#55 - Revive

What is up everyone? Hope you had a great weekend and ready for another prosperous week in whatever endeavor/activity you are pursuing.

Today we saw some volume coming through, and although I have to come through saying that I was expecting further downside, my bias did not make me see the double bottom pattern which was forming:

Not all is last though, after a breakout you often get a re-test of the previous level which is shown above in the blue box. This is the region where I plan to take my long position and ride it upwards with a tight stop, positioned at the previous low at 9000$.

The target for this move is around 10200$ but not all is out of the woods yet. The fact that we broke through the previous low at 9200$ invalidated our 2L for our HVF. This makes matters less clear and less prone to big upside (on balance of probability). In fact we would've wanted to see something like this:

But it just didn't play out this way. Current target is a short-lived one as we know how fast this market moves.

Full disclosure, I am mostly out of the cryptocurrency market with a small portion left for gambling on Bitmex (an exchange on which you can trade with leverage). Until I see a clear break of the logarithmic downtrend or a clear upside HVF, my capital protective bias is to stay out.

In case you don't have no clue of what a HVF is, check out the post where I go over the basis of HVF Theory and what characteristics of price behavior I am looking for on a chart:

https://steemit.com/trading/@beindependentbb/19-what-is-the-hunt-volatility-funnel-hvf

There is another coin ready to pop (I have mentioned it in past blog posts). If you want to get notified on the go what the BeIndependent group is monitoring hit me up on any platform. Take care!

Disclaimer: Cryptocurrency trading is highly speculative in nature which can mean currency prices may become extremely volatile. Cryptocurrency trading carries a high level of risk and may not be suitable for all investors. It is possible that you will sustain a loss of some or all of your initial investment so never risk capital that you cannot afford to lose. You acknowledge and agree that no promise or guarantee of success or profitability has been made between you and BeIndependent [bit by bit].

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