BTC Small breakout from bearish channel. Will it continue?
BTC had a small breakout from its downtrend channel and is now trying to pushback up. Multiple resistances ahead, breaking out the yellow line will confirm bull dominance
My plan for today's trade:
I plan to long on orange arrow (risky since its a very small channel), and average up should the channel break at the green arrow. Stop loss will be set at blue line and will stop my long near the red arrow or the current strongest resistance (yellow line). Depending how BTC moves afterwards, I will either continue my long or enter a short.
Its going to be quite choppy today, if you prefer to play it safe. Enter at green arrow rather than orange, although there is a risk that BTC will not touch it and continue its upward progress directly towards the orange/yellow line.
The arrow icons are guide lines. It will not hit exactly on the same spot.
Use them as guidelines to make decisions based on the ongoing channel lines closest to it. A rejection usually occurs when the line is hit. These are where u usually enter your trade, or set your stop loss, or gradually increasing your stop profit point.
1) breaking the channel line means continuation of the current trend.
2) rejection of the channel line means reversal of the current trend.
The arrow patterns are possible movement path. It will not move exactly as how they were drawn. Use them as guidelines to consider your decision
Please always remember to put a stop loss when you first enter a position, a stop profit when you are already in profit, and never chase a trade.
Should you have any questions or inputs, please let me know in the comment section, I will always answer them as best as I can,
Thanks for stopping by to my post, hope it can help you better in your decision making.
My plan for today's trade:
I plan to long on orange arrow (risky since its a very small channel), and average up should the channel break at the green arrow. Stop loss will be set at blue line and will stop my long near the red arrow or the current strongest resistance (yellow line). Depending how BTC moves afterwards, I will either continue my long or enter a short.
Its going to be quite choppy today, if you prefer to play it safe. Enter at green arrow rather than orange, although there is a risk that BTC will not touch it and continue its upward progress directly towards the orange/yellow line.
The arrow icons are guide lines. It will not hit exactly on the same spot.
Use them as guidelines to make decisions based on the ongoing channel lines closest to it. A rejection usually occurs when the line is hit. These are where u usually enter your trade, or set your stop loss, or gradually increasing your stop profit point.
1) breaking the channel line means continuation of the current trend.
2) rejection of the channel line means reversal of the current trend.
The arrow patterns are possible movement path. It will not move exactly as how they were drawn. Use them as guidelines to consider your decision
Please always remember to put a stop loss when you first enter a position, a stop profit when you are already in profit, and never chase a trade.
Should you have any questions or inputs, please let me know in the comment section, I will always answer them as best as I can,
Thanks for stopping by to my post, hope it can help you better in your decision making.
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