ridethepig | BTC Market Commentary 20.01.2021

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
πŸ“Œ ridethepig | BTC Market Commentary 20. 01 .2021

In this position (from the $39,000) highs it's time to protect our portfolio as we try a third time to get the breakdown. This has happened in drastic fashion and a great live example of good position management. The pullback came surprisingly close to our trail, before the old shorts started cheering again at the thought of another fight!

Now sellers have to simply win the lows to complete ((iii)) which will be enough for us to trail our stops from (ii) to ((ii)) ...the over protecting will ensure we are strategic and decrease our radius of risk.

Just one more diagram (since we are tracking the MT chart) in all its forms we will need a whole new thread dedicated to the final wave in this impulse once we complete our 4th wave retrace.

I hope all is clear... if not feel free to shoot a message below or via DM .... To put simply, after (iv) is complete we can update the Weekly and Monthly charts. Why? Because the pullback here is πŸ”‘ to the slingshot that we are tracking later in the year. And in fact, after a test of $28,000/$27,000 a lot of the retailers will be cleansed and allow the remaining warriors an excellent chance for positioning.

Thanks as usual for keeping the feedback coming πŸ‘ or πŸ‘Ž
Comment: Boom!
Comment: Boom!! Finally!!
Trade closed: target reached:
Comment: The dominos are stating to fall...

Comment: A quick and final chart update here

Comment: An update here before the weekend:



WOW! Nothing else to say on this idea. I am monitoring it since the upload. Now I can just admit I'm astonished, yet a bitcoin bull tho. I guess we'll buy the dip ;)
+1 Reply
ridethepig GeorgeZii
Thank you very much @GeorgeZii, a good example of a playing both sides!
Nice analysis. Took a short from the 200MAs in good profit and now waiting for long setup.
+1 Reply
ridethepig cryptotraderog
@cryptotraderog, HODL! πŸ™ƒ
interesting setup tnx
+1 Reply
ridethepig Yuriy_Bishko
Thank you @Yuriy_Bishko!
+1 Reply
ridethepig YurloTrades
Thanks so much @YurloTrades!
if 4h close above 34800 its not that bearish imo. 15 mins left
+1 Reply
ridethepig veryevilone
Sure @veryevilone, it would indicate signs of rejection.
+1 Reply
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