Bitcoin - Is the bleeding over? New trade

sixshooter (45)in #bitcoin • 6 years ago

Bitcoin - Is the bleeding over New trade.jpg

Bitcoin - Is the bleeding over? New trade

I Entered this trade at 7285.5

Bitcoin is Currently at 7433. I'm watching the Stoch RSI which is in the overbought zone. Also watching the Bollinger Bands as well which are currently against the upper Standard Deviation of 2 on 20 periods.

I'm watching the Fib line at 7286 and the 50 Period EMA currently at 7361 as possible resistance/support lines.
If closes 4 hr candle below 7286, I'm prepared to sell.

If I were not in the trade, I'd wait for a solid close of one or two bars over 7400, then enter if the RSI and Stoch RSI look good on the 4 hr chart.

My current target is the area of 8788 which is the 0.5 of the Fib and 9200 which is a former resistance line. If the RSI, Stoch RSI and volume look good in this area it's possible we could get above the 0.50 Fib at 9200 and go higher, watch for this should we get there. Then I would move my target to 11,600.

If I were not comfortable watching all of these indicators, I would not consider entering this as a short term trade. However I were out of the market you might consider adding a smaller percentage of my holdings here for a long term trade.

I'm watching those Altcoins as well, made a nice little pop on Verge today. I wrote about Verge the other day. I traded on Verge this morning enteriing at 4.5 cents and it has risen to 7 cents in the last 17 hours. I'm still in and watching closely. Verge did not complete the last touch of the Bulkowski Trend line but when BTC took off it was a good signal. I had mentioned the importance of BTC pricing on Verge in my post, If I were out of Verge I would consider getting in if it pulls back a a good bit from 7 cents. It could go much higher from 7 cents but only watching the chart indicators will tell.

None of the warnings I gave previously in my ideas about any downturn are out of play at this point. Refer to the previous charts.

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All statements and expressions I offer are my opinions, and not meant as investment advice or solicitation. Information provided is not personal investment advice. Seek guidance from a professional investment advisor before trading or investing. Trading cryptocurrencies can be a potentially profitable opportunity for investors. You should carefully consider your investment objectives, level of experience, and risk appetite. Most importantly, do not invest money you cannot afford to lose. I am not a registered investment advisor.