BTCCNY is breaking above the recent key resistance generated by the news related to Chinese capital controls. It seems that the news were discarded as a rumor, and now investors have absorbed the selling, and are ready to bid prices higher. I'm holding a 30% long position now, since I doubled at 4918 and tightened my stop loss to 4870. My average entry is lower, so I'm holding a risk free trade, with a profit if stopped out.
Target is 6555 at least, the retest of the Black Market Reloaded closing key level, or the weekly 'Time at mode' target at 7047.01. This could evolve into a longer term bimonthly uptrend as well, which is currently active, and implying way higher prices, so I will simply hold my position for as long as possible, only closing half of it at my weekly target zone, and trading around the core 15% long term long position from here onwards.
You can see how the key levels and the 'Time at mode' analysis have been useful in trading this market, and predicting the turns, where to enter, where to add, where to place stops, etc. Review my previous publications for more information.
Good luck,
Ivan Labrie.
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We have hit a confirmation level for the weekly rally: This implies we have good odds of uptrend continuation. After this week's close, if we get a dip, we can add to longs. For now, simply be patient and let it run. Additionally, we can buy dips in smaller timeframes, but from an investing stand point, we have to hold our 30% stake and wait. Good luck!
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What do we look for here?
Key level to take out: 5011
We need to see first a daily LOW sit above 5011, on close. Then, a weekly close above it, this week, and next week, a weekly LOW, on close, above this same historical level.
Once this happens, you can relax and wait for 6555-7047.
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After today's close, we'll have some more confirmation of further upside if the LOW of the day stays above the 5011 mark by 8am, Shanghai time.
I'll be looking to add some short term longs on the way up, without touching the core 30% account long trade I have established gradually.
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Excellent, daily low sitting above 5011 on close: check. We now have to wait for 1 week to stay above that to fully confirm more upside but it looks like we're in great shape.
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We have a slight pullback after momentum stalled for 3 days. Let's wait to add some more to longs, good opportunity on each of these selloffs.
So happy to see you an update from you my friend Ivan :)
Hopefully this time will be different and won't face any rumors.
Thank you my friend :)
IvanLabrie
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@AhmedAlif8, even if we get rumors, the trend is strong, so they get bought as you saw here.
Hold for now, follow the trading plan.
Best of luck Ahmed.
God bless
UnknownUnicorn396945
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@IvanLabrie, Thanks for keeping us updated my dear friend, Ivan :)
I've a question please, why do you think the reason is behind the stoppage of the rally and going sideways for few days now ?
Thank you again Ivan :)
God bless.
IvanLabrie
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@AhmedAlif8, it was due to the news about possible China capital controls, and now maybe due to USDCNH's rally slowing down.
I'm confident in the BTC uptrend though, so I'll just hold.
My entries are good.
We can look to buy when it drops, and sell partially on rallies, but don't let go of your 15-30% stake, spot, coins you own, with no leverage...off exchange isn't a bad idea too.
IvanLabrie
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either*
Young_Satoshi
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:) That was a fast update on the pullback I advised you about. Loool
Young_Satoshi
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@crypto.888, I believe we have some further downside to the cards. Check your charts again mate.
IvanLabrie
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@crypto.888, I'm waiting, nothing actionable right now.
Young_Satoshi
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@IvanLabrie, Let's hope your support at 5011 doest gets taken out. we did hit a low of 5080! We could see 4800-4200. Best of luck to us all.
bhsl
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Thanks for your continuous updates. Is there something like yearly mode ? Just curious what it may look like and what is the potential, say, for 3-7 years.
Hopefully this time will be different and won't face any rumors.
Thank you my friend :)