IvanLabrie
Long

BTCUSD: Signs of healthy accumulation as we march up

BITSTAMP:BTCUSD   Bitcoin / Dollar
2335 15 49
a year ago
BTCUSD             has started trending up in the daily and weekly timeframes, after the monthly downtrend signal expired, failing to meet its bearish target.
The implications are tremendously bullish for BTC , and might send it flying back to the mode at 436 give or take.
The recent leg up, shows buyers stepping in after every push to expand range higher, which is a sign that the trend is healthy, and that is well supported on the way up.

It cleared the first big resistance above today, and it has room to go up still, but the resistances above and the trend target suggest we might see a pause in the advance.
With BTCCNY             reaching record volume levels near this top, I'm inclined to think my first target (which was 265) will serve as a cooldown post initially.

Doesn't mean we have to turn bearish , but rather, look to buy the impending pullback at today's bar's 50% level or lower, as long as above the open. Booking profits at today's high makes for a very nice short term trade during a trend.
The recent advance has 4 of said trades, which worked, providing traders with 2:1 r/r in 3 of them and 1:1 in the last one. We have some divergence in CCI , which also implies we might see a pause, unless today's bar shoots much higher.
For now, I'd only trade the long side, buying dips, buying over previous day highs, with the stop at the day's open, and so on, so forth. Buy strength, buy bargain dips.

Good luck!

Ivan Labrie
Time at Mode FX
a year ago
Comment: Price has reached the next low volume resistance level. If it moves past 272 today, this will be extremely bullish and would most certainly imply price might continue towards the next resistances above, namely: 276, 289 and 310. The weekly time at mode target for a potential retracement or reversal is 282, but the monthly aims for 436. If today's bar reaches 276.40 range will have expanded, and this would be a good sign for continuation.
a year ago
Comment: Careful:
snapshot

Let's wait for buyers to step in...or counter short here.
a year ago
Comment: If buying retracements, (REBZ1/2 trades, see Tim West's publications),
you'd be making some good $ with this trend.
Seems strong so far.
a year ago
Comment: More accumulation as we go up, very healthy rally so far.
I think it has legs.
a year ago
Comment:
snapshot
Monthly target

snapshot


Green boxes are range expansion trades taken using my R.E. Signal indicator to enter on retracement, stop under the open, tp at the range expansion bar high.
7 out of 7 worked so far, and some pullbacks gave r/r higher than 3:1, most 2:1 and one 1:1.
This is Tim West's technique, very powerful methodology.
a year ago
Comment: 8 out of 8 range expansion bars led to a profitable trade, This is a very strong trend.

snapshot


Monthly picture.
If above, then next level logic.
a year ago
Comment: We should see a healthy retracement. Wait for the monthly candle to close, then go long on retracement. 257 is a very strong support.
a year ago
Comment: The previous swing high is a make or break level. If we break it, it will signal that the bulls are not giving way.
It can be very parabolic. Stay vigilant.
a year ago
Comment:
snapshot
a year ago
Comment:
snapshot


Bulls are winning for now...
If you're interested in joining my trading newsletter or private lessons, message me. I trade Forex, Equities and Commodities. Contact: skype @ ivanlabrie, PM here or QQ (2954487803).
timwest PRO
a year ago
Great work Ivan
+3 Reply
meghal.jani PRO timwest
a year ago
Where can I learn more about your time at mode technique?
Reply
IvanLabrie TOP meghal.jani
a year ago
Tim has a chatroom where he shares insights and trades often.
Key Hidden Levels.
He used to conduct private tutoring via skype as well, not sure now.
Reply
IvanLabrie TOP IvanLabrie
a year ago
https://www.tradingview.com/chat/#c8BzrhGRvXxGXWnJ
Reply
Excellent analysis. Thank you for posting
+2 Reply
IvanLabrie TOP I_see_BTC
a year ago
Thanks!
It's good to see how BTCUSD respects the analysis so well. Must be the lack of external 'manipulation'. More or less pure supply and demand.
Reply
beller IvanLabrie
a year ago
I see a Buy Pressure but not a medium-long term movement looking at the fundamental of the blockchain:
https://www.tradingview.com/chart/BTCUSD/IGKKAIfW-BITCOIN-BUY-PRESSURE/#tc244824
Reply
IvanLabrie TOP beller
a year ago
My targets don't imply a new bubble for now. It'd be outrageous to expect a new rally to 1000+ based on current price action.
282 is realistic, 436 is possible.
+2 Reply
China youan news maybe have a bad news for BTC.
Reply
PooyaSalehipour PooyaSalehipour
a year ago
CNY GDP q/y 6.8% 7.0%
CNY Industrial Production y/y 6.0% 6.1%
CNY Fixed Asset Investment ytd/y 10.8% 10.9%
CNY Retail Sales y/y 10.8% 10.8%
CNY NBS Press Conference
Reply
759820 PRO
a year ago
Ivan have you been watching LTC also?
+2 Reply
IvanLabrie TOP 759820
a year ago
It's not in my radar, I'll do a publication after studying it in detail again.
Reply
rivet.popper
a year ago
You said the previous swing high was a make-or-break level. I don't really understand. How much is that in USD please? And did we break it? There's a slight pullback today but I don't see the bulls abating right now.
Reply
IvanLabrie TOP rivet.popper
a year ago
317.99, for now, we can't know where it will go down. I'd wait, and buy the dip (monthly candle closed, buy 50% retracement of it from open to high).
+1 Reply
rivet.popper IvanLabrie
a year ago
Wow, bulls in charge! Hope this is the beginning of a parabolic move...
+1 Reply
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