BITF 7/21 2.5C/3C - $3.78 TP
Short term options trade idea
1. HTF Bullish Chart Structure
- 3D and 1W bullish engulfing bars, 1M bullish reversal bar
- Higher-High, Higher-Low bullish structure from January to March
- Textbook bottoming/reversal pattern during April/May suggesting a
continuation instead of a breakdown of the H/h, H/l trend
- Since the low at $1.53, price action has broke through resistance at $2.11,
confirmed the subsequent R/s flip and started a new H/h ($2.58), H/l ($2.14)
trend
- With price action closing the week at $2.87 (new H/h), a bullish continuation
is warranted
2. Open Price Targets Above
- EBs at $3.08 and $3.38
3. Clear Support/Resistance Levels
- 4H support at $2.33-$2.58, 4H resistance at $3.78-$3.90
1. HTF Bullish Chart Structure
- 3D and 1W bullish engulfing bars, 1M bullish reversal bar
- Higher-High, Higher-Low bullish structure from January to March
- Textbook bottoming/reversal pattern during April/May suggesting a
continuation instead of a breakdown of the H/h, H/l trend
- Since the low at $1.53, price action has broke through resistance at $2.11,
confirmed the subsequent R/s flip and started a new H/h ($2.58), H/l ($2.14)
trend
- With price action closing the week at $2.87 (new H/h), a bullish continuation
is warranted
2. Open Price Targets Above
- EBs at $3.08 and $3.38
3. Clear Support/Resistance Levels
- 4H support at $2.33-$2.58, 4H resistance at $3.78-$3.90
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