Bitcoin XBTUSD $7k breakout?!
Bitcoin - 4hr - BitMex(XBTUSD)
BTC has been creating Higher-lows and respecting the short term uptrend, since Mach 16.
Resistance was found at 7k tested multiple times and was rejected until today, when price was squeezed and is starting to creep above 7k.
BTC has had a 4hr close above 7k which is the first step towards a breakout to the upside.
I will be looking for a long opportunity from a retest of 7k, to confirm that previous resistance is now support. (wicks to the downside - bullhammer or bullish engulfing from this level - morning star)
The target I am aiming for will be just below $7,700. $7,700 is previous structure/supply and close to 61.8% Fibonacci retracement level.
Stop loss placement for this trade will be clear after the retest of 7k happens.
Providing the retest of 7k holds and gives some clear structure for a stop loss placement the trade could provide a 2.5:1 Risk reward ratio.
If price retests 7k and it does not hold, I will not be entering this trade.
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Day trader, trading primarily crypto currency focusing on BitMex pairs.
Want to learn to trade? Come join the best only trading community focusing on technical analysis and mindset!
Send me a message on tradingview or discord (Jordan S#2373)
Not signed up on BitMex? Use my link and save 10% on fees for 6 months.
bitmex.com/register/OZY10v
BTC has been creating Higher-lows and respecting the short term uptrend, since Mach 16.
Resistance was found at 7k tested multiple times and was rejected until today, when price was squeezed and is starting to creep above 7k.
BTC has had a 4hr close above 7k which is the first step towards a breakout to the upside.
I will be looking for a long opportunity from a retest of 7k, to confirm that previous resistance is now support. (wicks to the downside - bullhammer or bullish engulfing from this level - morning star)
The target I am aiming for will be just below $7,700. $7,700 is previous structure/supply and close to 61.8% Fibonacci retracement level.
Stop loss placement for this trade will be clear after the retest of 7k happens.
Providing the retest of 7k holds and gives some clear structure for a stop loss placement the trade could provide a 2.5:1 Risk reward ratio.
If price retests 7k and it does not hold, I will not be entering this trade.
-------------------------------------------------------------------------------------------------------------
Day trader, trading primarily crypto currency focusing on BitMex pairs.
Want to learn to trade? Come join the best only trading community focusing on technical analysis and mindset!
Send me a message on tradingview or discord (Jordan S#2373)
Not signed up on BitMex? Use my link and save 10% on fees for 6 months.
bitmex.com/register/OZY10v
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