A Great BTC Entry!

in #trading7 years ago (edited)

In the setup described here 2 days ago, the 3620-3660 area gave BTC bulls a great entry on a pullback into the daily measured long from 3507.

The setup has now been confirmed by a nice pop breaking the 61.8% retrace of both of the two smaller opposing short setups, the first mentioned in the original post and the second further outlined in the comments of that same post.

Traders and investors who entered are now inside the daily long from 3507 that targets 4390, 4565 and 4835, well above the 61.8% of the opposing daily short (at ~4170).

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A break of that opposing short would confirm the big daily/weekly long off recent swing lows at 2917 that targets ~5722, ~6122 and ~6878.

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So what we’re watching now is the opposing short setup from the ATH to recent swing lows. A break of its 61.8 would raise the probabilities of Bitcoin going on to make new highs in the near future, but do keep in mind that it could also mark a recovery high that is sold into. A short setup is a short setup! It has targets of ~2440, ~2150 and ~1660! It’s also possible to get a break and then a swoon. Trade accordingly, and remember, this is not investment or trading advice – this is only a real time illustration of Fibonacci trading techniques that may be of help to traders and investors alike.


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Do you think there will be an altcoin sell off in to bitcoin, to get the extra 2x coin?

Your guess is as good as mine. Last time I thought the trade was too obvious, which it was, but that didn't matter. Can it happen again? I guess it depends on how much of a circus we might imagine crypto speculation could become.

Good analytics. I am waiting for level $6878 or even higher this year before the new bearish correction.

It's got some hefty overhead to get through first . . .

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. . . as well as a fundamental challenge or two to overcome, like the possible banning of miners in China (as you mentioned in a recent post of yours) for example. Got to break the opposing short before I start getting too excited. Most likely bullish scenario IMO ATM is for a break of the opposing 61.8 and then a consolidation above MA and horizontal price support respecting the symmetrical triangle uptrend . . . a stair stepping process up to former highs, but that's probably too textbook, and that rarely happens. 😏 Still though, trading is pretty technical, so it might be something similar.

Edit: next station, 3757-3799. 😛

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It looks pretty technical and nice. But you are making mistake in a drawing. When you paint a trending line you should use only opened and closed prices. (old forex school)

Yeah. There are traders that prefer candlestick bodies over the wicks and tails. I usually look at both and try and guage which the individual market is respecting the most.

It's an old school to use only bodies. In any way, it is better to make experiments but looks strange for me.

Here's a good one for you where the market is respecting the bodies on our very own beloved STEEM!

STEEM27092017.jpg

Looks interesting. I think it will be interesting for you to read too. I made a small overview of a market cap. I think it is important to follow all the time because the market is a new one. https://steemit.com/bitcoin/@smetana/top-20-cryptocurrencies-get-3-05-market-cap-it-is-94-87-now

4000 is a big round number psychological level too. Lots to get through here. The next few days should tell us a lot about intermediate term prospects.

I sold at 3850 and bought back at 3600. I'm usually to chicken shit to trade my holdings but couldn't resist the charts lol

That makes two of us! 😁

There's a big difference between being a good trader and a good chartist. That's one of the main reasons why I'm such a big believer in diversified balanced portfolio management - the portfolio makes many of my trading decisions for me. 😊

Thank you so much for sharing all this information! that's great! All the best! Waiting for more posts! :)

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