BTCUSD Retrace 38.1% starting - strength in Bitcoin Cash stopped me out of every other trade last night o.O
Weakness in Bitcoin and strength in BCC made all of the alts take a pause
Aside from being bullish on BitCoin Cash - yesterday I was bullish on ETHBTC LTCBTC and NEOBTC .. and I still am.
This post is more about the importance of using stoplosses, monitoring and walking them up with bullish action. I stopped out of ETH LTC NEO priced in BTC all with a meager 1-2% gain but It was worth it. I still maintain a bullish outlook on these and will be looking for entry as the weakness observed in bitcoin continues and infact is accelerating with the loss of trendline support just now. It is hard to determine causation correlation but it appears the strength in Bitcoin Cash is causing all of this.
BTCUSD - daily time frame
Three bearish crows formation for a blow off top - watch alts priced in BTC for a trade opportunity to accumulate more BTC in this next cycle.
1 hour time frame - expecting a bull trap
1 hour time frame looks good for a scalpable bounce, but i think it is a bull trap and then target is 3808, then 3600, and eventually we land on a backtest of the 3k range (2929)
Trade: Position in the stalwart Alts with scales - LTC ETH XMR etc. Theory is if BTCUSD breaks down and the alts remain stable they appreciate against bitcoin, allowing you to sell them for more bitcoin.
Alternative: Go to cash, set stop loss on BTC holding - lose 3808 and game on for the retrace.
Follow at your own risk, Not a financial adviser, understand the risks associated with trading and investing. Manage your own Risk - in other words you could lose it all and I could give a fuck.
still learning ...nice chatting with you yesterday in Steemit chat.. thanks for posting and sharing your knowledge :)
No thank you dear!! I hope to be able to help people learn to navigate these waters!
so do you think NEO will be one of those stalwart Alts this time around? ( see that you took a small gain - in the same position and thinking it best to wait to re-enter closer to .081)
I think NEO has a lot of potential, I trade it and have an optimistic long term view, but of course all of these vehicles are so new that its entirely speculative. So I trade it for now - sorta my plan.
My analysis remains the same, play the channel use moving averages to determine stops.
very good - I think I need to separate an amount to keep and another segment to trade in/out.
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No. Dont spam me again plz and thank you.