Patience is a virtue - wait for the market to move
We can easily see that Bitcoin is consolidating. The 3 red zones are all potential reversal zones for the next movement up. If one breaks, we move onto the next one. Anybody going for longs can long a percentage at each red zone.
Another method is the inside bar trade .. looking at the daily chart we can see that if we break 6700 we can see further upwards movement. Therefore, longs can be triggered at 6720 with targets of 6.9k-7.1k.
Anybody wanting to short the market can wait for us to break 6420 and then you can short to the next red zone. This is how you trade Bitcoin.
Ignore all of the nonsense/noise that is being spread.
What happened last time we were at this price range? We got a bear trap and then we shot up from 6.7-8.1k in a day. I'm expecting something of the same sort to happen now.
This is not a market to go short in until we break 5.8k with conviction. Otherwise I will only be setting up long trades.
Use two leverage trading accounts, one to short on day trades and one to build a long position on.
Another method is the inside bar trade .. looking at the daily chart we can see that if we break 6700 we can see further upwards movement. Therefore, longs can be triggered at 6720 with targets of 6.9k-7.1k.
Anybody wanting to short the market can wait for us to break 6420 and then you can short to the next red zone. This is how you trade Bitcoin.
Ignore all of the nonsense/noise that is being spread.
What happened last time we were at this price range? We got a bear trap and then we shot up from 6.7-8.1k in a day. I'm expecting something of the same sort to happen now.
This is not a market to go short in until we break 5.8k with conviction. Otherwise I will only be setting up long trades.
Use two leverage trading accounts, one to short on day trades and one to build a long position on.
Comment:
reversed from the first red zone. A break of 6900 will lead us to a retest of 7100.
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- Can see hidden bullish divergence. Should be seeing further upwards movement. This is how we want BTC, slowly moving up but still moving up.
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these are the current channels for BTC on the 4 hour charts. We are currently sat on the 200 day EMA using it as support as the bottom of the channel is supported by the 50 day EMA, if we get a crossover of the two then it's considered a golden crossover and a very strong buy signal.
Comment:
expecting a drop to the red line, will then have a look at the stochastic to find out if there's any sort of hidden divergence which could point to a drop or increase in the price. We just need to find another zone of support. Expecting it to be the red line.
Comment:
red line broke as support, we are now in the red zones, should be expecting a bounce from one of those zones. If we bounce from 6100 and form an inverted H&S then we can go long until 7.6k.
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bounce from one zone, should move to the zone above. If we can go above that zone we should see a retest of 6.8. I still think we'll go down to the third zone before we should be thinking of any longs.
Would recommend longing small positions at each red zone. Stop loss would be half position at 5980 (should be 6040 but bitmex always overloads and drops price more than it should do) and half position at 5750.
Would recommend longing small positions at each red zone. Stop loss would be half position at 5980 (should be 6040 but bitmex always overloads and drops price more than it should do) and half position at 5750.
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Comment:
bottom of the channel hit perfectly. Bull flag after the bear trap .. let's see how the day goes tomorrow.
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12 hour chart shows a hidden bullish divergence. Went long from 6.1k, moved my stop loss to entry price and will be taking 30% profits out at 6410.
Comment:
Perfect.
Trade closed: target reached:
Target reached. Will be posting new chart.
Big ooft