Bitcoin - Shorting with a beautiful Risk Reward
Bitcoin gave us today a perfect example why the concept of support and resistance is working very well in all timeframes.
Reason for shorting BTCUSD:
We had a trendline which was acting as support and we broke it with a big red candle.
We wait for the price to comeback and touch the trendline (kiss and go) and we take our short at the close of that candle.
SL: 1% above the trendline.
TP: I am targeting the 0.618 Fibonacci retracement which is next to the weekly level where I will be taking a long.
If you like my simple way of trading, please comment "I like it" and follow me!
Have a wonderful day traders,
And give me some love,
Thank you!
Reason for shorting BTCUSD:
We had a trendline which was acting as support and we broke it with a big red candle.
We wait for the price to comeback and touch the trendline (kiss and go) and we take our short at the close of that candle.
SL: 1% above the trendline.
TP: I am targeting the 0.618 Fibonacci retracement which is next to the weekly level where I will be taking a long.
If you like my simple way of trading, please comment "I like it" and follow me!
Have a wonderful day traders,
And give me some love,
Thank you!
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