BTC broke downtrend channel with a successful rebound. OTW up!
BTC in clear path of recovery. Watch out for the green channel
My plan for today's trade:
BTC broke its downtrend channel and now back to its uptrend rally again. Its a pretty clear straight forward one way direction at the moment, do not fight the trend. Taking a long position is less risky than going short as of now.
Use the green channel as your stop loss guide, and as you profit, they can be your stop profit level. It might penetrate the channel a bit here and there, but as long as they don't cross down strongly (by making a new lower low in the hourly), the uptrend should continue.
I will wait for short term pullback back nearer to the bottom green line before making a long position.
Good luck and happy weekend!
The arrow icons are guide lines. It will not hit exactly on the same spot.
Use them as guidelines to make decisions based on the ongoing channel lines closest to it. A rejection usually occurs when the line is hit. These are where u usually enter your trade, or set your stop loss, or gradually increasing your stop profit point.
1) breaking the channel line means continuation of the current trend.
2) rejection of the channel line means reversal of the current trend.
The arrow patterns are possible movement path. It will not move exactly as how they were drawn. Use them as guidelines to consider your decision
Please always remember to put a stop loss when you first enter a position, a stop profit when you are already in profit, and never chase a trade.
Should you have any questions or inputs, please let me know in the comment section, I will always answer them as best as I can,
Thanks for stopping by to my post, hope it can help you better in your decision making.
Please support my idea with a like should you find my idea helpful, it will mean a lot to me. Thanks and kindest regards!
My plan for today's trade:
BTC broke its downtrend channel and now back to its uptrend rally again. Its a pretty clear straight forward one way direction at the moment, do not fight the trend. Taking a long position is less risky than going short as of now.
Use the green channel as your stop loss guide, and as you profit, they can be your stop profit level. It might penetrate the channel a bit here and there, but as long as they don't cross down strongly (by making a new lower low in the hourly), the uptrend should continue.
I will wait for short term pullback back nearer to the bottom green line before making a long position.
Good luck and happy weekend!
The arrow icons are guide lines. It will not hit exactly on the same spot.
Use them as guidelines to make decisions based on the ongoing channel lines closest to it. A rejection usually occurs when the line is hit. These are where u usually enter your trade, or set your stop loss, or gradually increasing your stop profit point.
1) breaking the channel line means continuation of the current trend.
2) rejection of the channel line means reversal of the current trend.
The arrow patterns are possible movement path. It will not move exactly as how they were drawn. Use them as guidelines to consider your decision
Please always remember to put a stop loss when you first enter a position, a stop profit when you are already in profit, and never chase a trade.
Should you have any questions or inputs, please let me know in the comment section, I will always answer them as best as I can,
Thanks for stopping by to my post, hope it can help you better in your decision making.
Please support my idea with a like should you find my idea helpful, it will mean a lot to me. Thanks and kindest regards!
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