Smaller Time Frame Bullish Fractal is forming that supports our larger bullish triangle fractal. The smaller time frame fractal suggests that 11,090 was our bottom and we will range between 11,200 and 11,500 for the next 3 days before we break out of the white diamond resistance line and make our way up towards the double top.
My entry for long 11,115 average; target 13,400 (albeit I will scalp between 11,200 and 11,500). Stop loss as you see fit.
Note: I have more longs laddered in down to 10,800 just in case the fractal breaks and we go lower (which could very well happen for a nice test of the 55 EMA).
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Closed some longs at 11,460 as I believe I will be able to pick more up again at 11,200-11,300 levels in the 'long zone' -
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So far following the faint green path quite well -
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As expected long zone was hit and I have picked up more longs at an average price of 11,230. Stop has been moved into profit at 11,300 and I will look to close around 11,450-11,500. I also have more buy orders set for 11,250 down to 11,150 as there is a good chance we will wick down again sometime soon.
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Picked up some more longs as we wicked into the long zone. I suspect we will wick down at least one last time a bit deeper (11,250ish) before we start our ascent up:
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Almost on queue, we go deeper into the support zone around 11,250ish to fill more longs.
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Original target hit. This is now a massive long for me; albeit with stop losses below 10,650
I do think we'll get above 14K, which would convince me that operation pump 'n' dump were complete. Mainly because that would give us a really lopsided though technically correct 5-3-5 ABC corrective wave from the low at 3200. My target based on the lengths of the previous two impulse waves is 13100 to 14400. I'm afraid that if we don't make a new high (below 20K) we might really be in the bull market as so many believe.
What do you think of that? My medium- to long-term analysis is mainly based on fundamentals which suggest that the whales are going to be hard up for liquid cash to meet operating expenses through the global recession. A lot of people see Bitcoin as a "safe haven" and I just don't think it's there yet, mainly because the banksters seem to be planning on running the current financial system into the ground. Also, it seems the general consensus is that stock markets have historically functioned as a way for inside traders to fleece retail traders, as in the saying, "the house always wins". I think that when you have every household in every country taxed at 40% and higher there is WAY more money to be made in landing big contracts with governments, especial black budget contracts. Rather, I think the purpose of centralized markets is to manipulate price with the goal of influencing public opinion, for example with the daily LBME conference calls.
So, it's clear with all the attacks it's had that Bitcoin is not the "killer app" that the NWO is looking for. I think the plan is to run the price up to give cryptos publicity, then crash it and say, "Look, we need something more stable". In other words I don't think the goal of the pump 'n' dump strategy is to accumulate cash or even BTC, but to influence public opinion.
Butcher_of_Bitmex
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@glitterboy, From my perspective the TA tells me a top of 13,500 and then dump to somewhere between 1.8 and 3K. However, I completely agree the fundamentals do tell a different story. There is a lot of fundamental analysis suggesting a price of close to 55K by May 2020 (things like the stock to flow model make sense and combine fundamentals and some data modelling) so I am not 100% sold on which way we ultimately go. I do err more towards TA and going back down to the very bottom; however I concede this is an easily manipulated market and things such as FOMO can also influence it. Because of this when I we get to key decision points I usually hedge my bets, with relatively tight stops. When one bet gets stopped out I let the other ride and move the stop for that into profit as soon as practically possible. Just need to be mindful of any whipsawing when hedging to ensure both bets do not get stopped out. Therefore I will be long to 13,400 and at that point move my stops to somewhere around 13K which gives a nice $400 buffer. I will short from $13,400 with stops above it and then let which ever one wins ride out as long as possible.