pragmaticbestfit
Short

Short term pain medium term gain

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
An ascending channel (green) might be taking shape. I had previously drawn a blue ascending channel however I am more confident in this green channel though we still need some more confirmations (especially at the bottom of the channel). I like this setup because it gives the price a better opportunity to breakout of the purple channel. Also this path would establish a higher high on the weekly chart before we get more upside (which is why I have put the possible breakout to the upside after the close the week). The close of the week also aligns well with the expected golden cross of the 50d and 100d MA.
Comment:
Comment: clarified update above a bit.
Comment: See update of update... sorry :-)
Comment: Still believe it is likely that we will go lower (to 7200'ish) currently price is under support in my chart (middle of green channel) if you even deem that support?

Comments

It is just noise. Nothing to trade right now best thing to do is to hold look for a better oportunuty to long or short in my opinion.
Reply
@cankarako, thats also my plan.
Reply
So far going as you predicted. Good job!
Reply
pragmaticbestfit TalhaAltinozek
@TalhaAltinozek, thx. What is your opinion on going to 7200? It seems pretty bullish if we already turn around at 7300 without any support lines below the price (at least in my chart).
Reply
TalhaAltinozek pragmaticbestfit
@pragmaticbestfit, the mid line of your up channel looks like our new support creating higher lows. It's not going under that but creeping upwards. So next move up is going to be higher than previous highs but it still looks hard to break 7700 area, not only it's 50 EMA but there's also a diagonal resistance coming down from april 21st.
I'm both long and short at this point. Short term long, long term short :)
Reply
pragmaticbestfit TalhaAltinozek
@TalhaAltinozek, Yeah agree. But my experience with mid lines is that they are easy to cross so don't know how much I would regard it as a support line. I think lines of a pattern (e.g. bear flag lines) would be a stronger indicator of short term support. Yes 7700 looks hard but maybe with time. Also I think 12d EMA is in 7600 area and moving down slightly.
Reply
pragmaticbestfit pragmaticbestfit
@pragmaticbestfit, I am keeping my short position open and slowly moving stop loss/take profit outside purple channel
Reply
pragmaticbestfit pragmaticbestfit
@pragmaticbestfit, *moving them down
Reply
Home Stock Screener Forex Screener Crypto Screener Economic Calendar How It Works Chart Features Pricing Refer a friend House Rules Help Center Website & Broker Solutions Widgets Charting Solutions Lightweight Charting Library Blog & News Twitter
Profile Profile Settings Account and Billing Referred friends Coins My Support Tickets Help Center Ideas Published Followers Following Private Messages Chat Sign Out