BITCOIN is STARTING a NEW BULL TREND: 5 TO 1 R/R (Short term trade)
Hope y'all have a good day. Crypto is starting to be looking bright once again. Here we go with a 5 to 1 risk/reward ratio trade on the very short term.
After some weeks of patience, most active traders will find now several opportunities to trade with profitable risk/reward ratios.
15 min chart BTC/USDT
Channeling is doing a great job. Also Elliot Wave is Clear. RSI is showing a strong bull signal and could be doing a fractal like the starting of prior bull wave
Risk/Reward Ratio of 5 to 1 in a very short period of time.
Basically we're buying the low to sell the high of the channel.
However, EW 3-4 wave could also be a 1-2 of a 5 wave move of a superior degree wave.
Conclutions
Technical analysis is aligned with Elliot and major statistical indicators show oversold prices for bitcoin right now.
Good trade off risk/reward and good momentum for some recovery after weeks of slow bleeding.
It's not a recommendation. Use for informational purpose only.
Thanks for Reading!
Great post! Your short term analysis is usually pretty spot on so it’s good to see you back posting on Steemit after a short break. I’d tend to agree that we are 1-2 of a medium term trend
Thanks for your support. Hopefully we're just accumulating for an extended bull wave.
Mid term trend can go up to 10-12k in a hurry. Let's see how it plays out. Trade safe.
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