BTC_Daily.Pips
Long

The 1 Year Story of BTC and what is it telling us now

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Since the last Bubble, BTC has moved through one major Harmonic pattern to another:
Bullish Gartley - Bearish Bat - Bullish Crab - Bearish Gartley - and now probably Bearish Butterfly forming

After each new low, it had a swing up, then 61,8% retrace, then another logarithmically equal swing up ( AB=CD ) testing the major downtrend line from ATH . All this was part of harmonic patterns .

Based on this logic, we are now at the 61.8% retrace of the swing from new low which could create another swing with target to around $360 forming a bearish butterfly this time. That would be the new top testing the trendline . Here you have the best long term shorts entry and would be wise to close all longs available. It will start new major trend down, possible target around 125$, could go directly, or move forming another Bullish crab . Also, the RSI has some interesting levels and cycles.

Decided to publish a pretty courageous bullish scenario in this very bearish environment at the moment, which fits well in the whole picture of the last 1 year and a half. I would avoid going long over 220$ in this region, I tried to long whenever the price was under 220, with stop los under 210, because in my oppinion breaking down the 210 level makes this scenario invalid.

Best,
Sergiu

Comments

4h closed right at target
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BTC_Daily.Pips BTC_Daily.Pips
trendline got broken, have all longs still opened and watching this setup:
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BTC_Daily.Pips BTC_Daily.Pips
Price now trying to get back above the EMA, which is now resistance at $287 while RSI broke back above previous support and fightinh the downtrend, MACD crossed back bullish:
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BTC_Daily.Pips BTC_Daily.Pips
Another interesting buy opportunity here inside this consolidating triangle zone on 4h (left chart)https://www.
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target hit, ready to close short term shorts and add longs here
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Dangerous to long now, waiting for confirmation of breakthroughhttps://www.
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Added short-term shorts, with tight stoploss, to protect the margin from longs here; still expecting a fall to the upper 280s as part of consolidation that will need some time before another leg up to bring us in the 300shttps://www.
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Got at the hedge target, unfortunately for a short period and did not manage to fill all placed orders, looking forward for consolidation in the 285-305 zone, as long as we trade above 280, we are in a bulish regionhttps://www.
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Update: Great region to consolidate, the previous consolidation beneath offers a nice floor to hold at up in this region:

Looking bullish, above trendline, breaking this region promises to get us to next high resistance area at 300-305, that could bring another consolidation there inside 280-300 range:
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expecting a breakout long candle up today or tomorrow, seems ready to take off:
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