entering this with the expectation to shoot straight back up and past where we've just come from. Giving this room to breathe, so reduced position, and possibly could take days or more to play out, which is opposite to the scalps i've been taking lately
Buy Volume peaks, rising RSI and Statoshi. stop loss set within daily consolidation range for setting stop loss. take profit set at typical upper bounce level. Unfortunatley, Kraken exchange does not facilitate % profit take.
We're currently testing the 23.6% Fib support level, which if broken can cause the price to fall to the neckline. The second shoulder shouldn't top the first one. A further correction downward could face two possibilities, a rebound around the 2 stdev Bollinger band followed by a retracement once the 1 stdev Bol Band is hit, or straight to the lower trend line.
New trading suggestion:
*The price is in an up trend and we forecast the uptrend would continue.
*There is possibility of temporary retracement to suggested support line (6299.85), if so, traders can set orders based on Price Action and expect to reach short-term targets.
Signal to enter the market occurs when the price comes to...
Looking like a rising wedge. Staying in cash and waiting for change from Higher Highs and Higher Lows with some volume and expect a drop of approx 300 euro. May look to go Short with a small stop loss.
2 hour Bitcoin/Euro chart.
Green triangle represents tightening price action (consolidation) before an explosive move (lower highs and lower lows).
Bitcoin has been in a downtrend for weeks.
This pattern looks like a textbook bear flag = Consolidation before the next leg down.
Shorts are at an all time high.
I'm new to all this so 'bear' with me. ;). (please be kind)
While switching between the log and linear charts (actually on a BTC/USD chart I was looking at) my trend line jumped about on me and it made me notice how support is being found on what I had in the past drawn as a trend line when I was using the linear chart. You remember the one we broke through back...
Price was stagnant the last couple of days which made trading pretty boring, but we are now seeing some movement. Over the next day I expect the price to fall to around €6947 where it will find support, and then bounce back higher giving traders the opportunity to take profits.
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