unspecial

Target 7,000 BTCUSD

Short
BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
After being range bound for so long we are finally seeing a strong move - down.
Comment: Coming back now to retest the 8275 line. Could be a good place to sell at and then close half at the recent low of 7840.
Comment: move stop to today's high 7973. Closing in on 7,000 now.
Comment: Target hit. Looks like a base may form around 7100 but remember it's an easter holiday for many with many banks closed for Good Friday.

Comments

@unspecial Can you clarify the 7000$ target ?
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unspecial seiferflo
@seiferflo, Limit Buy @ 7,000 to close short position.
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seiferflo unspecial
@unspecial, Yeah i understood that, wrong question. I was asking how did you came up with the 7K target ?
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unspecial seiferflo
@seiferflo, Scroll left and you will see that in the past similar setups have resulted in the bottom red curve being hit - it's 20% below the blue line.
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seiferflo unspecial
@unspecial, I'm not familiar at all with Bollinger Bands if this is the right indicator you're using so please correct if I'm wrong: Most reversals operate when price touches the top & bottom bands. However for trend confirmation price needs to cross the moving average, else we are bound to touch again the top/bottom averages for another try. Is that remotely correct ?
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unspecial seiferflo
@seiferflo, The blue line here is basically a 20 day MA. When it slopes down I interpret the trend as being down. The narrow band is +-2% and I use as 3 entry prices. The outside bands are +-20% and I use as target. I've found it best to take partial profits in case it doesn't reach the outside bands. What I'm still not sure of is where is the best place to put my stops.
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