Bitcoin (BTC/XBT) Daily Long&Short Trade Setups 2021/03/02

Hi guys! I will be sharing the trades that I take in real time, follow to see how my trades work out!
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Market Overview

• Price Action: Bitcoin has continued to show strength after breaking out of the resistance trendline and above the 200MAs, each time retesting the levels, turning resistance into support. Bitcoin has rallied almost 17% from a bottom of 43K to a high of 50K. It is currently retracing slightly after touching the 50K level. During this run up, we took two successful long positions on Bitcoin, congratulations to all who took the trades with me and made some nice gains.
  
• Patterns: N/A
  
• Areas of Interest: The area(s) of interest for me are the 200MAs @ 47K and the Highs @ 50K. Once price reaches one of these areas, I will monitor for entry confirmations. If the entry confirmations are aligned, I will take a trade and share the my trade in real time.
  

Trade Setups
Below are the potential trade setups that I would be interested in trading:

Long Trade Setup #1: Retest and Continuation (200MAs)
1. Price Action: Price needs to move back down to the 200MAs, currently projected to be @ 47K by the time price reaches it, and bounce back up.
2. Trade Entry Confirmations: Bullish candlestick pattern, above average volume, MACD bottoming

Long Trade Setup #2: Breakout and Continuation
1. Price Action: Price breaks above and falls back down to 50K and bounce back up.
2. Trade Entry Confirmations: Bullish candlestick pattern, above average volume, MACD bottoming

Short Trade Setup #1: False Breakout
1. Price Action: Price breaks above and then falls below the high @ 50K, forming a bull trap
2. Trade Entry Confirmations: A breakout candlestick followed by a breakdown candlestick, above average volume on both breakout candle and breakdown candle, MACD topping out

My Recent Trades

• 2021/ 03/01: I had a winning trade! I entered long @ $46,288.00, SL @ $45797.19, price reached a high of $49,470.0, giving a risk reward ratio of 6.5:1.
  
• 2021/ 02/28: I had a winning trade! I entered long @ $44,875.0, SL @ $43,800.0, price reached a high of $45,530.6, giving a risk reward ratio of 0.6:1.
  
• 2021/ 02/22: I had a winning trade! I entered long @ $56,850.0, SL @ $56,379.0, price reached a high of $57,274.0, giving a risk reward ratio of 0.7:1.