Bitcoin Hedge Long Trade
Hello Friends
If you read my previous TV ideas, you know that my primary bias is bearish.
Nonetheless, I think it is wise to open a hedge long position at the 28.5K level. I expect Bitcoin to react positively to this level for the following reasons:
1. 28.5K is a long-standing support/resistance level.
2. The 100 D EMA is at 28,460 USDT.
3. Support at the upward sloping trendline.
Trade Idea:
• Entry: 28,500 USDT (confluence mentioned above).
• SL: 27,937 USDT (0.5 fib retracement).
• Target: 29,500 (previous range low support).
• R: R: 1:2.77
NFA.
What do you think? Please share in the comments.
Best Wishes.
If you read my previous TV ideas, you know that my primary bias is bearish.
Nonetheless, I think it is wise to open a hedge long position at the 28.5K level. I expect Bitcoin to react positively to this level for the following reasons:
1. 28.5K is a long-standing support/resistance level.
2. The 100 D EMA is at 28,460 USDT.
3. Support at the upward sloping trendline.
Trade Idea:
• Entry: 28,500 USDT (confluence mentioned above).
• SL: 27,937 USDT (0.5 fib retracement).
• Target: 29,500 (previous range low support).
• R: R: 1:2.77
NFA.
What do you think? Please share in the comments.
Best Wishes.
