M4B0X.

BTCUSD - Long setup

Long
BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
559 views
Bottom is near.
Looking to go margin long on capitulation.
Comment: TP1 right here, TP2 $4075, slightly above montly pivot.
Trade closed: target reached

Comments

Thx for sharing
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@T0R, NP, glad to help.
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Nice to see you posting ideas again :).
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M4B0X. tududu
@tududu, :shades:
I will try to post more often, when I got solid setup.
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Be careful going margin long at that level until there is true confirmation in trend. There is a chance this will break the $3000 and go as low as $2500-$2600.
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M4B0X. Prothius187
@Prothius187, I agree but looking at previous liquidation event it could work.


Also, EMA 150 is right there on the daily, acted as support many times on sell-offs:
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@M4B0X., I'm seeing the same thing as you:



It seems like a perfect drop to the .618 fib. If it doesn't hold, there's a long drop down to old support around $2500 possible, so I was just cautioning about the use of margin.
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yeshuyesh45 Prothius187
@Prothius187, still 2500 possible or heading towards new ATH ?
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Prothius187 yeshuyesh45
@yeshuyesh45, We hit the monthly pivot at $3000, which is strong support and had a really good bounce. The bounce retraced up to the .5 fib from the drop and is sitting there now. Wait to see how it plays out, because there was tremendous strength in the last downward push, and part of the retrace is due to shorts covering. If the price trend doesn't continue and break through $4000-$4200, then likely shorts will re-enter and push the price back towards strong support at $3000. I still don't think $3000 is likely to break, but if it does, we will see a drop towards $2500. Don't enter too early. It's better to wait 1-2 days to see if the trend confirms a reversal or not. BTC has a bad habit of burning you if you move before confirmation on the big drops.

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yeshuyesh45 Prothius187
@Prothius187, what will happen it failed to break 4000?? fall to 3k?

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