W0lfRAider

BTC USD 15 min on the verge of a breakout

Long
BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Price action lookin' sweet. We need confirmation. Break of upper downwards sloping trendline gives that. Inverse shs figure if you would like to call it that (I even don't dare to call it that, after some bad ishs experiences last weekend and Monday in particular, but this looks sweet, simple as that. Let go and take control!).

Not much time to post a large amount of text right now, clicking and trading myself. Just wanted to share, I really like this community.

It's a small timeframe the 15, so it's not that you can let the idea ripe for hours. I update my idea later on, with some charts, probably longer time frames as well. Zoom in and out wash rinse repeat. That's what trading is all about if you ask me.

Happy and safe trading folks!
Comment:
Zoon in, 5min. Wedge like pattern, now upper boundary
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Zoom out, 1h. It's a beauty, btc.
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First attack of the important line (it's more of a zone actually) in progress. let's see how it works out.
Comment: It's official. We have broken out.
Comment: Could be that the market wants to retest, it's always maximum irritation at huge levels. Stay ZEN. :-) Price is trading above our entry.
Comment: Retest and lift off Falcon 9

Comment: Falcon 9 has some minor issues. maximum irritation like I said, probably second retest in play. hang on!
Comment: Still everything working out according to plan. But btc has hired a snail apparently to execute the job.
Comment:
Zoom in. New possible ishs
Comment: Break of that ishs, now we should see acceleration. Snail has been fired.
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BTC is the king for practicing TA. Simple as that. Neat so neat...
Comment: We are clearly in a resistance zone on the minor timeframes now. I expect it to be broken later, but it's up to anyone to decide if he or she takes some risk off the table.
Comment: Rough snapshot (sorry very unpolished). ST resistance:

Comment: Market is strong. Resistance broken.

Comment: Next station has been reached. First of two possible resistance areas.

Please view the 2 red lines on the following chart; 1 downwards sloping line and one horizontal line. Respectively Corresponding with 1) the area we are currently trading at and 2) the (temporary?) 'all time high' of a few days ago.

Comment: Forgot to mention, I personally think we are breaking both and quite easily even. I am still up and running ST positions as well. @the High zone I do expect at least some minor resistance, so I will take partial ST profit in that zone. Probably to inject back in the market pretty soon afterwards...

HODL Long Term holdings, I cannot stress it enough for most crypto market participants...Do trade short term it's fun, it's rewarding when done properly but make a diversification between short term en long term allocation.

Do not be Mister or Misses Smartass picking tops and bottoms with that long term portfolio, cause at one point in time the market lures you and before you know you can start the chase of a lifetime. I say something, you sell BTC @51K USD expecting a modest 5-6k drop.

51K zone, it tops slight above that, so far so good. Price subsequently drops towards your 45k buy zone. You are ready to buy in, a plan is set in your mind, one third at 46.111, one part & 45.511 and one third at 45.111. A personal issue needs your attention that day, in the process you forgot your phone somewhere, you weren't done with placing your limit buy orders and you cannot fix it. You need to face it, the next few hours you are not going to be able to follow the markets, let alone participate in it. Nailbiting nothing to big of a price move upwards happens.

Price drops in the mean time to 46.150, where it finds some support. And then DANG!!! A rocket is launched directly towards 70k in just 12 hours! Falcon 10. MUSK. Elon has bought Bitcoin and not just dipping a toe. No, full in with Tesla cash reserves.

Where are you with your long term HODL position? Probably waiting at the sidelines for a pullback. Not good for your heart and emotional wellbeing. Probably not good for your finances as well.
Comment: ST bottom likely in

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Comment: The shorter the time frame (here 1 min in confluence with a first (minor) support at 15min level)- the more micro your scope is -, the more spot on you need to be entry-wise (and the sooner out when wrong).

Bounce was effectively in play, more can you not reasonably 'predict'. The rest is 'expectation' in a way, short term within a longer frame trajectory. We are not really progressing now, no atypical behavior though.
Comment: 15 min chart.

Just a possible setup. Sideways forming some sort of pattern, building up energy. Then resolution.

Comments

On point mate. Keep up the good work
+1 Reply
W0lfRAider TheSignalyst
@TheSignalyst, Thank you very much for the kind words!
Reply
I am new here (had a dormant account for 2 years so that does not count in XP with the platform), so I am still "trial and error" learning how to bring content. It's not something you learn overnight. I will update this idea quite frequently, as I do with XLM and NEO in previous ideas. So when it goes 'wrong' (bullish setup invalidated), you will hear it here as well.
+1 Reply
Resistance broken to the upside.
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Breakout in which direction?
Reply
W0lfRAider eemansaleem
@eemansaleem, Upside, WHEN we break that upper downwards sloping trendline. That's the confirmation. You can try to anticipate but please do manage your risk. That's something I cannot assess, that's something every trader needs to take care of personally. His or her own trading plan...Godspeed and safe trading mate!
+1 Reply
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