Nick_Core

Entry Levels I Am Watching For A ₿itcoin Entry or Exit

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
This is a short term play I am watching for good entry, I will either add to the long I have been riding the last 24 hours or close it and pull open a short once either of the levels listed below cross.

₿itcoin BITFINEX:BTCUSD is very Bullish but as a day trader I ride multiple positions daily based on its movements. Riding a Bullish position has been one of the easiest things to do lately. That being said I am watching to either add to my long or close it and open a SHORT TERM short at these Bitfinex BITFINEX:BTCUSD levels:

For Long:
SOLID break out above $13,983, WITH $13,897 being where my alarm to watch momentum indicators is set. I have moved my current stop loss to $12,681 which puts me well in profit, I will adjust the stop as the support moves up.


For Short:
This is where it gets complicated, I DO NOT RECOMMEND OPENING ANY KIND OF SHORT POSITION IN THIS MARKET, but what I am looking for is a break BELOW the ORANGE curved line. (parabolic support) That is my running support on this local move that will determine my position, at that point I close my long well in profit and watch for the next support breaks (plural) shown in RED. (also watch the BB for any movement on the bottom) If the momentum and strength indicators show weakness on MULTIPLE time frames then I consider opening one . My stop on the trade would be just above the Parabolic support and I will allow it to hit with very minimal loss on the short. This is the most sound advice anyone can give you on a short.



Keep an eye on this candles close pattern below on the Bitfinex 4 hour which closes in 20 minutes as of this writing, the formation will tell me everything on the direction of our future price movement.
Anything in between these levels for the next few hours is a NO TRADE ZONE unless you are already holding a position. I am big on waiting for confirmation on positions so I highly recommend you do the same. At this point I am very Bullish on BITFINEX:BTCUSD for the year, but this is a short term watch as a day trader.
Trade active: $13,983 was broken and the price is hovering right above it BITFINEX:BTCUSD after a brief resistance line touch. I am watching these top resistances.

Trade active: BTC remains bullish as detailed here in this idea I just posted...
Trade closed: target reached: BTC reached monumental levels after this post, my position closed on the hourly hammers that played at the top. We now have a correction in play. Next posted idea will be the bounce points I foresee.
All posts are for educational purposes and are simply my views of markets conditions. Please see https://www.thetradingwizard.com/automation for access to free scripts.

Please do your own research and use my content to educate yourself.

Comments

will be monitoring! Many thanks Crypto_Core
+1 Reply
Nick_Core TonyCryptano
Reply
Thanks!
+1 Reply
@Dlebel, You're welcome.
Reply
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