TIGHT STOP is key here folks. If we hit local inval it opens up the doors to a "larger" pullback across the board.
If we DON'T hit inval it opens up the doors to a SIGNIFICANT pump to the upside.
We are at a pivotal point here.
If you want to understand what a "larger pullback" entails, watch my latest Youtube vid for more context (pinned tweet).
If this is the bullish breakout on Bitcoin that we think it is- active traders are really going to have to change their approach in terms of entering and exiting positions vs what they’ve been used to over the last few months.
Can’t see any backend data cus I’m out and about and on mobile, but longed some Bitcoin with a tight stop at 103k. If my SL hits, next area of interest to re-evaluate is at 102k.
If momentum is as strong as expected, sometimes you just have to go aggressive as pullbacks become shallow and few and far in between.
$BTC
@PatrickRaf30611
Just got home, so here is the logic behind this long:
We look to have printed a LTF impulse off of the 103k level after breaking from the consolidaiton we've been trapped in for the last 3 days.
Now if we are still ranging then this will end up being a deviation and the local lows of the impulse will be breached- focus then falls on the local demand below us just under 102k.
HOWEVER, if this break of our 3 day consolidation IS the start of more continuation to the upside, then we have a very clear level of invalidation which gives us a tight SL and a high R/R trade (5+ minimum).
Logic then dictates that if I think this idea has AT LEAST a 20% chance of playing out, I should take it- so that's what i've done.
Now let's see if the crypto gods are with me tonight or not 🫡
$BTC
525
128.69K
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