Bitcoin(BTC): This chart is a masterpiece of technical analysis. Trade Update(2) 12/26/17
BTC/USD Bitfinex
https://coinigy.com/
Profile: 12/26/17
Bitcoin (BTC)
Price: 15 918,-$
Marketcap. 272 $ bl. / Rank 1 Coinmarketcap
https://coinmarketcap.com/currencies/bitcoin/
Start Trading 12/21/17
https://steemit.com/cryptocurrency/@masterthematrix/the-holy-spirit-of-christmas-and-bitcoin-embedded-in-a-head-and-shoulder-pattern
Open Trade: buy 12 500,- $
Stop Trade: 11 500,- $ (hourly based candelchart)
Target: 17 000,- $
Update 26/12/17
Bitcoin Price: 15 918,-$
Profit: 3 418,-$ = 27.34%
New Stop (2): 14 000,-$
Trading Setup:
https://steemit.com/cryptocurrency/@masterthematrix/the-holy-spirit-of-christmas-and-bitcoin-embedded-in-a-head-and-shoulder-pattern
Quote: From my last post “BTC/USD is trading upwards on a trend line that started 11/12/17 at around 5400,- USD and peaked at around 20 000,- USD. The short term correction move is embedded in a head and shoulder pattern. As we can see on the chart the support zone at 12 500 USD is corresponding with the upcoming trend line. At this point where the support line and the trend line meet, therecould be a turning point. We have to expect higher volatility, and therefore I have also drawn a possible overshoot zone for a intraday reversal. Overall, I think we will find good support at 12 500 USD and the odds are more likely that we will fulfill the head and shoulder pattern with another right shoulder.”
Now look at the Chart what happened. Yes the Support zone at around 12 500,- USD was a good entry Point to get in. Yes we had high volatility and the overshoot zone was needed. The lowest point at 10 700,-USD just got touched briefly. And look at the hourly intraday reversal at 11 500,- where I have put my Stop. This is just one gorgeous chart that got fulfilled!!!
There was even a second chance to get in at 11 500,-USD levels, and now we have built a double bottom and are making our move up to the projected right shoulder at around 17 500,-$. There is still a possibility that we might see a lower hanging right shoulder. In this case the target needs to be adjusted to around 16 500,/-$.
Congratulations to everybody who followed this trade and can enjoy now a descent 27.34% gain in just 5 days.
I wish you all a happy new Year,
@masterthematrix
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Bitcoin didn't made it to the Target of 17 500,- $. Instead we have now a downward hanging right shoulder. The Stop at 14 000,-$ has been triggered and I wish you all congratulations for your 12.5% Profit. You could have doubled your profits if you would have closed the trade at 16 000,-$. But for me as I'm writing this blog it is not possible to update this blog so fast that I could have recommended it. I hope to see you next time around guys cheers!!!
Wow, you´ve already got over 118 clicks on you post. Interesting! Upvoted and Resteemed my friend. Thankful for your time and your work, which you share here with us. Great job my friend!
Thank you so much for your support @mynaturbody. That is really kind of odd to have so many views and nobody leaves a upvote? What is happening here? I think that this post provided good information and value to the readers.
I also think your trade, @masterthematrix is professionally conducted! And your analysis is also great. If you don9t mind you can check and comment mine here.
The price is recouping quite nicely and it seems that it will touch $17.5k again. But it would not be unwise to expect some uncertainty in this price region the next two months. But the bigger bull run will probably continue in 2018.
Thank you for your responds @wekkel . Yes I agree with you that we probably could see some more downward pressure if we reach the 17 500,- $. Till than I will update the chart and probably are going to take some profits from the table. For this trade the Risk/Reward Ratio was 1 ; 4.5 so a really nice profitable trade.
I really like this article. it was very helpful! how about you check out my latest post on this webseries based on Cryptocurrency and comment what you think ? it'd mean a lot and we could benefit each other out of it
Great thanks for your support @pillowtalk, and yes I will take a look at your posts.
Upvote and follow you! Great Analysis again (Check mine here).
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STOPYeah, The possible Head and shoulder pattern you show in the daily chart give some concerns about... In my opinion, the drop of BTC still can be deeper, but it could be as well the contrary :-)... will see
Thanks for your comment and yes that why my target is the top of the right shoulder at around 17 000-17 500,-$. If we not manage to break the right shoulder we probably are going to test lower lows. I keep on udating if you have any charts feel free to post them.