Trading

Bitcoin - catch the correction!

I am reversal, not trend continuation trader, that's why it's challenging for me to find the entry point.

Hello!

As you know, we have these difficulties with entry point because of missed long at $35500 due to emotions. I am reversal, not trend continuation trader, that's why it's challenging for me to find the entry point.

Nevertheless the analysis which I did performed perfectly, but I did not earn any profits since I closed my big profitable long at $44500. I am going to try it again. Yesterday  I told you that the $44100 is going to be the reversal point to the downside because it is the last target for the long trade which I missed, but today I see the Bitcoin strength. I don't want to tell the fundamental reason of this strength, I think you guessed. I want to tell only one think - the crypto is our future guys!

I suppose now that the price growth is going to continue to my old target $49000. I want to buy it at least at the small discount. On the strong uptrend the corrections usually ends at the 0.38 Fib ($42300 in our case). There is also the MACD bearish divergence on the 1h - weak signal, but the small correction is possible. Moreover we can see the local demand zone just below 0.38 Fib. It is nice to place our stop loss there. I set the risk = 1% of depo.

Good luck!

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