I am posting this as a long play since we have been long since last week for anyone new reading this, make sure you read up on the strategies we are utilizing if you are thinking about going long.
We have been in this channel looking for support while chopping around. From my chart you can see we had this first smaller trend line, broke it, found support then moved on up. The question is with where we are now, is the same thing happening? When we broke the first trendline we found support almost in the middle of the channel, and I drew a new trendline at the 7500 level with where we are currently.
We really need to have this "lower high" formed to continue a move to the upside along with a higher high. If you are laddering your positions, you have nothing to worry about. We are in with a minimal amount of risk right now and have buys laddered further down. If you use stops the technical stop is below 7100. hard to say exactly where a stop should be placed, because of that I really prefer a laddering strategy in this case as there is more support at that 6500 level which could lead to a rebound as opposed to having a stop below the lows getting stopped out and then having another move to the upside.
What would trigger me abandoning my laddered position would be BTC moving up and creating a "lower high". I would imagine we would at least get a push up to 7,700 and then I would put a stop below that area if it starts stalling out.
Happy Trading,
-Sherem
We have been in this channel looking for support while chopping around. From my chart you can see we had this first smaller trend line, broke it, found support then moved on up. The question is with where we are now, is the same thing happening? When we broke the first trendline we found support almost in the middle of the channel, and I drew a new trendline at the 7500 level with where we are currently.
We really need to have this "lower high" formed to continue a move to the upside along with a higher high. If you are laddering your positions, you have nothing to worry about. We are in with a minimal amount of risk right now and have buys laddered further down. If you use stops the technical stop is below 7100. hard to say exactly where a stop should be placed, because of that I really prefer a laddering strategy in this case as there is more support at that 6500 level which could lead to a rebound as opposed to having a stop below the lows getting stopped out and then having another move to the upside.
What would trigger me abandoning my laddered position would be BTC moving up and creating a "lower high". I would imagine we would at least get a push up to 7,700 and then I would put a stop below that area if it starts stalling out.
Happy Trading,
-Sherem
Comment:
Correction: "We really need to have this "lower high" formed to continue"
should read: "We really need to have this "higher low" formed to continue"
should read: "We really need to have this "higher low" formed to continue"
Comment:
Make sure you have your stops or martingale positions in place people. Things aren't looking too hot right now. Luckily, you should be break even or in profit for stops or you have positions laddered down depending on your strat.
we have broken every trendline down here and the MACD's aren't looking hot. We should have gotten some type of move up and we just aren't.
If 4k comes sooner than we think, we are ready for it.
we have broken every trendline down here and the MACD's aren't looking hot. We should have gotten some type of move up and we just aren't.
If 4k comes sooner than we think, we are ready for it.
Comment:
something to keep in mind, we really need to create a higher high with this push, lets see what happens.
Comment:
Update, wanted to show the daily and 4 hour side by side, click the chart
post that goes more into my strategy -