Hey Traders so Bitcoin still in uptrend from what I see today.
Of course you never know for sure if support it going to hold but it had looked like it might at that 112,000 level.
For those new to trading think of support and resistance as supply and demand when market is overbought to much supply market pulls back when it hits a ceiling. If market oversold hits a floor and demand re enters causing buyers to re enter the market at the support level.
So whats next?
Quick lesson for those that may be new to this sport. I like to think of trading as a sport so think of your favorite sport whatever it is Basketball, Football, Soccer etc.
Then think your favorite team. Then imagine the offense and the defense strategy of that team.
Trading is no different for me offense if getting in market at good level or price. Then figuring out a way to slowly lock in profits.
Defense if protecting yourself by either first reducing risk or possibly break even. That way if market makes sudden reversal you won't lose as much. Or you won't lose anything because you moved the stop loss to break even.
If you are trading futures, CFD or forex then you will have stop loss. But if your trading ETFS thats different you can manage risk differently.
Alright so bottom line 2 Scenarios.
Bullish- Well for anyone who make have taken a trade on buyzone consider some small profit taking or consider reducing risk by moving your stop loss up some maybe to 110,000. Or maybe even breakeven so you have low or no risk in the trade. Watch for a test of the all time high at 123,362.
Bearish- I would say best to wait for reversal with break and daily close below 107,859. Then watch for Rally to sell but be careful because bullish momentum in strong at least for now.
COT- Finally I will also bring to the attention the COT report shows Long Speculators are holding short positions still but have been recently closing them out. Which also shows bullish signs.
Good Luck & Always use Risk Management!
(Just in we are wrong in our analysis most experts recommend never to risk more than 2% of your account equity on any given trade.)
Hope This Helps Your Trading 😃
Clifford
Of course you never know for sure if support it going to hold but it had looked like it might at that 112,000 level.
For those new to trading think of support and resistance as supply and demand when market is overbought to much supply market pulls back when it hits a ceiling. If market oversold hits a floor and demand re enters causing buyers to re enter the market at the support level.
So whats next?
Quick lesson for those that may be new to this sport. I like to think of trading as a sport so think of your favorite sport whatever it is Basketball, Football, Soccer etc.
Then think your favorite team. Then imagine the offense and the defense strategy of that team.
Trading is no different for me offense if getting in market at good level or price. Then figuring out a way to slowly lock in profits.
Defense if protecting yourself by either first reducing risk or possibly break even. That way if market makes sudden reversal you won't lose as much. Or you won't lose anything because you moved the stop loss to break even.
If you are trading futures, CFD or forex then you will have stop loss. But if your trading ETFS thats different you can manage risk differently.
Alright so bottom line 2 Scenarios.
Bullish- Well for anyone who make have taken a trade on buyzone consider some small profit taking or consider reducing risk by moving your stop loss up some maybe to 110,000. Or maybe even breakeven so you have low or no risk in the trade. Watch for a test of the all time high at 123,362.
Bearish- I would say best to wait for reversal with break and daily close below 107,859. Then watch for Rally to sell but be careful because bullish momentum in strong at least for now.
COT- Finally I will also bring to the attention the COT report shows Long Speculators are holding short positions still but have been recently closing them out. Which also shows bullish signs.
Good Luck & Always use Risk Management!
(Just in we are wrong in our analysis most experts recommend never to risk more than 2% of your account equity on any given trade.)
Hope This Helps Your Trading 😃
Clifford
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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.
Related publications
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.