I caught the breakout of this big horizontal triangle at $9280, and I've been buying on this pink line all week. I'm expecting it to break one way or the other soon. If up, I'd expect a huge move. Got a stop loss at $9490 just in case we go down, that'll yield 55% profit.
Trade active
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The 4hr ribbon is what has given me the confidence to keep buying over the past few days.
Trade active
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Another possible chart pattern forming on the 1hr to keep an eye on.
Trade active
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That breakup happened.
Trade closed manually
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Took profit at $10800 from $9500, with an ROI of 800%
That big breakup happened.... Meant to put this in the thread. Still learning the social aspect of TV.
Phi-Deltalytics
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Nice heads-up!
Given the 20k ATH, the 14k high, and the recent downward channel, BTC still has many key resistances layered between 9.4k - 10k. These will take time to break, and before these resistances are broken, our bias remains on the short side.
Do you agree with the setup below?
D-Pad
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@Phi-Deltalytics I definitely appreciate this perspective and believe it's well thought out. My long position will close if we break below 9,540, but I'm not comfortable shorting this at all. I'll look to build another long position at a lower price if we fail here. If you draw a line from the all time high and connect it with the yearly highs, we're testing that resistance level now. I believe we could stand another dip to 6k, but I also believe that most sellers sold on "black thursday." Plus, the "print money to infinity" narrative around the globe right now has me feeling like bitcoin is ready to show the world why it's here to begin with.
Phi-Deltalytics
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@D-Pad, I agree with the long-term bullish perspective. Miners capitulation recently over, and more institutional money is into the space since late 2019. Long term value trends will just take time to be realized. My own longs have more capital allocated than shorts too. Not sure if we can even dip to 6k. I'm looking at 7-8k for the retracement. Fairly bullish for the year ahead.