Bitcoin Levels Out and an Opprotunity Arises
Hey guys,
We spoke yesterday about Bitcoin dropping into higher time frame support and the fact that price stopping here is probably a good thing because next stop is probably 5k...
Click the above link if you missed yesterday’s blog with the higher time frame chart, but I’ve included the following extract below to highlight the intraday price action I’m looking for within the zone:
At least it’s looking like price wants to obey the level. Take a look at the intraday price action:
BTC/USD Hourly
You know the setups that I look for now.
The setups being when price holds a higher time frame support zone, I look to buy intraday pullbacks into short term previous resistance turned support. This allows me to keep my stops tight and I’m able to achieve high risk:reward ratios.
Well here’s an updated intraday chart with a bit of an intraday level that I’ll look for a reaction out of:
BTC/USD Hourly
It’s pretty loose, but we have to play what we’re given. The fact that this is within the higher time frame zone means you can even put your stop below that and still have the ability to target a decent risk:reward ratio.
Happy Tuesday guys!
✌🏻.
@forexbrokr | Steemit Blog
Market Analyst and Forex Broker.
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