BTC Medium Term Update

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
1742 22
Bitcoin looks to be in an ABC corrective leg following a 5 wave decline from January's high.

Before this we can see price coming into it's first test at channel resistance + the 61.8% extension level + divergence on the lower time frames.

I am going to short half my normal size position in 3 orders at 1011/1015/1020 which I will not be using a stop loss on but rather hedge my position if price were to break above 1041.6 and unwind in the 1080's for the C portion of the leg.

If price retreats from where I short and forms a corrective structure to the downside e.g breaks below 1k then I will add more shorts and look for a minimum target of 960 RR/Ratio 2+

Good Luck
Trade active
Comment: Manually moved 1011 order to 1010 which has triggered, 1015 & 1020 remain untouched. 1/3 active.
Comment: 1015 Short Triggered.

Any move beyond the R2 daily resistance level brings 1080's.

Everything from 1010 / 1030 being aggressively sold but need to see conviction either side. Supplement below.

Comment: Taking Profit from 1020 short
Comment: Daily Pivot Support, Good Place To Take Some Off!

Comment: Covered 2 out of 3 shorts making the last shorts avg above 1030.

Looking to build more in currant area.

Comment: Fresh Shorts added in the mid teens holding half normal position size.
Comment: 4hr coiling for a breakout very soon.

Covered 1 short at 1008 for a small gain holding 2 short positions avg above 1020.

If price breaks to the upside need to see conviction and momentum to see us to 1080's.

It's all about the weekly bar closing above or below 1k so things are about to get interesting for price action.
Comment: For direction it's all about the range shown in the chart below. If price holds above 1020 then this will launch higher if price collapses below 1020 then we will see sub 1k.

After retracing off of 1040 back into the lower 1020's I closed my final 2 shorts just below my average taking no loss and gaining from the 3 successful short positions closed earlier.

I am currently on wait and watch mode for direction to open longs or shorts but the range is defined for a move higher or lower 1040/1020 is the area to watch out for.

Price still respecting the channel.

Comment: Bought 950 stop 880.
Comment: Time For A New Chart!

In from 950/960, hour bar closes in the 990's and we see mid 1k-20's/30's.

Choo Choo......
Trade closed: target reached: Chart Complete, on to the next.

Im really like your chart project,anyway when you update your chart project?
BTCMarket jayden.carnegie1067
@jayden.carnegie1067, HI Jayden I'm in scalping right now meaning the time frame is too small for me to chart. If you read the notes above it says I bought 950 & 960 with a target of 1020/1030 so this is the current short term outlook for me. Once we get into the range I am waiting for I'll post a new chart showing mid to long term targets.

Hope this helps.

Major Chinese exchanged halted BTC withdrawal for at least a month, however cash can still be withdrawn. This selloff will continue I am afraid.
BTCMarket bysteven
@bysteven, Sounds great, I bought 950/960 price is now 987.
We got 940, your minimum target is reached. What are your other downside targets? Do you think a double bottom at 750 is reasonable or totally out of scope?
Is your trade still active or stoploss to top reached? Could be a bulltrap!?
RobinBu bysteven
@bysteven, is it still called a stopp loss when u hit your target?
im confused by all these nomenclatures
bitfinex OCO stuff is totally confusing to me
this might be the answere
pls reply :D
would help me
bysteven RobinBu
@RobinBu, well - this is a short position (a bet prices will fall). If prices rise, the upper limit of 1040 would be the stop loss signaling to switch from a short position to a long (buy back in) in order to minimize losses.
+1 Reply
RobinBu bysteven
@bysteven, ah right *facepalm* , thanks :D
RobinBu RobinBu
@RobinBu, learning is fun here !
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