{"id":11906,"date":"2022-04-04T07:10:00","date_gmt":"2022-04-04T11:10:00","guid":{"rendered":"https:\/\/morpheustrading.com\/blog\/?p=11906"},"modified":"2022-10-24T01:53:15","modified_gmt":"2022-10-24T05:53:15","slug":"btc-bullish-reversal-0224","status":"publish","type":"post","link":"https:\/\/morpheustrading.com\/blog\/btc-bullish-reversal-0224\/","title":{"rendered":"How We Traded Bitcoin&#8217;s Bullish Reversal for a +18% Gain"},"content":{"rendered":"\n<figure class=\"wp-block-image size-full is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.morpheustrading.com\/~rick\/\/charts\/2021\/BTC-header1.jpeg\" alt=\"BTC header\" class=\"wp-image-11914\" width=\"716\" height=\"428\" title=\"\"><\/figure>\n\n\n\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_82_2 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">TABLE OF CONTENTS<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #999;color:#999\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #999;color:#999\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/morpheustrading.com\/blog\/btc-bullish-reversal-0224\/#Morpheus_Crypto_members_realized_big_gains_from_swing_trading_Bitcoin_BTC_after_it_formed_a_bullish_reversal_on_February_24_Here_is_a_quick_walk-through_of_the_setup_including_how_we_scaled_in_and_out_of_the_trade_to_maximize_profits\" >Morpheus Crypto members realized big gains from swing trading Bitcoin ($BTC) after it formed a bullish reversal on February 24. Here is a quick walk-through of the setup, including how we scaled in and out of the trade to maximize profits.<\/a><ul class='ez-toc-list-level-3' ><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/morpheustrading.com\/blog\/btc-bullish-reversal-0224\/#Securing_a_quick_13_gain_with_partial_position_size\" >Securing a quick +13% gain with partial position size<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/morpheustrading.com\/blog\/btc-bullish-reversal-0224\/#Re-entering_Bitcoin_at_a_lower_price_after_taking_profit\" >Re-entering Bitcoin at a lower price after taking profit<\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Morpheus_Crypto_members_realized_big_gains_from_swing_trading_Bitcoin_BTC_after_it_formed_a_bullish_reversal_on_February_24_Here_is_a_quick_walk-through_of_the_setup_including_how_we_scaled_in_and_out_of_the_trade_to_maximize_profits\"><\/span>Morpheus Crypto members realized big gains from swing trading Bitcoin ($BTC) after it formed a bullish reversal on February 24. Here is a quick walk-through of the setup, including how we scaled in and out of the trade to maximize profits.<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n\n\n<p>Bitcoin ($BTC) initially sold off sharply after news of the Russian invasion of Ukraine spread on February 24.<\/p>\n\n\n\n<p> However, bulls quickly took advantage of the sell-off and aggressively stepped in to reverse momentum higher.<\/p>\n\n\n\n<p>This caused a bullish reversal pattern to form on the $BTC daily chart, which was confirmed by sharply higher volume.<\/p>\n\n\n\n<p>Bitcoin&#8217;s bullish reversal candle on higher volume generated a short-term buy signal and we bought $BTC in the <a href=\"https:\/\/morpheustrading.com\/services\/crypto-picks\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>Morpheus Crypto<\/strong><\/a> portfolio at 38,420 the next day.<\/p>\n\n\n\n<p>Check out the <a href=\"https:\/\/new.morpheustrading.com\/blog\/crypto-signals-02-28-22\/\" target=\"_blank\" rel=\"noreferrer noopener\">February 28 issue<\/a> of Morpheus Crypto Report for a quick video that explains the $BTC buy setup at that time.<\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Securing_a_quick_13_gain_with_partial_position_size\"><\/span>Securing a quick +13% gain with partial position size<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>After a brief consolidation period, $BTC followed through with its bullish reversal, and we sold HALF the position into strength near the 43,500 level.<\/p>\n\n\n\n<p>This enabled members to lock in a <strong>quick gain of +13% five days after entry.<\/strong><\/p>\n\n\n\n<p>We took profits on partial position size due to resistance of Bitcoin&#8217;s prior highs, but <em>kept the remaining half position in anticipation of further gains.