Bitcoin (BTC/XBT) Daily Long&Short Trade Setups 2021/03/23
Market Overview
Trade Setups
Below are the potential trade setups that I would be interested in trading:
Short Trade Setup #1: Retest and Continuation (200MAs)
1. Price Action: Price needs to move back up to the 200MAs, currently projected to be @ $56-56.5K by the time price reaches it, and bounce back down.
2. Trade Entry Confirmations: Bearish candlestick pattern, above average volume, MACD topping out
Once price reaches the 200MAs, if it does not collapse and is able to form a consolidation area, then a break above that consolidation area above the 200MAs could also give us a good long trade entry.
My Recent Trades
DISCLAIMER: I am NOT a financial advisor and this post is NOT financial/investment/trading advice. I am simply sharing what I am doing, and I will not be responsible for any actions you take based on the analysis and comments that I provide. The cryptocurrency market is extremely volatile, and you WILL lose all your money if you are inexperienced! DO NOT risk any money that you cannot afford to lose and always be cautious and manage your risk!
What are your thoughts? Please leave your ideas and analysis in the comments below! Do give the post a like and a follow.
- Price Action: Bitcoin took a deep dive and right now is consolidating near the lows of $53K. It is critical that this level holds and price bounces up from here, otherwise the door to $50K, $45K, and even $40K is opened up. If price bounces from here, the first major level of resistance is the 200MAs @ $56-56.5K. If price is then able to break above that, then Bitcoin is in a good position to break AllTimeHighs. In short, what happens at this level will determine the major trend in the mid-term.
- Patterns: N/A
- Areas of Interest: The area(s) of interest for me are the 200MAs @ $56-56.5K. Once price reaches one of these areas, I will monitor for entry confirmations. If the entry confirmations are aligned, I will take a trade and share the my trade in real time. Of course, it is possible we just pump to ATH of $58K directly from here, in which case we will be looking for trading opportunities at that level.
Trade Setups
Below are the potential trade setups that I would be interested in trading:
Short Trade Setup #1: Retest and Continuation (200MAs)
1. Price Action: Price needs to move back up to the 200MAs, currently projected to be @ $56-56.5K by the time price reaches it, and bounce back down.
2. Trade Entry Confirmations: Bearish candlestick pattern, above average volume, MACD topping out
Once price reaches the 200MAs, if it does not collapse and is able to form a consolidation area, then a break above that consolidation area above the 200MAs could also give us a good long trade entry.
My Recent Trades
- 2021/ 03/15: I had a winning trade! I entered long @ $$60,000, SL @ $$58,705, price reached a high of $60,633.4, giving a risk reward ratio of 0.5:1.
- 2021/ 03/01: I had a winning trade! I entered long @ $46,288.00, SL @ $45797.19, price reached a high of $49,470.0, giving a risk reward ratio of 6.5:1.
- 2021/ 02/28: I had a winning trade! I entered long @ $44,875.0, SL @ $43,800.0, price reached a high of $45,530.6, giving a risk reward ratio of 0.6:1.
DISCLAIMER: I am NOT a financial advisor and this post is NOT financial/investment/trading advice. I am simply sharing what I am doing, and I will not be responsible for any actions you take based on the analysis and comments that I provide. The cryptocurrency market is extremely volatile, and you WILL lose all your money if you are inexperienced! DO NOT risk any money that you cannot afford to lose and always be cautious and manage your risk!
What are your thoughts? Please leave your ideas and analysis in the comments below! Do give the post a like and a follow.
