As per my prediction of 6th Dec we now have our fake break buy opportunity of the wedge as shown in the chart. Funny how only 1 person liked that prediction to 40k back then lol, you are all so greedy with your crypto lol. Anyone that understands trading properly should see that the weekly charts were massively overbought and overextended from the 200 and 100 period moving averages. When the game was up in November, heavy manipulation was happening and it was clear 100k wasn't going to be hit, traders like planB were shown to not have a clue. I hope you all took some juicy shorts, sat on the sidelines or put a sensible 5 year investment plan into action.
I'm in just above 40k long again. We also have a head and shoulders above which will likely fake break up again back inside the pattern towards 47-50k. I have a wide stop here as we may have some more messing around with some minor lower lows but here is an amazing buy opportunity on BTC now that weekly daily and fear and greed index are all heavily oversold and fearful.
Look at the daily moving averages as well! Such value here below a rising 200ma with a bull cross! I am happy to swing trade this long and see how high we go from here. I'm still cautious that we may eventually take out the lows and test down to 20k but with the daily moving averages so bullish you can forget that for the short term.
Trade active
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Everything going as expected
Nice 4hr macdh divergence and great signal on the daily chart, lets ride this to 45300 at least
Trade active
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We are seeing incredible bearish pressure with price unable to get back above a rising 200 daily MA. I took half my profits at 44,000 and left a smaller trade open. Its likely we will get to that 200 DMA but the bearish pressure is so strong Its good to minimise open positions for now.
Trade closed manually
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I've closed the remainder of my long as around 42000. Daily MACDH has turned negative so there is no reason to stay in this trade until it turns postive again. If it does i will go back in again and ride it up again.
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This trade is a great example of how even the best buying opportunities can reverse. This was a hard fought trade for me having to be nimble to take profits at each overextended point on the hourly charts. Why did I sell at 42,000 taking my remaining profit rather than holding a potential small stop loss? The signal for me was the volume on the buy side, it just couldn't get any traction and was always falling when prices were rising. This showed me that the bulls just weren't there and it was time to take remaining profits and exit before stops got hit. Volume is and should be your no 1 indicator when trading. Sure enough we then saw a massive plunge below the swing low of 39500, which reaped rewards for the shorts as well.
I am doing swing trading too, but now I am out for a bit time, investing only 20%. weekly chart is looking very bearish, BTC a 20k, indicators following the trend. Hopelly you are right, although, I will buy the dip anyway.
Netris101
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Not bad at all
TheKitchenTrader
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Nice look thanks for the share.
truthfulPie1984
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unfortunately not. I got sucked in by the youtubers and knew nothing of RSI's etc back then. im one of those ones who ignore the advice of 'never invest more than u can afford to lose too', because, you know, I needed to turn my situation around quickly! and well needless to say im worse off now financially then i was then :( in any case each day is a new day to learn and try again!
pauloivanuk
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liquidity pools 3x long a 30k, liquidation ongoing.. be careful
breakoutfakeout
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@pauloivanuk Thanks, I don’t really believe in all that Mumbo Jumbo though. Moving averages, indicators, oscillators and volume are all I need to make a very good living as a swing trader. Buy when others are fearful my friend 😉.
WsGouda
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@breakoutfakeout, isn't a 200ma crossing a 50ma a death cross? looks like it could shape up this coming two weeks unless I'm mistaken?
breakoutfakeout
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@WsGouda when considering death crosses and golden crosses the most important thing to consider is the slope of the 200ma. If it’s rising with a death cross and the 100 is still way above it, it’s a very healthy bull cross still and a fake death cross which is highly likely to reverse at least in the short term
WsGouda
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@breakoutfakeout, I was lookin at the slope of the 50 although the 200 is relatively flat the 50 is pointing near straight down
weekly chart is looking very bearish, BTC a 20k, indicators following the trend. Hopelly you are right, although, I will buy the dip anyway.