Given that my breakout scenario from the last chart (to the end of May, linked below) was fulfilled, i felt it necessary to update it for the shorter time frame.
The shorter time frames are showing quite a few reasons for concern - negative divergences on RSI and MACD. Three Drives Pattern that I would like to shoutout to @bagofXMR 's chart for detailing well.
But ... the longer time frames still need some time to turn hence, the idea above. Expecting sideways for a few days, resulting in the flashing of even more negative indicators followed by a fast break up to set up negative divergences on the longer term as well, followed by a violent move down to 1160 or so, maybe as low as 1140 to 1110.
~20 long position.
The shorter time frames are showing quite a few reasons for concern - negative divergences on RSI and MACD. Three Drives Pattern that I would like to shoutout to @bagofXMR 's chart for detailing well.
But ... the longer time frames still need some time to turn hence, the idea above. Expecting sideways for a few days, resulting in the flashing of even more negative indicators followed by a fast break up to set up negative divergences on the longer term as well, followed by a violent move down to 1160 or so, maybe as low as 1140 to 1110.
~20 long position.
Trade active:
Closed ~80% of my BTC position and closed the rest of my ETH and LTC positions (in the green thankfully) because I do not feel like getting burned by Bitfinex. Moved most of my BTC off there till there is a resolution.
Also, spread is too wide now between Finex and the others. Also, good news (banks are clear) would cause the price to normalize/drop and so would bad news. Seems too risky to stay long here.
Also, spread is too wide now between Finex and the others. Also, good news (banks are clear) would cause the price to normalize/drop and so would bad news. Seems too risky to stay long here.
Trade closed manually:
Closed my longs. Sit and wait for next entry point
Scalped successfully a few times to reduce my cost basis on this move down.