BTC/USD - 6 Hour Candle Analysis

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Besides some simple scalps, I have been sitting on the sideline today.

Catch the bottom? No thanks, that's not for me. I very much prefer lower risk setups, and by definition, catching the bottom is buying against the trend. Same for catching top, you are selling against the trend.

- No wave counts, no indicators, just candle sticks and fibonacci.
- Why? Candle stick = Market psychology; fibonacci = ruler of nature.
- textbook trend reversal set up.
- textbook pullback to re-test, giving opportunity to buy.
- SL is below support. I will not be using it. If it drops to 5K, I cringe, deal with it, and buy more at 5K. Why? Because it's bitcoin . You ask what if it sinks to $10? Well too bad, I will sink with it.

Comment: In my opinion, this pullback is also a phenomenal opportunity to build long term portfolio. (Talking about 1yr+ hodl positions)
Comment: pullback to .382, didin't get to .618 I am in
Comment: I just wanted to mention that although this is a strong reversal signal, the real confirmation won't come in a few weeks until we've enough data.
Comment: shooting star forming on 4 hr chart take care with long positions
Trade closed manually:

Watch your pants
Comment: 4 hour closed as a green dogi.
Wait for more data.
Trade active:

Super super high r/r ratio.
Trade active:

Buy zone reached. I'm in targeting 8900-9000
Comment: Bounced with volume!

The great thing about these high r/r ratio set up is that you can play much larger position sizes!
Comment: Sorry that was a very fast entry! Only 7 minutes between post/hit target buy.

Let me know if you guys/girls got in!!!
Trade closed: stop reached: unfortunately
Trade active: - I re-entered @1654
- SL 1580
- Still targeting 8.9K
Trade closed: stop reached: welp~
That's two losses in a row, I'm taking a break tmr~
Comment: Haven't had a losing day in a while, but...
Down a few hundred $ today, will post my mistakes on the weekend.
this is where using indicators like MACD would have saved you on the second stop loss. All the 1,3,5,15,30,1hr were bottomed out and RSI had divergence, so there had to be an upswing. Stop loss was too tight!
AlexCH jimo79
@jimo79, yup! gonna take tmr off and re-analyze
Stop loss reached? really? Oh damn I think we're going to go up. Not calling for 9k but up at least a bit
DNBoY MrRenev
@MrRenev,i think we will reach 8780 then go down to retest 6k+
@DNBoY, Ye that's not impossible. I'll play the bounces on the way down and the lower we go the more I'll buy. I'm doubting a double bottom at ~5800 in the next days, but 6.8kish is very possible, I'd go all in on that unless we just bounced slighty above or somehting like that.
why your stop is so tight
@DNBoY, wave count invalidated
HI, it seems to be falling to 7.6k now?
I bought some at 8100 a bit before your post, and then got 0.00961246 btc filled on my order at 8025 lol, it spiked instantly wut?
Maybe it's just some oversold rsi bounce or something.
I don't know where we go from there, if we fall from 8k we going to 7600 directly I guess.
Looks like we're going up thought.
AlexCH MrRenev
@MrRenev, got a pretty big % position because the r/r ratio was extremely high. So I am very much hoping target 8.9K being hit
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