Hello everyone, I'm going to keep this one short and sweet, as anything could happen, but this scenario is definitely a possibility to keep in mind.
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Based on previous similar fractals prior to what precipitated the prior bull run of 2017, the scenario plays out like this:
1) A strong candle, builds a bull flag and any selling never closes below the pole of the flag.(Some would argue that the wick might have come close, but I don't use wicks as strong validation, with the exception that there are buyers or sellers in that zone.)
2) We have a movement that is stopped by a red area of resistance, tests a green support level , before testing the bull flag support level .
Now here is where things are different.
3) We have an area of resistance that we have to break at 10k, only to come to another area of resistance around $11500.
4) If we reach all targets, the last move will be a bounce not going below 10k or the previous resistance level . If that occurs, we have lift off!!
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What I plan to do:
1) I bought some now and will buy more if we reach the blue support area with a clear accumulation or strong bounce from that area.
2) Where I sell or stop loss or short, depends on what happens after, but overall, I'm entering a long position that I expect to pay out handsomely or fail miserably.
With that said, I will leave you with my final disclaimer.
*Everything you have read here is not financial advice and purely for education purposes. Any trading of commodities that you decide to engage in is your sole responsibility. What I mean is that you reap 100% of the rewards, as well as 100% of the risk and loss.
My final piece of advice, never trade more than you can afford to burn to roast some yummy marshmallows and to always always always do your own research first!!
-May BTC reach Mars before Elon Musk
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Based on previous similar fractals prior to what precipitated the prior bull run of 2017, the scenario plays out like this:
1) A strong candle, builds a bull flag and any selling never closes below the pole of the flag.(Some would argue that the wick might have come close, but I don't use wicks as strong validation, with the exception that there are buyers or sellers in that zone.)
2) We have a movement that is stopped by a red area of resistance, tests a green support level , before testing the bull flag support level .
Now here is where things are different.
3) We have an area of resistance that we have to break at 10k, only to come to another area of resistance around $11500.
4) If we reach all targets, the last move will be a bounce not going below 10k or the previous resistance level . If that occurs, we have lift off!!
=========================================================================================================
What I plan to do:
1) I bought some now and will buy more if we reach the blue support area with a clear accumulation or strong bounce from that area.
2) Where I sell or stop loss or short, depends on what happens after, but overall, I'm entering a long position that I expect to pay out handsomely or fail miserably.
With that said, I will leave you with my final disclaimer.
*Everything you have read here is not financial advice and purely for education purposes. Any trading of commodities that you decide to engage in is your sole responsibility. What I mean is that you reap 100% of the rewards, as well as 100% of the risk and loss.
My final piece of advice, never trade more than you can afford to burn to roast some yummy marshmallows and to always always always do your own research first!!
-May BTC reach Mars before Elon Musk
Trade active:
1st Target reached. I'm going to take a buy, once a few 4H candles close and the support "seems to hold. "
-Stop loss for me is 7750 at most.
-If we drop lower than this support zone, we can cancel our flight plans, BTC might have a different fate.
1st Target reached. I'm going to take a buy, once a few 4H candles close and the support "seems to hold. "
-Stop loss for me is 7750 at most.
-If we drop lower than this support zone, we can cancel our flight plans, BTC might have a different fate.
Trade closed: stop reached:
Welp, that's all folks! Smashed right the support, broke the 7750. I bought a small position around 8% of my trading capital in this area. I'm out for now. This take off has an extremely low chance of happening now. Good Luck everyone!
