(2nd Entry)
$BTC 20X long with 1,355% profits potential
Bitcoin is in a very interesting position right now. The trading is happening right below the April 2021 all-time high, which was a price of $64,000. Also below November 2021 at $69,000. Right below these two. 'Below support' in this case.
But there is more.
$BTC is trading above the 6-February low at $60,000, and also above the most recent higher low around $62,510. The second one can easily break but this would only produce a better entry.
How to approach this chart setup? What is the thinking behind a trade like this one?
Bitcoin has been sideways for three weeks. It is easy to assume that this pattern can continue. When the action reaches the upper-end of the boundary, the resistance zone, profits can be taken; "sell at resistance." When the action reaches the lower boundary, the support zone, buying can be done; "buy at support."
Bitcoin is trading close to the lower end. Unfortunately, not at $60,000 but very close. This gives us an opportunity to go long.
This is a high-risk trade-setup. Caution is advised. (Experts only!)
Full trade-numbers below:
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LONG
$BTC USDT
Leverage: 20X
Potential: 1355%
Allocation: 3%
Entry zone: $61,100 - $64,100
Targets:
1) $69,050
2) $74,565
3) $79,023
4) $83,481
5) $89,828
6) $97,913
7) $106,829
Stop: Close weekly below $61,000
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When in doubt, go small.
There is nothing like practice, first hand experience to learn and grow.
Even if you are not fully prepared, experience can be gained through a very small position... Just enter, buy and hold, let the market take care of the rest.
Opportunities are endless. When one goes, another one will always show up—forever. That's the beauty of trading. We only need to persist to succeed.
Keep an open mind.
Thanks a lot for your continued support.
Time to trade.
#TrendingTopic #bitcoin #BullishMomentum