Hello guys, today's short article is just updating Bitcoin, BTC/USD, a trading lesson as a continuation of the Sell Limit Order from Resistance level on March 1st, 2022 as explained in this article #1 and followed by the Trailing Stop Loss or Risk-Free Trade on March 3rd, 2022 in this article #2.
Today March 5th, 2022, the BTC chart as can be seen in the D (day) time frame, where all candles are perfectly bearish, as well as in the 4H (4 Hours) time frame where are dominated by bearish candles in the well ordered impulsive and corrective patterns alternately. If you have made a risk free trade with zero stop loss, then just wait quietly for the possibility of achieving the Take Profit target. In this case, BTC has broken out the Support level 40487 which has now turned into Resistance, so the possibility to penetrate such level again is not easy before there is a reversal movement from the Support level 34653. It should be noted guys that we trade following the trend and do not trade against the trend.
BTC/USD in Time Frame D, March 5th, 2022
BTC/USD in Time Frame 4H, March 5th, 2022
In this lesson, we are not in the position of controlling the market movements but only following the market trends. That means not all of our trades are successful but sometimes lose. We need to take care to maintain the winning/loss ratio above 1.00, which means winning trades are greater than the losing trades, which should be getting better and better from time to time. Therefore, for a trade order that we have set up at the beginning, there is a term fire and forget discipline where if we already opened a trade according to the plan and then we just leave it works until it closes by itself.
In addition, if later BTC was able to break out the Support level 34653 then there is a high probability that BTC would continue to enter the Long-term Support between 29K to 26K area. I explained this analysis in the Bitcoin investment ideas article here entitled "Bitcoin is preparing for the final countdown", possibly in the beginning of March 2022.
That's all for today's Bitcoin trading update.
Disclaimer: This article is based on my research and personal opinion. This is not an order or an invitation to do. Investing in the cryptocurrency market provides both benefits and risks. Every investment decision is the responsibility of the individual who made the decision. Please invest according to your personal risk profile.
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