Note to self:
'BTC has been building for a a couple of days. A small pull back was required before the return to previous levels. Resistance has been provided by January's downward movements giving us a slow pull back instead of the common 'BTC fast dumps. Wouldn't be surprised of we get up to 3285 or even a spike past it, pulling back to the 3260 mark for some...
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.
I have now been thinking since the 12th that a retest of that Marabozu was needed before we could move higher. I did not expect to go as high, and I am highly suspicious of the neck-breaking pace of sentiment change in the space. Too many loudly bullish peeps out there for my liking, and this is an indicator as good as any other so I keep thinking this could turn...
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...
Am I the only one unconfortable with the fact that the €1000 candle from 12/04/18 has not been tested to the 0.5? I think a test is overdue and so is a correction judging by the indicators - however RSI is at 59 on the daily, which it has not done since the 20/12/17, this would help towards the trend reversal case. I would however not be happy if we crossed this...
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.
Green line: 50 EMA.
Blue line: 200 EMA.
Descending wedge which can turn bullish but the triple bottom and small wedge give me hope €4.6k is the absolute bottom. Still everything can happen so it's important to check the volume during breakout. The 50 EMA will probably push Bitcoin down even more.
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...