I am simply sharing some observations, I am in no way advising anyone to make any decisions and in fact, I am advising anyone reading this to verify all information as I could easily be wrong.
This is a breaking point with lots of tension and two possible setups, the outcome of every financial decision will come down on BTC, either sending it to new highs over the next year, or sending it back to 10k for a technical flush and beginning of a sloppy but still possible bullish gartley on the weekly.
I called 10k as the beginning of this rally, I also called several moves thereafter and the most recent bounce at 30k and the subsequent drop to our current 20k level, not because I have a crystal ball but because I trade what I see.
Do you see what I see???
taking the short or selling holdings to buy back in at a potentially lower price, as shown above, would be a 1:1 trade and only looking to take a portion of the "C" wave.
taking the long shown above would be a 1:3 trade and aiming for the top of the most recent "ABC" as that is the true top of the most recent range that played out on the weekly.
Trailing stops of some kind are a must!!!
This is a breaking point with lots of tension and two possible setups, the outcome of every financial decision will come down on BTC, either sending it to new highs over the next year, or sending it back to 10k for a technical flush and beginning of a sloppy but still possible bullish gartley on the weekly.
I called 10k as the beginning of this rally, I also called several moves thereafter and the most recent bounce at 30k and the subsequent drop to our current 20k level, not because I have a crystal ball but because I trade what I see.
Do you see what I see???
Trailing stops of some kind are a must!!!
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Complete view without annotation, for the sake of construction line clarity.
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End-of-Week update on current structure
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at resistance, current daily high is less than $100 from my theoretical long entry of $23,055.07
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zoomed in view, still related to update posted today
Trade active:
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This is looking like it might be running out of steam.
I would personally move the stop to just above breakeven as The "Risk" trade is more volatile right now and this is running out of steam at a 5 min double top
I would personally move the stop to just above breakeven as The "Risk" trade is more volatile right now and this is running out of steam at a 5 min double top
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Ok so the weekend Bitcoin rally is happening, almost as to celebrate indexes rallying into Fridays close. Breaking up above recent resistance (the double top on the 1 hr, not 5 min as stated above), means you should move the stop up, too, to about the horizontal yellow dotted line shown below. Moving your stop to 23850 will protect this particular long in the event price decides to retest the technical level of 24k, fails and then goes lower. 23850 from the entry shown above (23055) is a 3.4% gain and day trading is all about adding up a ton of small wins just like this.
Trade closed: target reached:
The market corrected, so far it has corrected far enough that moving the stop to 23850 as stated above would have successfully left you with the 3.4% profit.
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