TheSignalyst

It is Happening, Bitcoin! Are You Patient Enough?

Long
BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
As per my last video analysis (attached below) on Bitcoin , we were waiting for a deep retest till around 35000.0 to look for buy setups.

And as mentioned in the video, we will know that the corrective phase begins when the price breaks below the previous swing low (blue) exactly like what happened in the previous setup.

and as you can see, it is happening now. Bitcoin broke below the last swing low, so the corrective phase is on.

Step 1 done

Now Waiting for Step 2


The question is, are you patient enough? to wait for the setup to form?

Well, as per my trading plan, I am waiting for two lower swing highs to form, forming a valid trendline. As shown in the picture. (or any bullish reversal pattern)

Then and only then, we will be buying Bitcoin after a momentum candle close above the last swing high. (gray area)

N.B > as I always say, unless Bitcoin breaks aggressively below the 35000.0 round number, then the momentum will be shifted from bullish to bearish . For now, Bitcoin is overall bullish and we will be looking for buy setups.

good luck!

~Rich
This analysis is done using RichTL indicator
http://www.RichTL.com

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Comments

nailed it. target hit. nice work!
200coins
+4 Reply
TheSignalyst ProjectSyndicate
@ProjectSyndicate, thank you gentleman for the coins!
+1 Reply
In less than an hour, it has moved from 37000 to 33682. I guess that is what you meant by aggressively moving below 35000. So we are bearish?
+18 Reply
@Bizruks, better know how to hit those swing trades!
+5 Reply
@Bizruks right 👌 but we need an aggressive candle close on Daily, engulfing the last couple of candles. For now the bearish candles only engulfs the last one candle, so we will be watching this daily candle close if it will be able to close below the 35k, for now we are still bullish and looking for buy setups around 35k
Reply
Bizruks TheSignalyst
@TheSignalyst, Noted thanks for the info
+2 Reply
@Bizruks, my pleasure
Reply

well now it is making head and shoulders pattern
don't you think that this is the confirmation to bearish market to start?
+11 Reply
Donajor8 Berzerk_invest
@Berzerk_invest I’m glad u see the obvious
+1 Reply
Donajor8 Berzerk_invest
@Berzerk_invest but there are bullish hs patterns as well
+1 Reply
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