alanmasters
Long

Bitcoin Ascending Channel: The Trend Is Your Friend

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Is the trend really our friend?

Bitcoin’ has been trending up since it touched its lowest point on the 24th June.

As you can see on the chart above, Bitcoin’ has been trading within an ascending channel for more than 130 days (Over 4 months).

The last time the bottom of this channel was touched was on the 31st October, which produced a reversal candlestick . Bitcoin’ is looking positive to move up.

What's your take on the chart above?

Bitcoin’ Resistance Levels & Supports

Resistance (up)
(1) $6450
(2) $6550
(3) $6630
(4) $6711

Support (down)
(1) $6330
(2) $6220
(3) $6100
(4) $6000

Thanks a lot for reading. Appreciated.

Namaste.
Comment:

Let me share a few tips with you today:

(1) Always secure profits. We are here trading to make money, so always secure your profits.

(2) Secure profits by selling those trades that you have in profits. We have many, many trades that have increased anywhere from 50% to 200% in the past couple of weeks, some up to 400%. You can sell 20%, 30%, 50% or up to 100% of your holdings for these trades.

(3) There is always plenty of time to buy back in. Notice that each time we hit a few targets the price retraces for long. The retrace can take anywhere from 1-3 weeks on average and some times more. Only after that another wave up comes.

So when you sell on target... Keep and enjoy your profits, be thankful and move on.

(4) Secure profits now from profitable trades. Hold in Bitcoin for new trades, for waiting Bitcoin to go up, or withdraw a portion.

Note: You can also hold your altcoins/trades long term as much as you want of course.

(5) Make a habit of withdrawing and enjoying profits. Since we trade to make money, it is smart to withdraw and enjoy your earnings... Just to make sure you are doing it right. Some people trade for years without ever withdrawing. Withdrawing will make your work and efforts worthwhile.

(6) Raise stop loss above buy in level and higher. After we start hitting our targets, change your stop loss to above buy in price. In case a quick correction comes, you get out of the trade in profits since you already sold portions at target and the remaining stack is sold above buy in if prices go down.

(7) You can also raise stop loss above 1st, 2nd and 3rd target depending on how high the trade has gone.

(8) You can always keep 20-30% of your holdings for any trade/coin for LONG term / Higher targets.

(9) You can also sell all on first target for a quick profit, 10-20%, and move on to another trade, rinse and repeat (just another strategy).

(10) Modify everything to match and fit your own needs. Upgrade what you read to make it your own. Make sure to diversify...

Remember that the goal is to take your profits home.

Namaste.


(11) These are just suggestions and SIMPLE IS ALWAYS BEST.

So remember the following:

1) Buy low (within buy in range).
2) Hold.
3) Sell on target.

That is all it takes.
Comment: The Korean's won't let Bitcoin drop, they are just too smart... See the full Bitcoin Korea Analysis here:

Comment: Looks like some people no longer want to short Bitcoin.

Shorts are dropping:
Comment: This is looking good, we can expect a nice move up once we hit the lower part of the channel or before.
Comment: Resistance (up)
(1) $6450 - Target hit
(2) $6550 - Next target
(3) $6630
(4) $6711
Comment: Resistance (up)
(1) $6450 - Target hit
(2) $6550 - Target hit
(3) $6630 - Target hit
(4) $6711 - Next target.
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Related Ideas

Comments

The "trend is your friend" is a faltering cliche created to make traders lose to smart money.
+3 Reply
try extending your ascending channel and it looks like this.
+3 Reply
We have only just printed a higher high on the 15th of October. An uptrend is a series of higher lows and higher highs. We are not in an uptrend yet but I agree that rising support is strong and holding.
+1 Reply
alanmasters Hulksbits
@Hulksbits, Thanks for your input.
+1 Reply
Looks really good thanks for sharing
+1 Reply
alanmasters thekingjayd
@thekingjayd, My pleasure.
+1 Reply
Thanks for confirming my shorts again. You are the best. :)
Reply
alanmasters ChartsOnTime
@ChartsOnTime, Shorts are dropping at lighting speed...

You are on the wrong side once more...

Reply
ChartsOnTime alanmasters
@alanmasters, Ha! I love it. Creating liquidity are good news. I’m patient as a clam. :)
Reply
ChartsOnTime alanmasters
@alanmasters I have so much confidence in your timely shorts confirmations. haha they are just amazing. Not paying enough yet but we are getting there. We are almost at the healthy correction drop hahaha. Thank you again.
Reply
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