Bitcoin has broken out from a medium-term consolidation and is now ready to go for a rally in the medium term. It has broken out both Trendline and Price Resistance of 45k.
Traders can enter around 46850 (close of the previous bull candle) or wait for the price to retest and enter around 45500. Stop Loss to be placed below both Trendline and price support of 44k. Maintain Proper Risk Reward Ratio. Bitcoin has to take out Major and Minor Resistances mentioned in the chart to continue the bullish momentum and rally forwards, so it is wise to book profits near resistances when your risk-reward ratio has been achieved.
Trade 1:
Long @ 46850
SL @ -7%
Target @ 10%
Risk Reward Ratio 1:1.5
Trade 2 (Safe Entry):
Long @ 45500
SL @ -6.25%
Target @ 12.5%
Risk Reward Ratio 1:2
Note: Not Responsible For P&L. Only for educational purposes. DYOR Before Trading.
Traders can enter around 46850 (close of the previous bull candle) or wait for the price to retest and enter around 45500. Stop Loss to be placed below both Trendline and price support of 44k. Maintain Proper Risk Reward Ratio. Bitcoin has to take out Major and Minor Resistances mentioned in the chart to continue the bullish momentum and rally forwards, so it is wise to book profits near resistances when your risk-reward ratio has been achieved.
Trade 1:
Long @ 46850
SL @ -7%
Target @ 10%
Risk Reward Ratio 1:1.5
Trade 2 (Safe Entry):
Long @ 45500
SL @ -6.25%
Target @ 12.5%
Risk Reward Ratio 1:2
Note: Not Responsible For P&L. Only for educational purposes. DYOR Before Trading.
