On the 4H chart BTC is travelling within the bounds of a nice ascending channel. This is in line with our bullish scenario and means BTC should be on track for our $5600 target.
Two things contradict this outcome:
1. Over the last day BTC has been pushed to an extremely narrow band at the bottom of this trend channel and volume has decreased significantly. This could mean that the trend is beginning to lose steam.
2. The daily chart is very close to forming a bearish engulfing candle.
What should we do?
- As cautious traders our stoploss is already at entry. We recommend making sure you have both stoplosses and targets set simultaneously. A price move at this point will likely be very fast!
What should we not do?
- Panic sell. Most novice traders cut gains short and let losses ride. Don't be that trader!
- Buy now. The risk reward ratio is not good to buy now. Your stoploss will have to be too large compared to the potential profits.
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To set laddered buys, stoploss and take profit simultaneously, and monitor your signals with alerts you can use: signalgroups.com
Two things contradict this outcome:
1. Over the last day BTC has been pushed to an extremely narrow band at the bottom of this trend channel and volume has decreased significantly. This could mean that the trend is beginning to lose steam.
2. The daily chart is very close to forming a bearish engulfing candle.
What should we do?
- As cautious traders our stoploss is already at entry. We recommend making sure you have both stoplosses and targets set simultaneously. A price move at this point will likely be very fast!
What should we not do?
- Panic sell. Most novice traders cut gains short and let losses ride. Don't be that trader!
- Buy now. The risk reward ratio is not good to buy now. Your stoploss will have to be too large compared to the potential profits.
---
To set laddered buys, stoploss and take profit simultaneously, and monitor your signals with alerts you can use: signalgroups.com