a long position, keep in mind that have published this idea as neutral until we break the 4h 21e with confirmation of candle close.
We had a nice test of the lower support earlier (6am NYC time) and failed to break $8200. This is a bullish signal with 4h candle closes above this support line. However, price action has still failed to confirm above the 4h 21 exponential moving average.
Medium time frames aka: 4 hour are a mixed bag at the moment.
Edge Trader signaled to buy at $8410. Because of the rejection at $8210, we took this long signal. This was also a good place to manage risk for us as we see lower support tested with a quick rejection sustained with strong buy volume for the following 4 hours (bullish). Here, we have entered a 1% stoploss which would stop us at $8325. Keep in mind that any 2h or more candle close above $8200 is bullish. 2h or higher candle close below $8200 increases risk for further breakdown into the high $7 thousands.
Macro is still on a downtrend, but a strong weekly close this Sunday could reveal a reversal to that. Lets see how it holds up.
Keep in mind
CME weekly closes today which has been driving the Bitcoin price action. We consider any close about 8200 to be bullish.💪Watch the 4h 21. 4h closure above the 21 is the next bullish confirmation.
DONT FORGET THE TRADING RULES:
Always PLAN YOUR TRADES before you place them
Never risk more than 2-5% (maximum) of your account per trade
Use a stop loss
Take profits at key levels or trail your stop accordingly
*This is not financial advice.
Nota
BTC failed to break the 4h 21e and as such we have stop lossed on this trade.Some might say this is another buying opportunity, but we will sit out until we see a 4 hour close above the 21e or a 2h close below 8200.
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