My buy orders are in!
I will use a tight stop-loss. Here's why.
Bitcoin is rising in a broadening triangle pattern. This is very unusual in any market, and does not give you a strong indication about which direction the price will choose, but it is still a regular repeating pattern, which gives us a good chance of getting a decent breakout on the upside or the downside of BTCUSD.
I'm not interested in the bearish side of BTC at the moment, but I am willing to buy Bitcoin on an upside breakout. The pink line is about the right distance away from the blue breakout line 1) to ensure we don't get sucked into too many false breakouts, but 2) to still give us decent profit potential. It's the GOLDILOCKS line - neither too hot nor too cold.
My stop-loss will be tight (close to my buy point) because this is not a particularly convincing pattern - it has no horizontal line and horizontal lines are generally a lot more reliable.
As with any trading possibility, if it works then great! (next stop - moon, lambo, or whatever), if it doesn't work I'll be out with a small profit or small loss. No problem.
I will use a tight stop-loss. Here's why.
Bitcoin is rising in a broadening triangle pattern. This is very unusual in any market, and does not give you a strong indication about which direction the price will choose, but it is still a regular repeating pattern, which gives us a good chance of getting a decent breakout on the upside or the downside of BTCUSD.
I'm not interested in the bearish side of BTC at the moment, but I am willing to buy Bitcoin on an upside breakout. The pink line is about the right distance away from the blue breakout line 1) to ensure we don't get sucked into too many false breakouts, but 2) to still give us decent profit potential. It's the GOLDILOCKS line - neither too hot nor too cold.
My stop-loss will be tight (close to my buy point) because this is not a particularly convincing pattern - it has no horizontal line and horizontal lines are generally a lot more reliable.
As with any trading possibility, if it works then great! (next stop - moon, lambo, or whatever), if it doesn't work I'll be out with a small profit or small loss. No problem.
Trade active
So, I bought BTC. I'm well into profit now.Check out my latest Idea, which gives a long update on this one.
THE CRYPTO TRADER: How anyone can make money trading Bitcoin and other cryptocurrencies
Published by Harriman House.
This link should take you to your local Amazon site.
getbook.at/TheCryptoTrader
Published by Harriman House.
This link should take you to your local Amazon site.
getbook.at/TheCryptoTrader
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.
THE CRYPTO TRADER: How anyone can make money trading Bitcoin and other cryptocurrencies
Published by Harriman House.
This link should take you to your local Amazon site.
getbook.at/TheCryptoTrader
Published by Harriman House.
This link should take you to your local Amazon site.
getbook.at/TheCryptoTrader
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.