Looking at the close of the 1st 4H candle on the 2nd of April which is at 8.5, from this price point at 2.9 we are looking at a potential return of almost 300%.
We can see that the breakout of this descending channel is accompanied by high volume meaning there are a lot of buyers.
In addition, this is a very asymmetrical trade (the upside is much bigger than the downside) which makes it more appealing.
This being said, we have volume and we have asymmetry, which are 2 extremely strong characteristics of a good trade.
At this point, a break and a close below 2.3 on the 4H chart would raise a red flag, but for now, the trade is looking strong.
Targets are 3, 3.8, 4.5, 6.9 and finally 8.5.
Again, always watch Bitcoin on the side.
Any questions?
Good luck traders,
Remember not to break your rules
Habib
We can see that the breakout of this descending channel is accompanied by high volume meaning there are a lot of buyers.
In addition, this is a very asymmetrical trade (the upside is much bigger than the downside) which makes it more appealing.
This being said, we have volume and we have asymmetry, which are 2 extremely strong characteristics of a good trade.
At this point, a break and a close below 2.3 on the 4H chart would raise a red flag, but for now, the trade is looking strong.
Targets are 3, 3.8, 4.5, 6.9 and finally 8.5.
Again, always watch Bitcoin on the side.
Any questions?
Good luck traders,
Remember not to break your rules
Habib