BITCOIN (2020-02-07) 🏲 Bullish Pennant w/ tight Stop Loss 😅👌

• Pennants = 55% Probability
  
  
• Because forces of Supply and Demand... converge in the middle (so Bulls and Bears are somewhat evenly balanced).
  
  
• Bias is Bullish during uptrend.
  

Comment:

BITCOIN DOMINANCE
(Strong) Bullish Divergence
If traders exit Altcoins into Bitcoin...
this could pump it passed $10,000.

Comment:

ALTCOIN EXODUS to BITCOIN DOMINANCE???

Comment:

I'm thinking $10,500 sounds doable with a short squeeze as traders in disbelief try to stop a parabolic 5th wave FOMO rally 😅

Comment:

For the HODLers... Bitcoin now at $10K... Risk/Reward = 50/50
Pump to $14K = 40% Gain
Drop to $6K = -40% Loss
Buying here exposes you to more risk.

Basically, any buys above $10,000 should be no more than 5% of your weekly paycheck. 🚨🚨🚨 This is money you are willing to lose and prevent you from stressing out and panic selling 🤮 if it were to drop back to $6,000!!! 2-year price target is $50-$100K, but Bitcoin needs to get passed $20,000 first. This will be a battle with massive price swings. The more volatility... the more profit potential! ⚔️⚔️⚔️

Comment:

More HODL info. Path to $100,000. Data scientists have found a very tight correlation between Bitcoin's Stock to Flow Ratio (existing supply versus new supply) and its logarithmic price increases since inception. Estimated price syncing with S2F should occur around 05/2021.
digitalik.net/btc/

Trade closed manually:

You never lose money buy taking profits.

Comment:

I have multiple Buy Stop Orders above $10,180-ish in case Bitcoin goes parabolic.
We are at historical Resistance and I would expect some sort of profit taking and consolidation before the next leg up. Will know more in the next 24-48 hours...

Trade active:

Looks like a bull flag on 1HR .. tight stop loss below $10,0000

Trade closed: stop reached:

Got taken out at $9950 for a -1.6% loss.