Since breaking the Shiff Pitchfork Channel, all you needed to chart for a perfect trading plan, were the FIB retracements...
The recent past A.K.A I told you so!
- As I told everyone before, the perfect place to long was the golden pocket of the 6400 --> 7700 wave which was sitting at the 6800 to 6900 area.
- Short entries would have been correct at 7700 some weeks ago, or 7520 a bit later, shorting the top trendline resistance.
- After breaking the shiff pitchfork, there were still 2 FIB resistance levels left from the 10500 to 6400 drop, mainly the 0.5 at 8470 and the golden pocket area from 8900 to 9100, once again FIB retracement turned to be the TA causing every major move so far, a short at these levels at that moment would have been your best move.
- For the short term traders a second long entry would have been possible at the 0.5 retrace from the 6400 --> 8460 leg, in the 76xx area.
SO what's next???
- As I have been saying for weeks if not months, 8900-9100 was the last hope for our BTC bears, it is therefor an area of HUGE interest.
- Minor support levels can be found at 8190 and 7940 as seen on my chart.
- If we break those 2 minor support levels, we have to admit that chances are big that the correction bottom is not yet in, 5400 has a big chance as being the 0.786. 4100 however has some importance as well, there is bearly any market acceptance between 5400 and low 4k levels, keep that in mind if you plan to go all in at 5400.
I do want to appology that I don't post that many ideas, nor do I update them as much, I keep most of my stuff private and I am considering changing that behavior!
The recent past A.K.A I told you so!
- As I told everyone before, the perfect place to long was the golden pocket of the 6400 --> 7700 wave which was sitting at the 6800 to 6900 area.
- Short entries would have been correct at 7700 some weeks ago, or 7520 a bit later, shorting the top trendline resistance.
- After breaking the shiff pitchfork, there were still 2 FIB resistance levels left from the 10500 to 6400 drop, mainly the 0.5 at 8470 and the golden pocket area from 8900 to 9100, once again FIB retracement turned to be the TA causing every major move so far, a short at these levels at that moment would have been your best move.
- For the short term traders a second long entry would have been possible at the 0.5 retrace from the 6400 --> 8460 leg, in the 76xx area.
SO what's next???
- As I have been saying for weeks if not months, 8900-9100 was the last hope for our BTC bears, it is therefor an area of HUGE interest.
- Minor support levels can be found at 8190 and 7940 as seen on my chart.
- If we break those 2 minor support levels, we have to admit that chances are big that the correction bottom is not yet in, 5400 has a big chance as being the 0.786. 4100 however has some importance as well, there is bearly any market acceptance between 5400 and low 4k levels, keep that in mind if you plan to go all in at 5400.
I do want to appology that I don't post that many ideas, nor do I update them as much, I keep most of my stuff private and I am considering changing that behavior!
Comment:
There we go!
I make my calls weeks in advance, but lately get a lot of trash talk because I don't permanently write it down on TradingView.
That's why I published this just in time to have the proof, to backup the I told you so.
Happy Sunday traders!
I make my calls weeks in advance, but lately get a lot of trash talk because I don't permanently write it down on TradingView.
That's why I published this just in time to have the proof, to backup the I told you so.
Happy Sunday traders!
Trade active:
Dear followers,
Looking at current price actoin, bulls being unable to pull of anything and high leveraged longs increasing as they think this is a perfect buying opportunity. I think that we might have a continuous drop down without any significant bounces until our golden pocket area of the recent jump from the 6400 correction bottom to the 9200 lower high. This golden pocket would stretch plus or minus **from 7390 to 7490**, there is some strong market acceptance at those prices, and we might either have a strong bounce with continuation or a small bounce (creating a good second short entry opportunity), some ranging and a further drop down. If the latter happens, I think we might safely say that the correction bottom is not yet in.
**MY trading strategy:**
As you know I have been buying short contracts on BitMEX along the way from 8800 towards 9200 (with an average entry price of 9000).
By now I sold of 1/4th of my position, placing my SL on break even (9k breakout). I placed a limit long order to at 7430 to sell of half of my current position for more profit taking. Depending on the significance of the bounce at that area, I might add more to my short position between 7500 and 8100. At this point, I still believe the highest probability lies in a lower correction bottom around 5400 or the lower 4k area.
*Mid term (or as we call this in Bitcoin long term), I believe we can easily see prices above 30k during 2020 or 2021 at latest.*
Looking at current price actoin, bulls being unable to pull of anything and high leveraged longs increasing as they think this is a perfect buying opportunity. I think that we might have a continuous drop down without any significant bounces until our golden pocket area of the recent jump from the 6400 correction bottom to the 9200 lower high. This golden pocket would stretch plus or minus **from 7390 to 7490**, there is some strong market acceptance at those prices, and we might either have a strong bounce with continuation or a small bounce (creating a good second short entry opportunity), some ranging and a further drop down. If the latter happens, I think we might safely say that the correction bottom is not yet in.
**MY trading strategy:**
As you know I have been buying short contracts on BitMEX along the way from 8800 towards 9200 (with an average entry price of 9000).
By now I sold of 1/4th of my position, placing my SL on break even (9k breakout). I placed a limit long order to at 7430 to sell of half of my current position for more profit taking. Depending on the significance of the bounce at that area, I might add more to my short position between 7500 and 8100. At this point, I still believe the highest probability lies in a lower correction bottom around 5400 or the lower 4k area.
*Mid term (or as we call this in Bitcoin long term), I believe we can easily see prices above 30k during 2020 or 2021 at latest.*
Comment:
Has hit the green box, partial profit taking if you want.
Trade closed: target reached:
First green box was the point where bulls took over.
Bulls are very strong, bears have given up by now.
I took profit at:
8600 --> 8250 --> 8400 --> last quarter stopped out at 9000 break even.
I joined the bulls today at a price of 9130. I've still got 1 lower order at 8650 just in case. Stop loss at 8200.
Making profit for many months now, not 1 losing trade so far.
Bulls are very strong, bears have given up by now.
I took profit at:
8600 --> 8250 --> 8400 --> last quarter stopped out at 9000 break even.
I joined the bulls today at a price of 9130. I've still got 1 lower order at 8650 just in case. Stop loss at 8200.
Making profit for many months now, not 1 losing trade so far.
Keep your heads up and eyes open though!