Back again to make sure you don’t miss profits or opportunities.
We have just closed our previous BTC/USD trade with profits on both sections. We are looking at taking a nearly identical trade here, using the same analysis. Its really this easy.
Our analysis Friday (See below in related articles) was spot on with price consolidation below the 200EMA (Green Line). We have now seen a Break of the 200EMA and made profits from the resulting breakout. (A bit more would have been nice). Price has now pulled back the 200 again and this time is also testing the 38.2 Fib level (Overlaid) and is starting to head up again. We have the chance to repeat the trade and use what we have learnt.
We can see the current bar is now getting a long tail on the bottom as price rises, creating a Low-Test bar (Orange Arrow Below). If the bar closes above 10,400, then we can consider it . The Aggressive entry is to buy it there, its aggressive and HIGH Risk in this market.
The conservative Entry is to wait and buy at the high of the bar with Stop Loss below the bar and the 200 .
Conservative Entry $10,640 or above
Conservative Stop Loss $10,100
Targets Just before the yellow lines at $11,121 and $11,979.
To make Dollars your decisions need to make Sense. Leave the aggressive entries to the pros. They know how to apply more discretion to trades and get it right. Remember tomorrow most of the bigger traders will be back and BTC is likely to bounce around a bit.
Quote of the day
I will tell you how to become rich. Close the doors. Be fearful when others are greedy. Be greedy when others are fearful
The aggressive trader would of opened a position here.
The conservative will be waiting for price to reach 10,640 or above.