BTC 4HR Analysis - A Failed Breakout. Do We Remain Long?
BTC broke out of the bull channel to the downside last Tuesday in a mad dash toward $25,000, the bottom of the Weekly trading range. As the price curled up to test resistance and confirm the breakout, the price failed to fall lower and as the days ticked by, the bears gave up. This past Monday, we broke back into the bull channel hard and went all the way to $30,000.
Do we remain long? Short answer, yes.
We are just below the mid-line of the channel and the bull pressure is strong. I believe this is a great scalp opportunity to the top of the channel at a 1:1 Risk/Reward with a reduced position size. We still could fall to the bottom of the channel, so hold some of that equity for a bounce off the channel bottom. Wait for confirmation as always to ensure the bounce is happening, which requires a bull signal such as a pin bottom with a close near the high of the bar followed by a strong bull bar closing at or near its high.
As always, trade at your own risk, you are responsible for your trades, and I hope this information was helpful.
Trade wisely and let us know what you think in the comment section below!
Do we remain long? Short answer, yes.
We are just below the mid-line of the channel and the bull pressure is strong. I believe this is a great scalp opportunity to the top of the channel at a 1:1 Risk/Reward with a reduced position size. We still could fall to the bottom of the channel, so hold some of that equity for a bounce off the channel bottom. Wait for confirmation as always to ensure the bounce is happening, which requires a bull signal such as a pin bottom with a close near the high of the bar followed by a strong bull bar closing at or near its high.
As always, trade at your own risk, you are responsible for your trades, and I hope this information was helpful.
Trade wisely and let us know what you think in the comment section below!
-Joe Dean
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