- Bitcoin looks extremely strong these days; there is probably nothing that can stop the rise at this moment. This is an analysis on the 1h chart that could give you 2 potential trades.
- On the first trade, you want to buy/long the ascending triangle’s support. If this trade fails for some reason, there is another trade that you could take. It’s at the start of the ascending triangle , which is also a significant swing low, and below this swing low is a huge gap, so it’s very positive for a long trade!
- Now, where to trade profits for this trade? It’s not that hard in this case. If we take a look at the parallel projection of the ascending triangle , we can see there is a dynamic resistance, so once the price reaches this level, you want to take profit!
- Exchanges do not support dynamic take-profit targets like profiting at the trendline. At this moment, you have to use some 3rd-party programs and an API interface.
- This analysis is not a trade setup; there is no stop-loss, entry point, profit target, expected duration of the trade, risk-to-reward ratio, or timing. I post trade setups privately.
- From the Elliott Wave perspective, we can see that the price has been moving in 5-wave impulses to the upside in the main direction of the trend and in 3-wave corrections to the downside. By identifying these patterns, we have a higher chance of success in these trades.
- This is my plan for Bitcoin on the 1h chart. I trade these moves on the futures market in addition to my spot holdings. By taking these trades, you will gain a pretty good risk-reward ratio, specifically one above 1:4 depending on your stop loss.
- Bitcoin should reach a price range of $28,000 to $30,000 in the immidiate short-term. If you do not know why, take a look at my previous analysis below! Remember to trade with the trend and only go long to increase your chances of success.
- https://www.tradingview.com/chart/BTCUSDT/vN2Iuegd-Bitcoin-Another-10-increase-is-likely-long-here/
