TLDR: attempt to long around 16k-17k with stop at 15k, switch to short if under 13k --
Area around 16k EUR is likely to be at least a local bottom, given: -strong confluence of fibs -technicals entering oversold zone -symmetry of a lower degree: -73% correction -close to major top of 2018 -coincide with volume profile wedge, albeit a small one
A rebounce could be produced in the short term.
However if BTC keep sliding, either directly or after a rebounce, the next meaningful support will probably be found around 8k-9k, due to: -huge volume profile wedge -symmetry of a higher degree: -85% correction -some confluence of fibs
Risk assessment: if stop hit, loss will be ~10% depending on entry price.
Trade active
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Trade active: On second thought: action off the low is actually quite constructive, so start building position here. For a total of 5 tranches: -keep 2 tranches in reserve -long 1 tranche each at 19.5k, 18.5k, 17.5k -all 3 with stop at 17k
Comment
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Stop moved up to 18.6k, for the two tranches that got filed. tradingview.com/x/W5ZY7OHX/
Cancelling the order that is still open at 17.5k, as it shouldn't be reached if further action remains bullish. Now keeping 3 tranches in reserve.
Trade active
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Bought one more tranche at 22.5k, stop for all 3 tranches moved up to 21k. Remaining 2 tranches will no longer be used for this swing trade.
RSI is weakening and volume not quite followed through, final target for exit probably around 25k - 26k. tradingview.com/x/QtweHkPz/
Trade active
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Stop for all 3 tranches moved up to 21.8k. Average entry was 20.2k, 8% profit if stop hit.