Following my last Bitcoin analysis, I found a great R:R point of entry. I have recorded the video on our channel in Youtube, so you can watch it here as the video was recorded:
Now, I am going to walk you through the reasons I took this trade. First, let me share with you a chart for a better visualisation:
On this Bitcoin Short Trade chart you can see where I have entered this trade. First, this is a 1 hour chart and on the video I am showing three charts- Daily, 1 Hour and 15 Minutes.
My entry level was around 2908 (the blue line). My stop-loss is placed just after finishing the video and is the orange line (2955). My target is the level of 2500 (or where the green line is).
Before taking this trade I was looking at the major/minor resistance areas. Price did not really make a successful new high. There was hesitance on the 1 Hour chart. These few factors made me take this trade.
The price target level I am watching now is the next major support level at 2500. It might take some time before price reaches this level. Hopefully it does 🙂
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