BTC: Understanding Proper Rewards for Longs and Shorts
Short term: Bitcoin is trading between two tight resistance and support zones. It would be best to take a position near the resistance zone at this point in time due to the amount of risk involved in terms of percentage gains/losses. If Bitcoin manages to break above our resistance zones, another long entry after some form of consolidation is shown at our new resistance turned support area, the reward becomes much higher at that point. But until then, we shall see how Bitcoin reacts.
Medium term: We still believe Bitcoin is increasingly bearish due to the sheer pressure after two consecutive drops from strong support lines. We will update the market as we start hitting major
In other words, it's advised to NOT trade in-between any tight confluence zone. DO not be desperate to enter the market. We are showing you the BEST possible entries for the current short term and mid term.
Advice for bulls:
- Longing here does not make sense as we might be trading in a rising wedge.
- Best entry for longs would be when our resistance zone in red turns into support.
Advice for shorts:
- Entering at the resistance zone makes more logical sense in terms of entering as you can minimize the risk of your total loss on the position, but also be exposed to the market if you are feeling bearish. S/L is shown in the gray box above our resistance zone.
- If all goes well for bears, you will be expecting a much higher reward for shorting the market at the resistance zone, instead of betting on the market right now.
Trade Safe.
X Force
Medium term: We still believe Bitcoin is increasingly bearish due to the sheer pressure after two consecutive drops from strong support lines. We will update the market as we start hitting major
In other words, it's advised to NOT trade in-between any tight confluence zone. DO not be desperate to enter the market. We are showing you the BEST possible entries for the current short term and mid term.
Advice for bulls:
- Longing here does not make sense as we might be trading in a rising wedge.
- Best entry for longs would be when our resistance zone in red turns into support.
Advice for shorts:
- Entering at the resistance zone makes more logical sense in terms of entering as you can minimize the risk of your total loss on the position, but also be exposed to the market if you are feeling bearish. S/L is shown in the gray box above our resistance zone.
- If all goes well for bears, you will be expecting a much higher reward for shorting the market at the resistance zone, instead of betting on the market right now.
Trade Safe.
X Force
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📢 Twitter | twitter.com/XForceGlobal
🎥 YouTube | youtube.com/c/XForceGlobal
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