BTC_Daily.Pips
Long

Another Consolidation in a Familiar Area

BITFINEX:BTCUSD   Bitcoin / Dollar
519 10 12
We are now in another choppy consolidation area, decided to go long on the last dip inside this triangle, which has the bottom in the OTE             of the previous upswing from 210s to 290s, with stop loss under previous lows of this consolidation. Each selloff in this range took place on lower volumes, which is also a bullish sign of bottoming,plus some nice hidden bull divs are here, RSI fluctuating inside this range, getting ready for a breakout soon. My final target is the 278-284 price range , looking for the completion of the Bearish Cypher in play, which is also OTE             of the last downswing in the 278-284 range and fits also well in the volume profile . I will also look for short entries once we hit the target.

Wish you all good luck!
zippyoneday
2 years ago
So you think 300+ is unreachable in coming month's as expected before?
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BTC_Daily.Pips zippyoneday
2 years ago
At this moment no, but it is not impossible ofcourse. For now, I see 278-284 as a nice target to close the longs and look for short entries to resume the downtrend. But, we will see what the pice action will tell us once we get there.
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kenzboard
2 years ago
i agree wholeheartedly. today seems to be like 2/10-2/11. we know what happened afterwards.
+1 Reply
BTC_Daily.Pips kenzboard
2 years ago
Yes, especially bears there still have it fresh I think :D

I agree, was thinking the same the other day, it is the closest example to our market setup now. Came also after a long choppy consolidation, preceded also by many days of heavy selloffs after a solid bullrun. The psychology and ratios of the chart are indeed very similar.
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BTC_Daily.Pips
2 years ago
Reached first important level here:
snapshot
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BTC_Daily.Pips BTC_Daily.Pips
2 years ago
Update:
Similar breakout setup, should be fine as long as EMA holds:
snapshot

61.8% retrace brought us from bearish divs to a hidden bull div:
snapshot

buyig the dips here would be a good Risk-Reward Ratio entry, with tight sl under previous low or higher than 1% degree penetration of EMA imo
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BTC_Daily.Pips
2 years ago
Closed when MA was challenged after 1% penetration of EMA, the ride is over, looks like first target showed earlier above at 262 is the last staion:
snapshot

This longterm downtrend fib channel line proves to be too strong to get broken, from what I see, only 3 times in the last 1 year and a half:
snapshot
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BTC_Daily.Pips
2 years ago
Interesting setup again, more inclined to bearish outcome this time though
snapshot
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BTC_Daily.Pips BTC_Daily.Pips
2 years ago
Up it is:
snapshot
stopped in a good spot, down from here, or if it hold this level, we have a next target
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BTC_Daily.Pips BTC_Daily.Pips
2 years ago
Sry, 1.618 is the target of the crab, accidently moved it
snapshot
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