In the last days the Bitcoin (BTC) was forming a nice triangle pattern:
As you can see int the picture above, the BTC markets are currently testing the Break Out.
So, How does one trade this? In the case we have a continuation to the upside this is how I would trade it.
I will open Long Position over $7,100 – with a $6,950 stop loss. I will Take profit depending on price action, but not over $7,300.
I’m not a position trader and I honestly prefer to stay put over week ends.
As always no one can be 100% sure but it’s more sure to enter your position by following the trend and now we are in Uptrend.
I’ll show you, another thing that I found interesting:
Bearish positions for non-commercial contracts of Bitcoin (BTC) futures are on the decline, according to the latest Commitments of Traders (COT) report released by the U.S. Commodity Futures Trading Commission (CFTC) August 24.
Disclaimer : Never invest more than what you can afford to lose. This post is my personal opinion, do your own research before making any investment decisions. If you make any trades after reading this post, it is completely in your responsibility. I am not responsible for any of your losses. By reading this post you acknowledge and accept that.