Bitcoin where are we at? Daily Chart

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar

This is a snapshot of today's tide. You can see we are looking even more over-bought today then we were yesterday, We have hit 61 on the RSI which is a level we have not seen for a while, while we are getting high, e have plenty of room yet. The Williams %R is again sitting in the extremes, so a little pullback to reset this is possible. MACD has recently crossed over and has moved above the centreline.

We are currently in a bull-flag which has a 67% probability of continuation and Currently Longs outnumber the Shorts by around 5k.

So while we are technically still in a "bear market", I would say the tide is running bullish , from here we take a look at the lower time frames to see the waves and see if we have any trade opportunities.
Comment: 20ema about to cross the 50ema on the 12 hrs chart.
Comment: Need to wait and see, a good trade either side of the flag, is dropping now but support should ? hold at the bottom. Short opportunity under if you feel the risk is worth it or a long above the flag after breakout is another option.
Comment: Flash crash stopped on the 20ema like a bullseye, will probably have another test. This type of run is great for liquidity and can be followed by a break in the other direction be aware.
Comment: Like this
Comment: It is like yesterdays chart all over again.
Comment: I have taken a long near the bottom of the wick, taking the play that we will now move back to the top of the flag and attempt breakout or will eventually.
Comment: I think that even if we retest the bottom of the rising trendline we should bounce, if we break that line, we will be in a bit of trouble.
Comment: Local double bottom
Comment: Big block of support here. Will it be enough is the question.
Comment: Well the need for correction idea was on point just yesterday, just timing was off, I stepped away from the screen for a bit and have had stop loss taken out, and then it ran away. Reason number 243 why you must use a stop.
Trade closed manually: ETH stoped out in a flash drop too, going to wait for things to settle before recommencing any trades. BE careful and be safe
ohh, so you are bascially bullish kinda?
U dont think we'll go to 5k?
@NQ95, II wasn't yesterday, been unwell and have not looked at a chart today yet.
hey mate,
thanks for your great trading info and also serious money on the table. not just arrows and no real setups ;)

I (falsely ) reentered btc at 7300 ish ( I thought there was a chance btc to go to 8700 ish..) and had a stop loss on bitfinex ( stop limit order)

and then went to sleep. then this 1 min sell off happened and bitfinex didn't fill my order at all. now I am holding a bag.
are you still confident btc will rebounce? then I may fill up more here instead of selling off.

i now placed a market order stop below the 20 ema just in case .

what would you do in a situation like this when your stop doesn't fill in a flash crash?
and has it ever happened to you ?

and do you always set stoploss market orders or stop limit orders ( which dont fill, i had same thing happen up at 11400 in feb, another loss du to order not filling )

thanks mate, fellow Aussie living in austria europe. still learning obviously
TroyByrne mr-cryptopia
@mr-cryptopia, Sorry champ, I have been offline, missuses gave me cooties. I would recommend a Stop Market, that way a fast run won't skip your order. I have had plenty of bad trades go south, you will learn from them, whether it will go back up again, sure but how long and how far it will drop is the million dollar question. I have not looked at the charts today yet taking losses early is a hard psychological barrier to overcome, many never do. Good Luck
don't stops result in money wasted? There are been numerous times when my stop hits, only for the price to later go in my direction. I know the risk is that the price just runs away forever. I think that's why judgment is involved.
TroyByrne samiswilf
@samiswilf, Yes they cost you but it will cost you more when the price goes down and keeps going, eventually, you will sell the bottom, You play without stops long enough and you will be broke, I guarantee it. If you are not prepared to take small losses when you are wrong, then pack up now, even the best traders in the world get it wrong, you are looking at great traders with a 30% win records being top traders, but they cull losing trades quickly and let the good trades run to good profit, overall at the end f the year, if there PnL is positive even by a few percent, that is a good year. These stories of 1000% trades are wonderful but you dont hear about all the big losses they have aswell.
TroyByrne TroyByrne
@TroyByrne, Also if you keep getting stopped out, you need to place your stops in better spots, don't be too obvious and place it where everyone does, Market Markets will eat them up.
@TroyByrne, that is such a hard decision I watched the videos on iceberg orders on youtube and where to set stops but sill have a hard time applying it . and do you use stop limits or stop market orders . thanks .
+1 Reply
previous support is acting as a resistance. Chance is we drop again.
@hkh222, Yeah looks that way, my stop is directly under the current candle, Im playing no games. ;)
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