Bitcoin (BTC/XBT) Daily Long&Short Trade Setups 2021/01/30

Live trades will be called in the latest daily post. Follow me to trade live with me!
Also check out my daily post on Ethereum!

Market Overview

• Price Action: After a huge rally, likely induced by Elon Musk's "bitcoin" tag, Bitcoin has given up almost all of the gains from the pump and is now consolidating at the 200MAs and 61.8Fib confluence level. If this level holds, we're likely to test $40K, otherwise we're likely going down to $29.2K
  
• Patterns: No patterns.
  
• Areas of Interest: The area(s) of interest for us are the highs @ $38.5K. Once price reaches one of our areas of interest and gives us a valid entry signal, I will update the trade, so make sure you follow me to get the trade entry signals in real time.
  

Trade Setups
Below are the potential trade setups that I would be interested in trading. Once price reaches one of these zones, I will monitor closely and post a trade signal if we get a high probability trade setup.

Short Trade Setup #1: False Breakout
1. Price Action: Price breaks above and then falls below the high @ $38.5K, forming a bull trap
2. Trade Entry Confirmations: A breakout candlestick followed by a breakdown candlestick, above average volume on both breakout candle and breakdown candle, MACD topping out

Trade Recap

• 2021/01/29: We had a winning trade! We entered short @ $37.2K SL @ $38150, price reached a low of $33500, giving us a risk reward ratio of 3.9:1, meaning if you risked 1BTC on this trade, you could've made 3.9BTC.
  
• 2021/01/28: We had a losing trade! We entered short @ $31100 SL @ $31427, and we hit stop loss.
  
• 2021/01/27: We had a winning trade! We entered short @ $32236 SL @ $32658, price reached a low of $31350, giving us a risk reward ratio of 2:1, meaning if you risked 1BTC on this trade, you could've made 2BTC.
  

Why Follow Me

• Daily analysis on the latest market movements and price zones for high probability trade setups.
  
• Live trade signals so that you can take the same trades that I am taking.
  
• A great place to help each other, learn from each other, and grow together.
  
• Trading education in the form of personal advice and educational materials
  
• Constantly testing and adding new trading strategies and refining battle-tested ones.
  

About Me

• I started trading in 2008, first got introduced to bitcoin in 2009, and have been actively trading cryptocurrencies since 2016.
  
• I have worked on Wall Street trading bonds, stocks, and options.
  
• I have worked at top consulting firms advising Fortune 500 companies and worked on $10Billion+ deals.
  
• I have founded and advised blockchain projects and companies, including in the areas of defi, nft, data ownership, and personal identity.
  
• I have taken hundreds of live trades, each recorded with over 50 data points, all meticulously analyzed, using data analysis and modeling to optimize win probability and risk reward.
  

DISCLAIMER: I'M NOT A FINANCIAL ADVISOR AND THIS IS NOT FINANCIAL ADVICE, AND I WILL NOT BE RESPONSIBLE FOR YOUR WINS OR LOSSES, DYOR.

Please support me by liking, sharing, commenting, and following, and sharing your ideas and analysis below! Thanks!

Kommentera:

Paper trade: long btc on 1H chart.