Dear followers,
I just like to give you an update as BTC is currently testing EMA20 & EMA50 as support. If you have seen my previous post, I have shown you that the drop is expected.
Previously I have sold some of my buy positions between $9028 & $8875 (highlighted in yellow). So right now, I can decide whether to re-buy my positions @ around $8650, or I can just wait for the break out of the bull flag.
If I were an aggressive trader, I would place my buy position now and set my SL at around $8100 (3% below the 0.618 retrace). This will give me a risk/reward ratio of around 2.5. However, if I were not, then I will just wait for the break of the bull flag to the upside. I know you might ask - "then, this means that you re-buy at a position that is higher than your sold price". Well, if I were not an aggressive trader, I would have not sold my positions @$9028 in the first place.
I am just giving you the logic behind my trading at instance like this. Please find your optimal entry and exit strategy that is most comfortable for you. If you enter a trade that you are not comfortable with, the likelihood of you making an impulse move is high and that is usually when you make a wrong decision.
This is for education purpose. Please trade with care.
Taiwan Bear
I just like to give you an update as BTC is currently testing EMA20 & EMA50 as support. If you have seen my previous post, I have shown you that the drop is expected.
Previously I have sold some of my buy positions between $9028 & $8875 (highlighted in yellow). So right now, I can decide whether to re-buy my positions @ around $8650, or I can just wait for the break out of the bull flag.
If I were an aggressive trader, I would place my buy position now and set my SL at around $8100 (3% below the 0.618 retrace). This will give me a risk/reward ratio of around 2.5. However, if I were not, then I will just wait for the break of the bull flag to the upside. I know you might ask - "then, this means that you re-buy at a position that is higher than your sold price". Well, if I were not an aggressive trader, I would have not sold my positions @$9028 in the first place.
I am just giving you the logic behind my trading at instance like this. Please find your optimal entry and exit strategy that is most comfortable for you. If you enter a trade that you are not comfortable with, the likelihood of you making an impulse move is high and that is usually when you make a wrong decision.
This is for education purpose. Please trade with care.
Taiwan Bear
Note
Dear followers,If we can get back to the bull flag and close within the bull flag in the next 2-3 candles that will be a very bullish signal and I will place my buy positions and set my SL @8440. If not, I will be really worried.
I have always been short term bullish since the recent dip as my mid-April target is still @$4400, in which I have mentioned in my last post.
Note
Dear followers,If this candle closes above $8685, then I will place my buy positions and set my SL @$8440, like I have mentioned above. When I made a decision, I stick to it. Plus, this is a trade with a risk/reward ratio of around 6. But please remember, there is always a risk involved.
My original call:
Note
Unfortunately, SL was hit @ $8440, with a 2.9% loss. However, I want you to look at the price action when BTC touched the 0.618 retrace, BTC quickly bounced back once it touched the 0.618 retrace. This could imply that the retrace cycle of the short-term uptrend from 0.382 to 0.618 has completed and is now continuing the uptrend to the 0.236 fib retrace @$9452.7. And this will mean that my original predictions are still in play. However, if BTC doesn’t go back above the 0.5 retrace and gets rejected as soon as BTC touched the 0.5 retrace, it could mean that BTC is going down sooner than I expected, not just $7230, but $6000, or even further.
Please keep in mind the current price action is too risky to trade if you are not willing to take the risk. The risk/reward ratio is great, but the risk itself is high.
For now, I will just sit on the sideline and wait for a confirmation signal.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.