Bitcoin: BTCUSD This could be the low,take some profits at least
Bitcoin BTCUSD
need to be carefulnow to watch htis isn't turning here by making a right shoulder off support at 6300...
Earlier, it was noted that 6300 marks 20% from the top, standard text-book stuff. It's Ok to fall 21% intraday, but not
fall more than this (19% to 21% is standard stuff, right?) - well, spookily, 21% off the top is 6240 - and the low so far is 6218.
So it could be here...lower stops to just above 6530, they may get hit so swing traders make about 400 points, maybe more if
it swings lower from here, but am thinking more that this really could be the low for now...doesn't look quite over yet,
and want that hit on the lower parallel at 5997 in ideal world before closing out and going long with a stop under 5990 -
ready to short again if this level gives way (small loss but for spreads if wrong on the long...)
That's the ideal, a complete flush out right back to the base of the stucture...but we might nor see it. Bitcoin likes to do
things by the text book so far, so maybe 21% extreme could be the limit...so at this point you can close out at 6340 ish
and take 600 points plus profit and take a break, or can set stops as suggestedif a swing trader, or you can stay with it,
but risk reward is diminishing now. Maybe close out half and run the rest, ready to close out at 6000 if tested and play it
from there as above. And if 6000-5990 gives way it's another short...Stay Lucky.
On upside, when eventually the upper parallel is broken on upside and if it then survives the first retest,from above, start
building long positions for rally to 6943 and short again from there with stop above.
need to be carefulnow to watch htis isn't turning here by making a right shoulder off support at 6300...
Earlier, it was noted that 6300 marks 20% from the top, standard text-book stuff. It's Ok to fall 21% intraday, but not
fall more than this (19% to 21% is standard stuff, right?) - well, spookily, 21% off the top is 6240 - and the low so far is 6218.
So it could be here...lower stops to just above 6530, they may get hit so swing traders make about 400 points, maybe more if
it swings lower from here, but am thinking more that this really could be the low for now...doesn't look quite over yet,
and want that hit on the lower parallel at 5997 in ideal world before closing out and going long with a stop under 5990 -
ready to short again if this level gives way (small loss but for spreads if wrong on the long...)
That's the ideal, a complete flush out right back to the base of the stucture...but we might nor see it. Bitcoin likes to do
things by the text book so far, so maybe 21% extreme could be the limit...so at this point you can close out at 6340 ish
and take 600 points plus profit and take a break, or can set stops as suggestedif a swing trader, or you can stay with it,
but risk reward is diminishing now. Maybe close out half and run the rest, ready to close out at 6000 if tested and play it
from there as above. And if 6000-5990 gives way it's another short...Stay Lucky.
On upside, when eventually the upper parallel is broken on upside and if it then survives the first retest,from above, start
building long positions for rally to 6943 and short again from there with stop above.