MarcPMarkets
Long

Bitcoin: Better Price, But Needs To Meet Criteria For New Long.

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
We managed to avoid the fake out off the 12K resistance and removed our limit order that we had sent out in the mid 11Ks in case the bearish momentum off the high followed through. Yesterday's bullish candle close suggests selling is very limited and that price is likely to find a support above the 11K area.

IF this new higher low stays intact, Bitcoin may have enough short interest to squeeze through the 12,300 resistance boundary over the next week. Since the broader trend is CLEARLY bullish , we are willing to take this trade, even though the location is less than ideal.

We don't react, we follow a specific set of rules which govern how we enter, exit and set targets. At this point, a reasonable entry is around the 11,750 area and we will use a stop order to enter. This helps to reduce getting caught in noise and also further removes us from the process. What about the stop loss order and targets? Those are determined at the time the idea is shared and sent privately. We do not enter a market just because "it looks good", it needs to meet the criteria.
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Comments

Btc exhausted at over 11750 range.Dead cat bounce... This is another fake out ! bitmex helping to push the price up!I never trust Bitmex ever... You will be dumped on possibly before reaching 12k!
+2 Reply
harryadem101 SpaceCatZ
@SpaceCatZ, fact
+1 Reply
SpaceCatZ harryadem101
@harryadem101, unfortunately is! But they even sucker in most experienced traders as we can see in this example. Partially greed kicks in and forces them do things (magical crypto land :) ) we all been there at least once :)
Reply
I was hoping for 10.8k first. What do you think?
+2 Reply
Hi Mark, I'm sorry you say "We do not enter a market just because "it looks good", it needs to meet the criteria".

I agree with this of course but I don' understand what criteria you are referring to.

Thanks
+1 Reply
Good analysis
+1 Reply
Maximum pain

Reply
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