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- Today’s daily candle, while closing only in apx 4 hours, is now showing a sign that bulls are failing to break the presented channel to the upside, following this 4th attempt to do so, on the daily timeframe.
- Even if we had a coin flip (50% chance to win, 50% chance to lose) for this trade, the reward vs risk merits to short BTCUSD here. Why? Because the profit potential is double the risk, for the first part of this trade plan, and the profit potential is 4 times the risk, for the 2nd part of the trade plan, as shown within today’s BTCUSD technical analysis video
- Furthermore, some traders can leave 25% of the position riding the possible down movement, since this channel, is also a potential bear flag.
- Trade crypto at your own risk.
- See technical analysis and daily crypto news at ForexLive.
Tags: Bitcoin , BTC, BTCUSD, bitcoin technical analysis , bitcoin price forecast, bitcoin trade idea
This article was originally published by Forexlive.com. Read the original article here.