CRInvestor

Bitcoin - Time For Some Catch Up

BITSTAMP:BTCUSD   Bitcoin / Dollar
2809 33 11
Commodities and commodity proxies have been getting smashed of late while Bitcoin has tried to remain within the upper end of its massive 2015 trading range. A initial breach and now an acceptance below the lows of the middle of the range ($210''ish) implies the market wants/needs to explore the lower half of the range below $200/coin. Fib extension levels will lead my expectations going forward with a target window somewhere between the golden ratio ($143'ish) and a full blown 200% range extension down to $103'ish. For those late to the party, consider counter trend rallies into resistance ( PoC             , MA's and indicated red trend line ) to set up shorts ....bulls go boooooo.

Gloomy days for capital and capitalism ahead as we fast approach the much anticipated 'fear' cycle peak in Q3'17, strap on your seat belts folks, its gonna be a bumpy ride...
Brian
aka The Rational Investor
Update
The BoT took over once the short setup was broken, for those that took the long, clearly identified 3:1 r/r target at/near $265 area & now 'stop to break even level' has been hit, worst case scenario on this long is a scratch trade....
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Update
Stop on short setup hit.
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Now hunting longs as new 'BoT' setup fired (tweet: https://twitter.com/CRInvestor/status/640180958415622144)
Cheers all and gl in following those trading plans
Brian
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Update
ah, a trader's life....just hurry up and wait
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babad00k CRInvestor
Interesting short entry, right where many consider the bottom is...

I was already short, for the record... lets see how it plays out. In my setup, instead of defining the stop through the previous high, i use a trendline traced from the $316 top to the recent $238 top. If that line breaks with volume, or with bullish indicators, then I consider that to be my stop. That way, I can have a tighter stop (plus it actually goes lower every candle), and therefore less risk. Right now the line would be hit at about $231, although its not an automatic stop; it is more the price at which i start to hunt for confirmation to stop.

Makes sense, or is it the most ridiculous thing you have ever read?
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The most important thing about trading for the long term is you stick to your plan. If (as you outlined) your plan is to do what you say, then I am perfectly fine if it works for you. The most significant problem I see with new people to trading is they really don't know what a 'setup' actually looks like and what works for them. Trading is a very personal thing. One indicator may work well for one trader but be a totally disaster for another. The key here is to find what works for you and stick to it. Once you have found a setup that produces desired results (CRI's 1st rule of investing - find a setup/algo approach to trading that produces desired results 66% of the time) its simply a question of rinse and repeat, rinse and repeat...
hope that helps and all the best
Brian
p.s. new school term starts next week, for those that need help in both building and sticking to your plan, consider enrolling in our program....it might just change your life
http://www.therationalinvestor.co/tris-school-home-page/

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we will retrace to 210 and decision time/consolidate will be from there for bull vs bear after consolidation. your target of 152 the most plausible target for the bears right now. Bulls in the other hand don't have a big case after this dead cat bounce
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CRInvestor PRO BitcoinGuru
I like it, Mtn man level (61.8 Fib) tag off this double top fail here is 2:1......trader's gotta take that kind of r/r every day of the week
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BitcoinGuru CRInvestor
u got it
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CRInvestor PRO EliyahuGigi
lol....'you're wrong'......obviously you are very new to this game....there simply is no 'wrong' or 'right' idiot. This is all opinion and I have yet to meet anyone with a crystal ball so I guarantee we will all be a little 'wrong' in some way or another......go troll somewhere else.
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