oh92
Long

Bitcoin - The Bull Scenario

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
As you all know, there is a lot of uncertainty running through the crypto market at this time. Many worry that Bitcoins             parabolic trend is broken and an even more serious correction could be on its way.

However, Based on Trendline Analysis the chart above shows a very different possibility.

We recently just bounce off two historical trendlines , one at the low of 9200 and most recently again at 9800, which created a very precise higher low.
This all of which is happening in what appears to be a giant Bull Flag .

Taking this analysis a step further; As seen in the chart below, BTC             has had several large corrections in the past. All of which have lead us to new highs.

Based on ratio analysis, plus the magnitude of this last leg. BTC             should've have seen approximately an 49% retracement from its all time high.
So as long as a larger correction is not in play, the 53% correction should suffice.

My Plan of Action:
The key thing for us to do now is to keep the daily close above that dashed line.
IF it is held, I expect a nice bounce within the next couple days.
IF this line is not held, there is still hope for the Bulls. I would then look for entry within the green support zone shown above.
IF we are able to successfully break up from the Bull Flag , The lines above mark possible resistance.
Clearer Target Points will be determined after this occurs.

Things to watch out for:
A Daily Break below the support zone , could be a very dangerous sign.
I will likely close all long trades if this should happen.

Also, this post does mean I am Bull. I am merrily showing the possibilities.
Yes, the ratio chart above seems promising, however if you zoom out further, the chart tells a very different story.
Meaning there is still the strong possibility of a larger correction in play.

Requiring all of us to think and react dynamically.

I wish you all the best of luck.

DISCLAIMER:
Please note I am only providing my own trading information for your benefit and insight to my trading techniques, you should do your own due diligence and not take this information as a trade signal.



Comment: One of the most perfect harmonic setups I have ever seen.
Giving us a possible short term trade: TP 11.7k
Comment: target hit @ 11.7k
Cheers to everyone in this trade with me
Comment: The breakdown of the major trendline is a terrible sign for the bulls. Please trade with extreme caution.
Comment: What a bounce! However don't be too greedy. The bulls have a lot of resistance to break back up through, for this to be in their hands. The key thing I am looking for is a daily close back within the flag.
its actually sitting on big ass support, but I would like to see what happens in 4 hours...
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trueorfalse trueorfalse
@trueorfalse, also there is big ass div but this ma, show itself on 12H to 18H so there is no way which one is the true candle.
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oh92 trueorfalse
@trueorfalse, I am hoping we bounce and are able to at least keep the body withing the flag.
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@oh92, well in 3 hours okex futures will be closed with the other futures, which they have a big impact on price, yet "2 week" has 8 days and "quarter" has 2-month so but probably we gonna bounce from 618 which is 8100 on my futures chart.

Which also match's with the Volume Profile before that price like you said: Please trade with extreme caution.

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Thanks, great call...
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Nice call i got a bit anxious and closed out at 11.6 but no complaints here =] Where do you see this heading to next?
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oh92 NDezell17
@NDezell17, Completion of ABCD's are usually followed by a reversal. Which was seen.
Based on the daily, we just dipped down into the support zone. With CME contracts closing today I expect and hope that we see some upward movement from here.
Once again I would love to see the daily close above that dashed line above.
Gotta be on our toes though.
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Love your aesthetic. Sooo many charts on TV are horrific to look at.... oh and the forecast is good too ;)
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oh92 ronfkingswanson
@ronfkingswanson, thank you :D
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would you close your longs for good or would you reenter somewhere?
+1 Reply
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