This 3 month range/triangle may resolve soon. BTC/USD is in a position to break out, if price moves not too far up from here. It would not take too much, IMO, to generate the short liquidations and FOMO from here. A buy stop order could be placed above the recent swing high, shown here at 6834 on coinbase (red line)
I have been long since 6200 on 9/18, with daily bear trap candle.
Fakeouts are possible, but I think this bullish thesis can remain intact as long as we do not have a daily close below 6100.
Shortly after posting this the 6800 level acted as resistance, and BTC fell to 6052 on Coinbase. Followed by a spike to 6800 again (and higher on Bitfinex). After grinding sideways in the 6400 area, BTC dumped to the 6200 order block area, which bulls defended.
No daily or 8 hour bars have closed below 6100 to make a lower low, so I think this trade idea is still feasible.
For now we are above the July descending trendline, and the rising June trendline. And are approaching a longer May descending trendline. Sideways for now...
mikepuerto
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No more ltc?
docfresh
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@mikepuerto, I haven't charted it in a while. Like you once said, BTC basically drives the rest of the crypto market.
mikepuerto
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@docfresh, indeed my brother... I've gotten to know this lady a little too well. I wish I posted some of my stuff public. Pointing to the void where no candles have printed and being spot on... But, I could care less about being one of these cocky assholes on here.
mikepuerto
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@docfresh, btw... it should blow through a few stops at the intersection of your downtrend line... then it's the moon....
mikepuerto
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@docfresh, well I was pretty much on par but we've gone sideways. boooooooooooo
docfresh
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@mikepuerto, extremely sideways. surprised by how stable price has been
mikepuerto
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@docfresh, If I had to guess... there is so much institutional money flowing in and so much uncertainty(ETF's, etc) that they are quite possibly holding things where they can to an extent.... just a shot in the dark of course.
No daily or 8 hour bars have closed below 6100 to make a lower low, so I think this trade idea is still feasible.
For now we are above the July descending trendline, and the rising June trendline. And are approaching a longer May descending trendline. Sideways for now...