It finally looks like, dare I say it, Bitcoin wants to break higher! We still need the last of the 3 requirements to be met before we can confirm that the bearish trend is over, but we will get that if the price trades at our entry level at 6618 before we have a new low.
So if we enter long, our first profit target will be at 6778 and our trailing stop is sitting 320 points away. At this stage there is no need to be concerned about the risk/reward level since we will only close part of the trade at our first profit level. As the market moves we will adjust our trend channel and stop levels.
let me know what you think!
So if we enter long, our first profit target will be at 6778 and our trailing stop is sitting 320 points away. At this stage there is no need to be concerned about the risk/reward level since we will only close part of the trade at our first profit level. As the market moves we will adjust our trend channel and stop levels.
let me know what you think!
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We have to cancel the long order since a new low was made before we entered long