Turningmecard

BTC scenario for next week! a must see!

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
hi guys! nice weekend! we have seen a very good run in btc . alts jumping up, from their bottoms. nice, nice. so my pick won! i posted that BTC might breakout yesterday when btc was 63.2 or something! it broke out just like few hours i wrote that! how lucky.

however, this bull flag seems more like a bearish flag , an ascending triangle that usually breaks below. we would just want btc to go 67, 68, 7, 8k...but, i don't think that will easily happen.

i think, below is a scenario, that BTC would make a move next week.


so, we could make another lower high at 6580~6630 in coming day or hours, break down hard to initial support or even bottom, and try to make a run there. of course, when this just goes up 6640+ from now, this idea is invalidated, but BTC tends to visit its initial support, or close to it when it cannot make a HH. so, now i think considering low volume weekend, it should make a little peak and break down from the wedge , and from some point, it starts to make a flag, or a triangle or something to go high.

however, i do think btc would come back, try for 67, 68, because 67~68 neckline is a traditional, classic resistance that BTC has always challenged before deciding to go down! i still think this

market is so bearish , and just hitting 5850, former bottom, would never make any more dramatic movement. guys, WE NEED TO HIT A NEW NEW BOTTOM! Yes, 5.5k is still on the cards, not now of course,
but just in 2~3weeks, i still believe it will come! i believe from that point it can go to 7.2k, or 7.7k at max. the dates in chart are just for fun, not so likely, just my guess.

some TA's talk about these inverse H&S , ....it will go 8k, 10k....if patterns always work, they all be rich! but they are not!! please do not believe in patterns, only seeing more in buying/selling pressures in reality will win you money! these patterns always make people lose money in downtrends! when, a FUD may appear at anytime!

why would they be writing on trading view, make people pay them monthly for 'VIP', if they are so good??? no no no. traders should earn money from TRADING itself, and sharing ideas is just for more development and good nature of this eco system, not to fish bait people into their inner circle. i still do not understand this 'VIP' system, make people pay(many tell people to buy alt coins at major downtrends....gosh). many say they need to invest in good altcoins like stratasys , qtum...dumb. look at their price now...i would hide in a cave for 10 years for that. guys, BTC is still the safest answer!

this is my though, idea, it always changes everyday, considering the condition of the market so try to be careful!
based on my thoughts, i nailed my trading plans 8 out of 10!
anyway, i bragged too much, sorry. little emotional! oops...

so! today, and weekend my trade plan is.

go long 6480~6500(this is already happening i got in 6480)
sell:6550~6600

open short 6570~6630/if 6640 is over reached open 6740, 6840 with large portion!
sell;6.42/6.35/6.28/and below if lucky

->this trade might take time, like 1~2days


good trading!

Comment: guys, btc is weak, please sell your longs, small profit now, now it came up to 65 level. i think because the weekly candle is positive, this price can maintain for a day or two, but it might slide under so be careful. maybe not even a double top, but just go sideways under at 64 level. again, opening long positions can be only attractive like yesterday, do not open long positions above 65 level, dangerous.
Comment: this not confirmed, just my thought. never always go up, market in indecision finding hard time penetrating resistance at 66.
Comment: So! Open shory positions as high as you can get at 65~66 level. For next 2~3days somepoint a low will come..maybe sunday or mon.
Comment: oh! and when i say open short and long positions, it is all about trading margin in Bitmex. many people, who only trade when btc goes up knows what long is, but are confused because of shorting. using bitmex, we earn money even though btc drops, because we bet on btc drops! many say its dangerous, but i think it is even better then regular exchanges, buying alts and praying that the market would go up someday. people who are in trouble are those who are greedy, using 50~100* leverage, without any strategy.
Comment: Take some profit at 63 level. Like 30~40%.
Trade closed: target reached: ok! so it seems that it will defense the 63 level. i closed my shorts from 66 to 63, i don't like to be greedy, always stick to my plan. it seems that my plan has already accomplished today. it may go lower, but i think it will defend 63 and upper 62 levels of now, and close at 6400ish in coming hours. it can just drop lower, but i call it a day!
Comment: guys, i think you can buy some long positions btc from now. early 63 level, and maybe 62 level. i think bt will maintain this pennant structure for few more days, spark up. stoploss is 6150. try to buy some, it won't make a run today, maybe mon, or tue after consolidation.
Comment: Guys please take profit at 65 levels.at least 40%

Comments

oh! and when i say open short and long positions, it is all about trading margin in Bitmex. many people, who only trade when btc goes up knows what long is, but are confused because of shorting. using bitmex, we earn money even though btc drops, because we bet on btc drops! many say its dangerous, but i think it is even better then regular exchanges, buying alts and praying that the market would go up someday. people who are in trouble are those who are greedy, using 50~100* leverage, without any strategy.
+1 Reply
BTC seems to bounce as largely expected of people that 58XX zone will do the magic. I saw a great analysis on the log scale showing exact price action on a re-test of major level. It worth looking at. If this is correct then BTC will be on with a great moves.


Potential wave pattern can be follow from this chart



BTC in recovery mode, let see how far this will last. It has some nice pattern.



The long time idea of BTC

Reply
@weslad, thanks for sharing~
+1 Reply
So you don't use high leverage? I mean, I'm only using a leverage up to 10x because I think more is too risky for me. But others use like 25x or 50x.. With how much leverage did you make your short?
Reply
Turningmecard Cratter13
@Cratter13, oh hi. Yes i mostly use 10 or 15
+2 Reply
crocalbtc11111 Turningmecard
@Turningmecard, if you enter long/short and if it goes against you,what are we able to do? if you add margin it improves your liquidation price or is it better to split order and be adding shorts/longs to cost average? I started recently and i can't figure that out because once I added margin but it didn't improve my gain, just liquidation price... thank you
Reply
Turningmecard crocalbtc11111
@crocalbtc, yes split order always. Double up until clear resistance. You want to short from 6600,but you are afraid it goes to 6740,also afraid it might not reach 6600 start buying from 6550. Example is Buy 6550/6600/6640/6740. Doubling up from small portion from 6550. You have confidence and proof that it will not go to 6740 buy more at 66,if like a triangle wedge or structure breaks down you buy heavily at that point.
+1 Reply
Turningmecard crocalbtc11111
@crocalbtc, also always maintain 20% of your btc at least for margin. I never under evaluate btc even in this downtrends.
+1 Reply
Hi ,
can you please explain your trade plans to a nob one more time.

go long 6480~6500(this is already happening i got in 6480)
sell:6550~6600
This above I get, buy @ 6480~6500 and sell at 6550-6600 ok . get it

What I dont follow is the other part:
open short 6570~6630/if 6640 is over reached open 6740, 6840 with large portion!
sell;6.42/6.35/6.28/and below if lucky
->this trade might take time, like 1~2days

open short 6570~6630/if 6640 ,
meaning what? buy at 6570 etc?
and then sell;6.42/6.35/6.28/and below if lucky
does not sounds correct, i mean buy high and sell low? please explain
Reply
Turningmecard destin2008
@destin2008, oh,yes many people ask. This is opening short positions at bitmex or other margin trades. So you open high sell at low price you earn money!
+1 Reply
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