Bitcoin: Bullish Pinbar
Bitcoin has given us a solid buy signal off of 34700 area. Considering how strong the above resistance is, I see little chance of push to 38.5K, but a test is highly probable in the next few days. Since the price is still few thousand points away from that resistance, we have more than enough room for a long setup.
Here's the idea: Take profit around 36250-36500, and stop loss around 33500.
If a conflicting signal is encountered, ADJUST. That may mean taking a small loss or reducing the stakes... With these levels, you have about 1:1.5 risk-reward ratio. If we see some good news or bullish indicator, a higher take profit of ~36750-37000 could be set, but that increases the risk of no follow through on the sell order. Same rule, if the price gets to 35K or 36K and we see a conflicting signal, it's time to move out. Reduce your risk. Secure the profits you already made.
37K resistance dates back loooong time ago, it will not break easily, especially not in this environment. We have a strong dollar putting bearish pressure on everything, the S&P is not looking good, the bonds are horrible for bullruns... We have a bullish momentum, but there is no evidence that it can be supported for too long. Take that into account.
Thank you for reading and I hope you find it helpful.
Here's the idea: Take profit around 36250-36500, and stop loss around 33500.
If a conflicting signal is encountered, ADJUST. That may mean taking a small loss or reducing the stakes... With these levels, you have about 1:1.5 risk-reward ratio. If we see some good news or bullish indicator, a higher take profit of ~36750-37000 could be set, but that increases the risk of no follow through on the sell order. Same rule, if the price gets to 35K or 36K and we see a conflicting signal, it's time to move out. Reduce your risk. Secure the profits you already made.
37K resistance dates back loooong time ago, it will not break easily, especially not in this environment. We have a strong dollar putting bearish pressure on everything, the S&P is not looking good, the bonds are horrible for bullruns... We have a bullish momentum, but there is no evidence that it can be supported for too long. Take that into account.
Thank you for reading and I hope you find it helpful.
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