Bitcoin (BTC/XBT) Daily Long&Short Trade Setups 2021/03/10

Hi guys! I will be sharing the trades that I take in real time, follow to see how my trades work out!
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Market Overview

• Price Action: Bitcoin has been rallying strongly for the past few days and hit a high of almost 56K, getting closer and closer to the AllTimeHigh of 58K. Bitcoin just experienced a flash crash just shy of 56K. If price continues to fall, then the 200MAs @ $52.5-53K should serve as the first level of support and potential reversal.
  
• Patterns: N/A
  
• Areas of Interest: The area(s) of interest for me are the 200MAs @ $52-52.5K and the highs @ 55.8K. Once price reaches one of these areas, I will monitor for entry confirmations. If the entry confirmations are aligned, I will take a trade and share the my trade in real time.
  

Trade Setups
Below are the potential trade setups that I would be interested in trading:

Long Trade Setup #1: Retest and Continuation (200MAs)
1. Price Action: Price needs to move back down to the 200MAs, currently projected to be @ $52-52.5K by the time price reaches it, and bounce back up.
2. Trade Entry Confirmations: Bullish candlestick pattern, above average volume, MACD bottoming

Long Trade Setup #2: Breakout and Continuation
1. Price Action: Price breaks above and falls back down to 55.8K and bounce back up.
2. Trade Entry Confirmations: Bullish candlestick pattern, above average volume, MACD bottoming

Short Trade Setup #1: False Breakout
1. Price Action: Price breaks above and then falls below the high @ 55.8K, forming a bull trap
2. Trade Entry Confirmations: A breakout candlestick followed by a breakdown candlestick, above average volume on both breakout candle and breakdown candle, MACD topping out

My Recent Trades

• 2021/ 03/01: I had a winning trade! I entered long @ $46,288.00, SL @ $45797.19, price reached a high of $49,470.0, giving a risk reward ratio of 6.5:1.
  
• 2021/ 02/28: I had a winning trade! I entered long @ $44,875.0, SL @ $43,800.0, price reached a high of $45,530.6, giving a risk reward ratio of 0.6:1.
  
• 2021/ 02/22: I had a winning trade! I entered long @ $56,850.0, SL @ $56,379.0, price reached a high of $57,274.0, giving a risk reward ratio of 0.7:1.
  

DISCLAIMER: I am NOT a financial advisor and this post is NOT financial/investment/trading advice. I am simply sharing what I am doing, and I will not be responsible for any actions you take based on the analysis and comments that I provide. The cryptocurrency market is extremely volatile, and you WILL lose all your money if you are inexperienced! DO NOT risk any money that you cannot afford to lose and always be cautious and manage your risk!

Do you think the correction is over or price going lower? Please leave your ideas and analysis in the comments below! Do give the post a like and a follow.