UPDATE: The price moved below the red resistance lines and then crashed down one leg further.
The Bitcoin price is starting to go up right now. I expect a bounce if the price stays above $272 on Bitfinex. I have put the entry of the long into the future, meaning the trade should only be started if the price has stabilized until then.
**** I originally wanted to move the long entry (green area) on the chart just one day into the future after a dip overnight on Monday to start on Tuesday, 6th at 12:00 UTC (where the price now rallied up as expected) and not at 12:00 UTC on Saturday, 10th (chart above) as I mistakenly did.
Nobody is going to believe me anyway now, but I originally wanted to move the long entry just one day into the future to start on Tuesday, 6th at 12:00 UTC (screenshot) and not at 12:00 UTC on Saturday, 10th (chart). Here is the chart with I originally wanted to publish it. At least the stop loss lines were right:
CryptoQiu
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hehe, nice one! We are bound for a correction downwards
MoonTrader
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Just $272? We're awfully close to that already.
ChartArt
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Yes, because of the high risk that it falls down again. That's why I have put the entry of the long into the future meaning the trade should only be started if the price has stabilized until then.
Rashad
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This was definitely a bounce! If Bitcoin's price is stable on the 7th or starts to head higher I will definitely go long. I am very interested in this Wednesday the 7th, as that's when Bitcoin's Long-Term Falling Wedge support approximately intersects Bitcoin's long term support line. If it holds, the long term support line should give Bitcoin a point to bounce off of and hopefully breakout of the falling wedge (since Bitcoin's all time high). Overall, I am optimistic!
johnrfraser
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Could you show your chart of that?
My long terms intersect on 2nd Feb, so maybe I'm seeing something different.