BTC/USDT 4H (Binance Fut.) Rising wedge & midline channel retest
Bitcoin is facing strong resistance right now and is showing some clear bearish pattern.
I'm expecting price to continue the downtrend towards channel support if doesn't break back upwards.
Current Price= 9435.00
Sell Entry= 9400.00 - 9498.00
Take Profit= 9044.64 | 8706.24 | 8379.50
Stop Loss= 9612.50
Risk/Reward= 1:2.58 | 1:4.54 | 1:6.54
Expected Profit= 64.20% | 117.90% | 198.00%
Possible Loss= -33.90%
Fib. Retracement= 0.786 | 1.272 | 2
Margin Leverage= 15x
Estimated Gain-time= 240h
I'm expecting price to continue the downtrend towards channel support if doesn't break back upwards.
Current Price= 9435.00
Sell Entry= 9400.00 - 9498.00
Take Profit= 9044.64 | 8706.24 | 8379.50
Stop Loss= 9612.50
Risk/Reward= 1:2.58 | 1:4.54 | 1:6.54
Expected Profit= 64.20% | 117.90% | 198.00%
Possible Loss= -33.90%
Fib. Retracement= 0.786 | 1.272 | 2
Margin Leverage= 15x
Estimated Gain-time= 240h
Trade fermée: ordre d’arrêt atteint:
Stopped at -2.26% loss (33.90% using 15x leverage) after being in +3.01% profit (45.15% using 15x) during the weekend. TP1 may have been a bit too far...
But as we can see in the chart, the rising wedge base and the mid-line channel resistance were retested again, so I'm still bearish but not trading Bitcoin right now. I will keep an eye on it to find a new short set-up.
Be safe and always manage risk and position size accordingly to your total balance!
But as we can see in the chart, the rising wedge base and the mid-line channel resistance were retested again, so I'm still bearish but not trading Bitcoin right now. I will keep an eye on it to find a new short set-up.
Be safe and always manage risk and position size accordingly to your total balance!
Commentaire:
As I was saying the other day, I was still bearish on BTC but after being stopped I didn't dare to publish a short again.
That's too bad because at last TP1 was reached during the night, if I would have used a R/R= 1:1 for first target as I'm used to, SL would have been 9853.36 and it wouldn't have been hit...
I will stick to that strategy in future because that's the one working for my trading style, using low leverage on High Time Frame.
That's too bad because at last TP1 was reached during the night, if I would have used a R/R= 1:1 for first target as I'm used to, SL would have been 9853.36 and it wouldn't have been hit...
I will stick to that strategy in future because that's the one working for my trading style, using low leverage on High Time Frame.
Take Profit= 9044.64 | 8706.24 | 8201.86
Stop Loss= 9662.50
Risk/Reward= 1:1.89 | 1:3.48 | 1:5.84