In this article, we want to give you a “heads up” on Bitcoin.
The instrument is forming a rounded bottom wedge at the 6000-6500 support zone.
We are seeing the narrowing of the range recently and a series of the higher lows. This is providing a perfect long risk to reward entry.
In this kind of situations, waiting is not a good option. Traders should execute buy trades as early as possible. The risk by placing a stop loss below the 5850 level is almost $650 but the possible reward could be much greater even more than $1000 per unit if we get a significant break above the 7400 key upside resistance level. Profit target should be no higher than the 10500-11000 zone. 11210 level represents 38.2% of the Fibonacci retracement for the 20000-5800 swing down.
By using our top-down trading technical analysis we have identified the key levels which will be triggers for the entry and exit, based on the present market conditions of the instrument.
Happy trading! (click on the chart to enlarge it)
Through time we have developed a very respectable trading strategy which defines Entry, Stop loss and Take Profit levels with high accuracy and allows you to make position risk free. We are publishing daily and weekly analysis and 5-10 trade alerts per week directly on your mobile device via Private twitter feed and Private Telegram group!
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