Bitcoin Rejects Highs!! Check out our Trading Idea 🤓📈
Updated
Bitcoin faced a sharp selloff at relative highs at 52.8K, which brought us down to support around 50K. If you recall, we proffered a trading idea where if bitcoin could definitively break 50K, and retrace, then we would enter a long trade at this level. This trade is now in effect, and we are using the lower wick at 50K as an idea for a stop loss. A green triangle on the KRI further supports this trading idea. The profit target would be relative highs at 52.8K or so, but we will keep monitoring the trade for momentum either way. The trade has more than a 4:1 risk:reward ratio, which is pretty good for crypto. If we are wrong we will find support at 49.7K. Both the Kovach OBV and Chande have dipped notably, suggesting we are oversold.
Trade closed: stop reached
Another dump in Bitcoin, stop loss triggered 🤦♂️ Waiting for the market to stabilize before ascertaining another level to buy. We are back in the 40K handle, which is not a good sign for bulls 😰
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