Aqua-Life
Long

Simple bull patterns

BITSTAMP:BTCUSD   Bitcoin / Dollar
152 16 0
Nothing advanced or a dozen indicaturs on the charts, just simple technical setups.
Not a very well defined pennant right now. It would be better to see it bounce up and down against it. It actually may be smaller than what you drew based on the new candles.
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johnrfraser ItisCalvin
A smaller, steeper pennant but still a pennant?
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ItisCalvin johnrfraser
I'd have to jump off mobile myself but regardless of the pattern this is a resting stop. The bulls of the market now.
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johnrfraser ItisCalvin
570 turning into one those more illusive support zones?
Or is there some heavy fib line right here that I've missed?
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ItisCalvin johnrfraser
This chart below is much better at seeing the possible pattern. Not the best TA since it is just a quick 2-3 minute look at it but seems that prices will be going sideways into the BB. Volume and ATR have died off as we stopped going up which is good as it shows us that there is buy pressure but bad as we will not exactly where it will go. We are going OVERSOLD on the StochRSI so positive for the bulls.

snapshot
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Aqua-Life ItisCalvin
We did break out to the upside, although it was not a major move.
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Aqua-Life Aqua-Life
snapshot
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Interesting to hear this, thank you.
This raises an issue I keep coming up a against when trying to plan r/r trades on bitcoin...the 515 stop is way under the price I'm prepared to buy in at...526 or 530 say...so what do you do in this case? The potential buy order cancels out the stop and the net effect is you do nothing? You don't put in the stop and you don't put in the buy...but then I'm trading without a stop which would be regarded as reckless. Whats the approach to this conundrum?
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Aqua-Life johnrfraser
I'm not sure if I understand what you mean. But if you want to buy at 530, stops still need to be below structure to be safe in my oppinion around 515. You need to give the market some room to breath so to say. Look at your rules and risk tollerance to descide if you can get long around 530. I agree with you to always use a stopp/loss when trading anything!
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johnrfraser Aqua-Life
Sorry, I meant if I bought up here in the 570s to capitalise on the pennant, the 515 stop you suggested is far enough down to actually conincide with a point where I plan to buy (526 looks good to me for instance).
So in this case the stop conflicts with another buy position...so I'm saying 'I'll sell here' (because of the stop from 570 trade) but 'I will also buy here' (as I identify 526 as a buy in position) so the net effect is that I do neither. They cancel each other out.
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