<\/em><\/p>\n\n\n\n<h3 class=\"wp-block-heading\"><span class=\"ez-toc-section\" id=\"Re-entering_Bitcoin_at_a_lower_price_after_taking_profit\"><\/span>Re-entering Bitcoin at a lower price after taking profit<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n\n<p>Furthermore, we also planned to re-enter that half position we sold at a better price&#8211;which we did with our second buy entry at 41,625 on March 9.<\/p>\n\n\n\n<p>After selling the initial half position for a +13% gain and re-buying at a lower price, the Morpheus Crypto portfolio then had a <em>new average price of 40,022 on the full $BTC position.<\/em><\/p>\n\n\n\n<p>Bitcoin subsequently held the pullback lows, and we began trailing a stop higher to protect profits and minimize risk as $BTC moved higher.<\/p>\n\n\n\n<p>After breaking out above its February 2022 high, we finally <strong>sold the full $BTC position into strength on March 29, for a sizable gain of +18.6%.<\/strong><\/p>\n\n\n\n<p>The daily chart below shows our exit into strength, as the $BTC price stalled at resistance:<\/p>\n\n\n\n<figure class=\"wp-block-image size-large is-resized\"><a href=\"https:\/\/new.morpheustrading.com\/blog\/wp-content\/uploads\/2022\/04\/45-178-50-\uff5c-BTCUSDT-Binance-Spot-1024x645.png\" target=\"_blank\" rel=\"noopener\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/new.morpheustrading.com\/blog\/wp-content\/uploads\/2022\/04\/45-178-50-\uff5c-BTCUSDT-Binance-Spot-1024x645.png\" alt=\"\" class=\"wp-image-10592\" width=\"717\" height=\"437\" title=\"\"><\/a><figcaption><em>Press image to view full-sized chart<\/em><\/figcaption><\/figure>\n\n\n\n<p>Our $BTC exit worked out well, as that level marked the high of the rally so far.<\/p>\n\n\n\n<p>Still, price action in $BTC lately remains constructive, as it spent the past week in healthy pullback mode.<\/p>\n\n\n\n<p>Currently,  Bitcoin has pulled back to the 45,500 to 46,000 area&#8211;which is new support of the prior resistance from the February highs.<\/p>\n\n\n\n<p>If $BTC fails to hold the 45,500 level, then look for next support around the 44,200 level.<\/p>\n\n\n\n<p>This is support of the prior pullback low from April 1, which also converges with support of the 20-day exponential moving average.<\/p>\n\n\n\n<p>Regardless, keep in mind that <a href=\"https:\/\/new.morpheustrading.com\/blog\/eth-pullback-trade\/\" target=\"_blank\" rel=\"noreferrer noopener\">$ETH may still be a better pullback<\/a> entry than $BTC because of its higher relative strength<strong> <\/strong>(but keep in mind the crypto market is quite dynamic).<\/p>\n\n\n\n<p><em><a href=\"https:\/\/morpheustrading.com\/services\/crypto-picks\" target=\"_blank\" rel=\"noreferrer noopener\"><strong>SUBSCRIBE NOW<\/strong><\/a> to start your membership and profit from trading the best crypto signals with Morpheus Trading.<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Morpheus Crypto members scored big gains from swing trading Bitcoin ($BTC) after it formed a bullish reversal on February 24. <\/p>\n<p>Here is a quick walk-through of the setup, including how we scaled in and out of the trade to maximize profits.<\/p>\n","protected":false},"author":1,"featured_media":11914,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":"","_links_to":"","_links_to_target":""},"categories":[772],"tags":[],"class_list":["post-11906","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-crypto-trading-strategy"],"_links":{"self":[{"href":"https:\/\/morpheustrading.com\/blog\/wp-json\/wp\/v2\/posts\/11906","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/morpheustrading.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/morpheustrading.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/morpheustrading.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/morpheustrading.com\/blog\/wp-json\/wp\/v2\/comments?post=11906"}],"version-history":[{"count":5,"href":"https:\/\/morpheustrading.com\/blog\/wp-json\/wp\/v2\/posts\/11906\/revisions"}],"predecessor-version":[{"id":14230,"href":"https:\/\/morpheustrading.com\/blog\/wp-json\/wp\/v2\/posts\/11906\/revisions\/14230"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/morpheustrading.com\/blog\/wp-json\/wp\/v2\/media\/11914"}],"wp:attachment":[{"href":"https:\/\/morpheustrading.com\/blog\/wp-json\/wp\/v2\/media?parent=11906"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/morpheustrading.com\/blog\/wp-json\/wp\/v2\/categories?post=11906"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/morpheustrading.com\/blog\/wp-json\/wp\/v2\/tags?post=11906"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}