We finished the first channel test as expected, which you can say was already the second(We had a small dip right before that). But I'm still waiting for us to re-test the channel to confirm the channel we're in.
I expect us to bounce off around 10.2k and test the Channel again (blue line) somewhere around 8.2k. I still expect BTC to hold the Channel at that point but as a trader always have all possibilities in mind. Have a plan for everything that can happen!
Keep in mind if we break below 7.3k at this point. We will have a lot of room to go lower.
So I will take some profits at 10 k from the position I opened at 6.6k and then I will add to my position after the Channel is confirmed around 8.5k.
This is a longer Trading position and not the trading on 15 min timeframe.
Every big move I will cover here with updated.
Comment:
Short update: We broke out of the small pennant and still on track for the 10.2k target. So far perfect predicted the slow rally with sideways movement we see here from btc.
Comment:
I normally don't post my day trading charts anymore but just wanted to show of this beauty. 6 days BTC following my line on point. Didn't need to make a single update.
Comment:
Target reached.
So now the deciding point. Before I take a position here. I will wait to see how it plays out. This local move down was quite a bit stronger than I expected. So at this point, the probability for me is higher that we break the trendline. It is tested already so nothing is stopping us here. If we break here 7k is in play.
I closed down my short which I opened at 9.27k after we failed the local move up.
I will do an update for the next big move when we have a clear rejection or break.
So now the deciding point. Before I take a position here. I will wait to see how it plays out. This local move down was quite a bit stronger than I expected. So at this point, the probability for me is higher that we break the trendline. It is tested already so nothing is stopping us here. If we break here 7k is in play.
I closed down my short which I opened at 9.27k after we failed the local move up.
I will do an update for the next big move when we have a clear rejection or break.
Comment:
We managed the bounce yay!
I will wait here for a retracement to 8400 to add to my long position. I didn't really map out the move after the bounce will update soon how we continue from here.
I will wait here for a retracement to 8400 to add to my long position. I didn't really map out the move after the bounce will update soon how we continue from here.
Trade active:
I went long at 8380. My stop loss is still close. (8280) If we reach that we will have a valid downtrend.
Trade active:
We hit my close stop loss. Small loss. Switched to a short on the downtrend. Took some profit but it looks very likely that his downtrend is not over as you can see the trendline is breaking. Next hours will show.