jitenjaipuria

bitcoin rally will take a pause now

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
bitcoin is fibonnaci freak and all its peaks correspond to fibonnaci sequences.
maybe the big guys are using such algos.
the chart is self explanatory and what i feel is that rally is going to be left for retail traders
the professional traders are going to enter horizontal distribution phase before another final dump
Comment: since i dont trade bitcoin i didnt look at its chart for many months now and was more focussed on indian equities.....
if you have been reading my posts then correct way to enter this trade was looking for multiple confirmations -
1) higher low
2) macd cross
3) bullish signal bar and trade entry with stop below signal bar
Comment: so is the time to short bitcoin.....NO!
the rally should peak some where around 5800-6200 level
we can expect a double top variant reversal after such strong bullish bars
please look for MACD crosses on 4hr or daily chart before exiting this rally
Comment: if you understand the setup i explained (higher low, signal bar crossing or moving away from some moving average), some sort of confirmation on MACD......then you can profitably trade any time frame chart
Comment: chart below explains with example this extremely profitable strategy
Comment: this is another example on 1 hr chart which we will execute tomorrow when indian markets will open
since i dont trade bitcoin i may be irregular with updates
hope you can understand how major moves are decoded and how professionals enter and exit trades

Comment: follow up to immediately previous update
the trade went exactly as per plan and we caught an excellent bull bar for intraday trade
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