an update for
i mentioned that we could buy either at breakout of triangle or from an up trend retrenchment. but zooming in the chart you can see that there is a actually a strong support at the bottom of the triangle.
you can go long here with a very -very tight SL " right under the support line. if the price gets lower you can pick it up at the trend line.
but this ALL depends on BTC holding the recently formed support. if we close below then all crypto market should follow the way down.
keep an eye on BTC , alts will follow. if we break below the support trend then it is going to be ugly, from now till we rest well above the trend you need to be TIGHT on your SL.
this trade is 2:15 risk/reward ratio . meaning you risking 2% for 15% profit .
so keep a sharp eye and trade safe.
i mentioned that we could buy either at breakout of triangle or from an up trend retrenchment. but zooming in the chart you can see that there is a actually a strong support at the bottom of the triangle.
you can go long here with a very -very tight SL " right under the support line. if the price gets lower you can pick it up at the trend line.
but this ALL depends on BTC holding the recently formed support. if we close below then all crypto market should follow the way down.
keep an eye on BTC , alts will follow. if we break below the support trend then it is going to be ugly, from now till we rest well above the trend you need to be TIGHT on your SL.
this trade is 2:15 risk/reward ratio . meaning you risking 2% for 15% profit .
so keep a sharp eye and trade safe.
The daily candle just closed. and it looks very bearish ! . the fact that we lost momentum could indicate a false break out. but nothing is clear yet, we shall see in a few hours !
we keep our trades with very very tight SL and wait for today's close.