- Buy BTCUSD as price found support at 38.2% Fib Extension at $4,175.27 & 50 day moving average support at $4,170.33
- Trend is still to the upside
- Current move is part of the 5th Elliot Wave of the 2017 move
- Targeting 2017 High Day Close at $4,921.70
- Minimum potential Risk Reward target of 2
Trade active:
Long BTCUSD executed at $4,378.20
Stop loss order at $4,116.69
Take profit order at $4,916.33
Stop loss order at $4,116.69
Take profit order at $4,916.33
Comment:
Trade update:
Price closed higher for a third day in a row, closing above the October high day close but still below October's high
Price is therefore still consolidating within the monthly opening range, not giving clear direction yet
As long as price remains above the monthly opening range low of $4,137.56 (as well as 50 day moving average) we remain constructively bullish
A decisive close above the monthly opening range high $4,453 (and pitchfork median line resistance) will confirm bullish bias
Price closed higher for a third day in a row, closing above the October high day close but still below October's high
Price is therefore still consolidating within the monthly opening range, not giving clear direction yet
As long as price remains above the monthly opening range low of $4,137.56 (as well as 50 day moving average) we remain constructively bullish
A decisive close above the monthly opening range high $4,453 (and pitchfork median line resistance) will confirm bullish bias
Comment:
Trade update:
Price closed convincingly above monthly opening range high ($4,453) as well as median line resistance.
This confirms direction higher, however, price tends to be volatile around median lines so it would not be surprising to see price consolidating around this level.
The near-term target to watch is September 7 high of $4,674.34, but our ultimate target is the 2017 High Day Close at $4,921.70.
A close below October 2017 low will invalidate any longs over the near-term.
Price closed convincingly above monthly opening range high ($4,453) as well as median line resistance.
This confirms direction higher, however, price tends to be volatile around median lines so it would not be surprising to see price consolidating around this level.
The near-term target to watch is September 7 high of $4,674.34, but our ultimate target is the 2017 High Day Close at $4,921.70.
A close below October 2017 low will invalidate any longs over the near-term.
Trade closed: target reached:
Profit target was hit at $4,916.33.
Nice trade!
Nice trade!
Comment:
Price closed higher for the day but at median line resistance of the pitchfork formation (March low, June high and July low)
Price is still consolidating within the monthly opening range high $4,453 and low $4,137.56 but closed above the monthly open $4,326.09
A close above the monthly opening range high (as well as median line resistance) will give direction higher
A close below the monthly opening range low (as well as 50 day moving average) will invalidate this trade and any longs over the short-term
Stop loss is set just below monthly opening range low at $4,116.69 which will invalidate this trade