Bitcoin still slightly favours bullish momentum
Two weeks past and nothing much has changed until the previous daily candle close which may give a glimpse of hope to the upside. (click here for my mid-term outlook)
Bitcoin has neither retested $8400, nor did the market follow through after the dump on the 11th Jun. On the weekly timeframe, it has the look of a range box, or a possible ascending triangle. Whether it will breakup or down nobody has a clue. Remember, as a trader we don't predict, but react.
Currently, the price is at the bottom of the range, with the previous 2x daily candles as a bullish engulfing pattern. This means that the price actions still favours the bullish momentum. Thus, we can find the pullback to buy with the middle of the uptrend channel and -0.272 reverse fib of the previous swing between $8900 & $10429 as the target (around $10,800). This setup can give us a pretty good risk reward.
As mentioned recently, my focus at the moment is to see if there is an alts season that can give me a chance of securing some my profits on my long term alts portfolio. There is no point of trying to make sense of the current Bitcoin movement and forcing yourself into trades.
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Risk management series:
Bitcoin has neither retested $8400, nor did the market follow through after the dump on the 11th Jun. On the weekly timeframe, it has the look of a range box, or a possible ascending triangle. Whether it will breakup or down nobody has a clue. Remember, as a trader we don't predict, but react.
Currently, the price is at the bottom of the range, with the previous 2x daily candles as a bullish engulfing pattern. This means that the price actions still favours the bullish momentum. Thus, we can find the pullback to buy with the middle of the uptrend channel and -0.272 reverse fib of the previous swing between $8900 & $10429 as the target (around $10,800). This setup can give us a pretty good risk reward.
As mentioned recently, my focus at the moment is to see if there is an alts season that can give me a chance of securing some my profits on my long term alts portfolio. There is no point of trying to make sense of the current Bitcoin movement and forcing yourself into trades.
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Risk management series:
- Chapter 1: 1% rule
- Chapter 2: How to calculate position size?
- Chapter 3: The Sweet Spot
- Chapter 4: Scalability
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