- Yesterday we had an idea to short bitcoin. But relative strengh from Bitcoin sheds a new bullish light.
- In the past 24 hours, we had a trade idea to short bitcoin. But we are aborting.
- Why is the trading plan scrapped? This decision offers traders some fascinating information. After initiating trades, traders should check for important signals
- Sticking to the original trade notion is usually a good option. Here we have got an exception to the rule.
- Ethereum, which influences Bitcoin, has broken out of the bull flag and is maintaining strength (so no failed break out yet). And it’s above the 20 EMA, as shown in the video.
- Futures (ES, NQ, RTY, YM) have opened and a breakthrough the indices might unleash another crypto surge.
- ETHUSD remaining above the broken bull flag is enough. If price returns to the channel and a 4hr candle closes inside it, the bearish assumption may be revisited.
- Traders must be flexible and limit losses. In this situation, we quit the previos short idea promptly with a loss of 0.7%, or 3.5% at 5:1 leverage. In leveraged crypto trading, this is insignificant.
- See why we’re taking a modest loss and aborting rapidly in the following ETHUSD technical analysis video, which is likely to effect Bitcoin (Ethereum is the top crypto market, technically): https://www.forexlive.com/technical-analysis/bitcoin-technical-analysis-trade-idea-20220806/
This article was originally published by Forexlive.com. Read the original article here.