The market made a new strong upward movement which confirmed several statements:
- the bearish trend
was over and we have new market conditions in the medium and long term
- a new bullish trend
has been started and confirmed
- big players are in the game.
These 3 statements should give us positive emotions and we should think about BTC
trading only from buyers' position.
The big bullish
candle which reached 5000.00 level confirms these 3 statements!
How to trade BTC
now after such pump?
The long positions should be opened on lower levels based on the reversal and breakout signals. We talked about it in the previous posts. Now, if we buy BTC
, it will be an attempt to catch a fast train which you missed. The best idea will be to wait for a correction movement to 4500.00-4000.00 zone and wait for new reversal signals. It will allow opening long positions not far from the support lines and levels. The risk-reward ratio will be good with such type of trading.
As for those who expected the falling below 3000.00 support level
, are you still follow your trading plan? If yes, please share in comments, why? Also the same goes about traders who still think about the continuation of the bearish trend
. It will be interesting to read your arguments and discuss them.