The main view of this trade idea is on the 15-Min Chart. The cryptocurrency Bitcoin ( BTC ) held support around the 40 ,000 price level and had a rally towards the 48,500 price level. The cryptocurrency has been in a rangebound movement between 46,725 and 48,500 over the last couple of trading sessions. Expectations are for a breakout towards 50,000. A negation of this move will be a break below 46,725.
Technical Indicators
BTC had positive crossovers on its short (50-MA), medium (100-MA) and long (200-MA) term fractal moving averages. BTC is currently trading above all 3 MAs. The RSI is above 50 which supports the uptrend and the KST is in a positive crossover as well. The technical indicators all support a continuation of the uptrend in BTC .
Recommendation
The recommendation will be to go long at market, with a stop loss at 46500 and a target of 50,000. This produces a risk/reward ratio of 1.18.
Disclaimer
The views expressed are mine and do not represent the views of my employers and business partners. Persons acting on these recommendations are doing so at their own risk. These recommendations are not a solicitation to buy or to sell but are for purely discussion purposes. Currently I have a position in BTC .
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