BTCUSD QUICK TRADE - GOING LONG IN BTCUSD📈Yesterday bitcoin unexpectedly hit the all-time high 112,000.00 level. Since after that the asset has been shaping the pennant chart pattern, which may be just a consolidation before next bullish impulse. In this case I consider openning
🔼 a buy stop order at 111458.95 with
💰a take profit at 113984.10 and
❌a stop loss at 110591.05
If this happens and we break the resistance level of 112,000.00, we may expect the bullish impulse climb towards 114,000.00 level (my take profit in this case is just below it). Let's see.
Trade closed: target reached
TRADING IDEA UPDATE - QUICK BTCUSD LONG TRADE - SUCCESS!🎉🎉🎉Yesterday BTCUSD went upwards and broke through the 112,000.00 resistance level. And that was huge! I didn't expect that the asset will go all the way towards 117,000.00 (and the price is still rising). Found some interesting quote on Cointelegraph : "Bitcoin short-sellers were pummeled on Thursday as the cryptocurrency surged to new all-time highs, resulting in more than $1 billion in short positions liquidated in 24 hours. " So, yeah, it looks like we observe some short-sellers stop-outs and liquidation, which is logical, cause I bet that many traders were entering short positions from 112,000.00 resistance level, previous ATH.
What am I going to do now?
Nothing. Really. Of course, it is really nice bullish impulse we observe here, but I don't have any idea where will it stop. It may go towards 120,000.00 level and reverse from it or may go higher. Or may start reversal from current prices, you never know. So, for now the best strategy is to stay aside, observe, analyze and wait for a suitable moment. There are numerous opportunities on the market, you just need cash, so preserve it😁
Congrats to everyone, who went long in BTCUSD yesterday! We made some money!🦾💰
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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.
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.