Bitcoin trade analysis using smart money concepts.
Bitcoin is trading at 23414 vs USD at the time of writing. It made a low of 22760 on 25 Feb and is looking to recover from that point.
On a 4 hr timeframe, it is still holding the HH pattern and on small time frames, it is on the LL pattern. We are looking to wait for a good position for Bitcoin to reverse back from the area of 22200.
A possible long trade can be taken from the 22200 level with a small stop loss around 21232 and the target can be set around the 24900 area.
Details can be viewed in this chart.
BTCUSD Long – 22200
Stop Loss – Below 21232
Take Profit – Around 24900
Risk : Reward Ratio – 1 : 2.8