Morning everybody,
So, market was frightened a bit yesterday by virus news, as well as other markets across the board and shows different shape. Although it is indeed has tested 9K top again but shape has changed drastically and we haven't got
expected H&S pattern. Now we need to change the trading plan.
The breakout of daily K-resistance area @ 9K has vital meaning for short-term BTC performance. And our task is try to join this party with minimal risk. Here is what we offer.
First, and most simple way to act is to use Stop "Buy" order above daily K-area. Once market will break it, stops will be triggered and you will be on ride somewhere around 9.2-9.3K area. Next target will be 10-10.5K level.
Second way is more difficult but it also provides better entry price. We talk on possible momentum trade on 1H chart. Virus news have scared society and it let BTC to show solid rally yesterday with good upside momentum.
Now we need to wait for moderate pullback. Our favorite level here is K-support around the same 8.8K area. Here we could consider long entry. The only must condition is to move stops to breakeven when BTC starts to show upside action from this area.
Both scenarios reduce risk but have their own adv. and disadv.
So, market was frightened a bit yesterday by virus news, as well as other markets across the board and shows different shape. Although it is indeed has tested 9K top again but shape has changed drastically and we haven't got
expected H&S pattern. Now we need to change the trading plan.
The breakout of daily K-resistance area @ 9K has vital meaning for short-term BTC performance. And our task is try to join this party with minimal risk. Here is what we offer.
First, and most simple way to act is to use Stop "Buy" order above daily K-area. Once market will break it, stops will be triggered and you will be on ride somewhere around 9.2-9.3K area. Next target will be 10-10.5K level.
Second way is more difficult but it also provides better entry price. We talk on possible momentum trade on 1H chart. Virus news have scared society and it let BTC to show solid rally yesterday with good upside momentum.
Now we need to wait for moderate pullback. Our favorite level here is K-support around the same 8.8K area. Here we could consider long entry. The only must condition is to move stops to breakeven when BTC starts to show upside action from this area.
Both scenarios reduce risk but have their own adv. and disadv.
ForexPeaceArmy BTC analytics :
forexpeacearmy.com/r/author/11/sive-morten-blog
FX, GOLD:
forexpeacearmy.com/community/forums/sive-morten-currencies-and-gold-video-analysis.122/
forexpeacearmy.com/r/author/11/sive-morten-blog
FX, GOLD:
forexpeacearmy.com/community/forums/sive-morten-currencies-and-gold-video-analysis.122/
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.
ForexPeaceArmy BTC analytics :
forexpeacearmy.com/r/author/11/sive-morten-blog
FX, GOLD:
forexpeacearmy.com/community/forums/sive-morten-currencies-and-gold-video-analysis.122/
forexpeacearmy.com/r/author/11/sive-morten-blog
FX, GOLD:
forexpeacearmy.com/community/forums/sive-morten-currencies-and-gold-video-analysis.122/
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.