Morning Steemit,

It’s Monday morning in Sydney and we’re back at it for another week. I have been pretty busy this weekend with both crypto projects and real life, but I’m motivated to pick the quality of my blogging back up going forward.

Before I head into this week’s weekly market preview, I want to just write a quick Bitcoin trade follow up as it hits 1:3 risk reward and an easy take profit level if you want to bail here.

In saying that however, this has been a zone I’ve had marked on my charts as a long term Bitcoin buy level and if it plays out correctly, it could be a major crypto wide market turn/continuation level for bulls.

But first, remember how I grew balls and bought Bitcoin?:

Zooming into the intraday chart, we have the following retest of short term previous resistance turned support:

BTC/USD Hourly

When your balls dip into a zone like that, that’s the buy signal.

Well as you can see on the following updated intraday chart, these are the sorts of low risk, high risk:reward ratio levels that this sort of trading strategy can offer:

BTC/USD Hourly Updated

Depending on whether you choose to place your stop loss below the higher time frame zone or the intraday blue box here, you can see the potential for low risk trades with possibly huge risk:reward ratios.

Either way, you can see that there’s basically zero drawdown on the marked entry.

Did you take this particular Bitcoin long trade? How did you manage your risk on your entry?

✌🏻.

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