Hi all,
I told you I would update when I would raise my stop level. Well that time has come. I have raised my stops from my buy entry made back at $3,200. Raised the stops to $3,560 from $3,500. The 50 DMA (orange line) needs to hold as this is the last support. The 23.6% Fib was blasted through and I don't like how we broke through that ascending triangle like that. BTC needs to quickly auto-correct.
Unfortunately and fortunately (depending what side of the fence you stand on) the trading bots are in full control. Some bots are very simple and trade simply on RSI levels. Other's trade based on numerous data sets ranging not only on various trading indicators, volumes, but also on general news, # of google searches and much more. All I know is that these trading bots during low volume events have a greater impact to cause weird price action! When you trade on the order book it's obvious this is not human's trading. This is why we do TA. To not only capitalize on human psychology, but now we need to learn the bot psychology. I'll be publishing a more in-depth post on how some of the major bots function, what data sets they look at and how we can turn this into an advantage. Because it's the bots leading this market going forward. All the FOMO retail investors are gone for now.e
Not the end of the world, but there's lots of open air to 3.1k for a retest. Many say we will double bounce big off of there, but don't plan on it. Never ever EVER submit a pre-buy order thinking a double bounce will play out. You need to see confirmation first.
Pattern Profit Targets:
- Inverse Head and Shoulders - has a profit target to 78.6% extension
- Ascending Triangle - has a profit target to $4,500 (This pattern has been broken and BTC needs to scale back above the upward trend line quickly)
More on the bot's later in another publication,
Bobby
-Don't hate the hair, hate the game
I told you I would update when I would raise my stop level. Well that time has come. I have raised my stops from my buy entry made back at $3,200. Raised the stops to $3,560 from $3,500. The 50 DMA (orange line) needs to hold as this is the last support. The 23.6% Fib was blasted through and I don't like how we broke through that ascending triangle like that. BTC needs to quickly auto-correct.
Unfortunately and fortunately (depending what side of the fence you stand on) the trading bots are in full control. Some bots are very simple and trade simply on RSI levels. Other's trade based on numerous data sets ranging not only on various trading indicators, volumes, but also on general news, # of google searches and much more. All I know is that these trading bots during low volume events have a greater impact to cause weird price action! When you trade on the order book it's obvious this is not human's trading. This is why we do TA. To not only capitalize on human psychology, but now we need to learn the bot psychology. I'll be publishing a more in-depth post on how some of the major bots function, what data sets they look at and how we can turn this into an advantage. Because it's the bots leading this market going forward. All the FOMO retail investors are gone for now.e
Not the end of the world, but there's lots of open air to 3.1k for a retest. Many say we will double bounce big off of there, but don't plan on it. Never ever EVER submit a pre-buy order thinking a double bounce will play out. You need to see confirmation first.
Pattern Profit Targets:
- Inverse Head and Shoulders - has a profit target to 78.6% extension
- Ascending Triangle - has a profit target to $4,500 (This pattern has been broken and BTC needs to scale back above the upward trend line quickly)
More on the bot's later in another publication,
Bobby
-Don't hate the hair, hate the game
Comment:
glad i pushed this out warning on raising the stops!
Comment:
Trade active:
I'm putting in a small speculative Buy entry now. I feel these are bots chasing down stop's which they successfully got mine...at least for a profit for me. I don't like the break down of the 50 DMA and there's lots of open air below to retest the lows again at 3.1k. Anyway, I got the signal for a buy entry on the stochastic and oversold RSI. Have a tight stop on this.
Comment:
I got out of my speculative trade for a break-even situation right now. I don't like the pattern that is developing.
The earliest speculative entry can be made on a breakout out of the bear flag which is forming. So around $3,680, but this is extremely risky and counter-trend trade. So no leverage and small allocation.
More signs are pointing to a retest at the exact Dec bottom around $3,140ish range. Let's see how things develop next 48h hours.
The earliest speculative entry can be made on a breakout out of the bear flag which is forming. So around $3,680, but this is extremely risky and counter-trend trade. So no leverage and small allocation.
More signs are pointing to a retest at the exact Dec bottom around $3,140ish range. Let's see how things develop next 48h hours.
Comment:
btc touched 3660 and fell back into the pennant. if you want to do a counter-trend trade I said in my post earlier that you need to see a decent volume breakout of the pennant (no leverage + small allocaiton) as this is a risky trade. bulls are attempting to breakout and re-establish the uptrend. flip side, If we fall below 3560 again we'll more than likely retest the Dec lows. The 200 DMA is sitting around 3.2k so watch how btc reacts at this level.
Comment: