BTC/USD Will Start The New Week With A LONG Position

In this technical analysis on BTC/USD I will continue my view published earlier on the weekend and show you how to enter BTC now for a successful long position.

I suggested to wait for a retracement towards the bottom support line of the channel in my earlier idea. Since this retracement now has indeed happened, we can start our trading positions.

An entry of around $10,800 will give you a LONG possibility directly on the bottom of the channel. This will make for a trade with fantastic risk reward.

I suggest to place the stop loss somewhere below the bottom support line, for instance around $10,600.

For the take profit you can try to place it somewhere near the top resistance line. For instance around $11,600. This should give you the opportunity for a nice and clean trade of about 6.52%.

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- Trading Guru

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Disclaimer!
This post does not provide financial advice. It is for educational purposes only!