Bitcoin Market: +40% Trade Set-up.
Hi traders, here's my trading plan in case Bitcoin starts going on a tear.
Bitcoin.
The price has been squeezing up against resistance at $11.5, if that buying pressure is maintained, I wouldn't be surprised to see a short squeeze happens and the price break above resistance on a big candle with lots of volume;
If this scenario materializes, that will be my signal to add to my position which I will hold to $16.5k where I'll sell 70% of my trade, this move has a 40% upside potential;
I am sticking to Bitcoin on this trade because that's where most of the volume seems to be, I also have the feeling that altcoins might start losing against Bitcoin if we make a big move up (although they might gain in $ value) only to bounce back when Bitcoin finally finds resistance;
Until we break ATH, I am still under the assumption that this is just a dead cat bounce and that the market will eventually keep consolidating or turn bearish, hence my conservative target.
As usual trade carefully. If you liked this post please consider supporting the blog by upvoting, re-steeming and following yours truly.
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Cheers.
Nice análisis. Im really liking how btc is behaving, 10 k is actually a very great step stone that is getting throw kind of easily... After that becomes the true bottom for all of us this will shoot up like crazy. Cheers!
Yeah BTC is looking pretty bullish short term :) thanks for stopping by @etka
By the way, feel free to join our community, the link is the article!
Cheers mate! I'm not a trader.... Too stressful to me. Even holding has been an emotional roller-coaster
No problems if you're not a trader, we're open to all :)
Thanks for this informed analysis. I will try to use your strategy, hopefully recoup some of my losses from the drop in price of bitcoin since January 2018.
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Thanks for the re-steem @abasinkanga :) and good luck!
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We tend to see a pattern with many cryptoanalysts to a bullish run for Bitcoin.
Yeah, people are getting bored, I am waiting for BTC to break $11.5k clean to get in a momentum trade. If we get that I reckon altcoins might get flatlined on their BTC chart