GET AN ACCOUNT TODAY AND START DAYTRADING CRYPTOs
I have been meaning to share my trade ideas and executed trades here on tradeles.com for a while. This post is the first in this series where I share potential trades I am looking to take in the upcoming days.
You can see a breakdown of my trades here and sign up for free to get realtime alerts when I take any trades.
Right now, BTCUSD is trading at 18,750. We had the rate announcement yesterday, which gave us quite the whipsaw move on BTC (just like it did on EURUSD, XAUUSD, SPX, etc.). After the initial reaction, we did see a bit of a move to the downside, but its quite clear that the rate hike was more or less priced in, as we didn't see any substantial move to either side. Now that the rate announcement and the FOMC meeting is done with, we can go back to technical analysis and hopefully get some solid entries based on this. Here is what I am looking for at the moment. See the snip below for my three current trade ideas.
1: This setup is currently what I would prefer to see play out. Here I would like to see a move back up into the golden zone around the 20,900 – 21,500 level. Here I will look for a possible short trade. A move down from here, I will look to partially close the short, and open a long in the 17,200 – 16,700 zone.
2: On this daily chart, a break of the recent swing low at 17,600, and a move into the 17,200 to 16,700 zone, would be an ideal place to look for a long trade. Should we get a move down there, and see the price stall, I will be looking for to execute a long trade.
3: If price, after a break of the recent swing low at 17,600, simply continues through the zone mentioned above with no sign of support, I will be looking to enter a long trade in the 13,900 to 14,900 zone.
Any of these three setups have the potential to turn into significant swing trades, so I will not be looking to close them out in the nearest future. Note I am looking to close partial on a short from the first setup, but not on the long trade.