Bitcoin ST Outlook - 2 Long Trade Ideas Using Major Support $
Hello Traders
Here are 2 Long trade ideas for Bitcoin for the coming days / week.
Trade 1)
As you can see BTC is currently trending along a major support line. Yesterday I exited my short position from $47K, turned around and opened a long position at $39.2K.
- 1st let me start by saying I am still Bearish on BTC although I do believe BTC will bounce at this level.
- I believe BTC will bounce off this level and should hit at minimum $42K - $42.3K which is a minor resistance level.
- It's possible BTC will trend beyond $42.3K but I prefer not to get greedy especially when I am overall Bearish.
- BTC is still within the accumulation zone for a long position so feel free to pick some up around $40K and under.
- Sell at $42k - $42.3K
Trade 2)
- After the first move plays out I believe BTC will trend down to the $36.5K - $37K Major Support Line.
- I would expect another bounce up to the major support turned resistance at $39K - $40.5K (It's an angled trendline so price varies depending on when it's hit.
- I will enter a long position at the $37K major support level
- I will sell my position at the major resistance level around $40.5K
That's it, remember this is not financial advice and I am not a professional so enter trades with caution and have a solid risk management plan in place.
Happy Trading and Good Luck!
Here are 2 Long trade ideas for Bitcoin for the coming days / week.
Trade 1)
As you can see BTC is currently trending along a major support line. Yesterday I exited my short position from $47K, turned around and opened a long position at $39.2K.
- 1st let me start by saying I am still Bearish on BTC although I do believe BTC will bounce at this level.
- I believe BTC will bounce off this level and should hit at minimum $42K - $42.3K which is a minor resistance level.
- It's possible BTC will trend beyond $42.3K but I prefer not to get greedy especially when I am overall Bearish.
- BTC is still within the accumulation zone for a long position so feel free to pick some up around $40K and under.
- Sell at $42k - $42.3K
Trade 2)
- After the first move plays out I believe BTC will trend down to the $36.5K - $37K Major Support Line.
- I would expect another bounce up to the major support turned resistance at $39K - $40.5K (It's an angled trendline so price varies depending on when it's hit.
- I will enter a long position at the $37K major support level
- I will sell my position at the major resistance level around $40.5K
That's it, remember this is not financial advice and I am not a professional so enter trades with caution and have a solid risk management plan in place.
Happy Trading and Good Luck!