BTC/USD Fantastic Weekend Trade Opportunity - By Trading-Guru

19 de set. de 2020

In this technical analysis I will walk you through the most important technicals on the 1h chart on BTC/USD at the moment.

There are some great trading opportunities coming up as BTC is trending upwards.

First of all let's discuss the ascending channel. We can see that after the large sudden drop from $12,000 to $9,800 the volatility has reduced and the price started trending upwards with moderate consistency.

Whenever you trade an ascending channel the most important part is your entry point. As the channel is ascending, obviously you are considering a long position.

For a long position it is important that you enter as low as possible to maximize your risk-reward-ratio. That's why I suggest following the orange line here and trade on the scenario that the channel holds.

You would want to enter near the support line of the channel arund a level of $10,800.

Overall we can see that there is a very good uptake possibility here on BTC/USD as we have only retraced half of the entire drop from $12,000.

The second part I want to highlight is the weekend-weekday approach. Often times volatility is lower in the weekend and the price starts breaking out of patterns when the week starts.

That's why I drew the vertical line for you. This is the moment a new week will start, if the price hasn't fully retraced yet at that time it's probably good to consider a long position anyway.

The most logical direction for the next outbreak would be bullish given the overwhelming majority of bulls in the past 14 days, pushing the price up from $9,800 to $10,800.

For your exit strategy I want to highlight a few factors. I see three approaches here depending on the risk you want to take.

The low risk option would be to exit the trade near the golden pocket or 0.618 fib retracement. This is a logical first place where the price could find resistance.

The medium risk option would be to exit near the resistance line of the ascending channel, this would be the next logical place the price can find resistance.

The high risk option would be to exit slightly underneath a horizontal level of psychological resistance, for instance around $12,000 or even $12,500.

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- Trading Guru

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Disclaimer!
This post does not provide financial advice. It is for educational purposes only!

19 de set. de 2020

Nota

Woowww! And lift-off. Bitcoin printed a really significant green candle directly after publishing this idea. I did *not* see that coming.



I now have two important suggestions. First of all, please keep an eye on my take profit strategy. If you are in a long position right now, make a decision about your low risk, medium risk and high risk exit strategies as outlined in the idea description.

The second suggestion is not to enter anymore now if you weren't in already. The price is decreasing already and the pump was shortlived. Try to get an antry near the 0.5 Fib retracement for better risk-reward.

20 de set. de 2020

Trade ativo

The retracement has played out successfully! After an initial large increase in price the momentum has changed and played out exactly according to our plan.

This means that now we enter a great location for a LONG position. Follow my next steps here and join me in the trade!

Please remember that I make all of this available for free, a thumbs up on my next idea will help me out greatly.