Taiwan_Bear

Possible short term bottom - another 2618?

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
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How has everyone been? It's been a while since my last post on TV (English version). I am writing this post because I am a bit excited that there may be a short term bottom on BTC which I would like to share with you. It doesn't mean I am back - I still don't like the MOD here as you know. I am about to go on holiday for a month so I won't be posting/updating anything, either on the English or Chinese TV platforms. I have access to my mobile, but not my laptop. For those who stayed with me after what happened previously, thank you for your support.

Let's get back to the chart. As you can see, the bears have tried to break down the support of $6000 many times but had no luck. BTC has been in consolidation for several months and currently it's forming HLs . What is more exciting is there is a possible 2618 trade spotted on the chart.

Remember the previous 2618 trade, we made around 35% profits, with little risks? This is what trading is about - winning ratio & rr ratio.

At the current price level, I have absolutely no interest to open short positions. Consequently, I just need to find good support to buy. If SL gets hits, find another setup to trade. Simple as that.

All take profits level are marked on the chart. If you are a conservative trader, wait for BTC to close above the 2x red trendlines .

If you found this post helpful, please give it a LIKE :)

Good luck and see you in a month,
Taiwan Bear
Comment: Previous 2618 trade:


Education post on 2618:
Comment: It still looks quite bearish. If you have not entered, wait for BTC to settle down and consolidate a bit before entering long

Comment:
Comment: The previous 4hr candle did not close above $6450 :(
2x 1hr candle attempts were made to close above $6450 however the bulls did not succeed. Evidently, there were some hesitations/selling pressures. As a result, to reduce my risk, I have moved my SL to $6345 which means instead of having a 5% risk, I now only have 0.5% risk.

This, however, doesn't mean the bulls have given up. You can see there was a small inverse h&s formed.The stronger resistances are still above $6450 - these are $6493, $6555 & the black trendline. Coincidently, the black trendline is also where the target of the inverse h&s meaning the likelihood of BTC breaks above the black trendline has reduced.

If any of the subsequent 1hr candle can stay above $6470 I will then move my SL to break-even.

I have given you a first target of $7226 initially, however, with the current price action and formation I thought I should give you a clear indication/warning as to how I would trade in this situation. I am not manually closing my positions but rather moving my SLs close to my entry to reduce my risk.

Sometimes you will just have to adapt according to the price actions.

Comment: Moving SLs to break-even. Can close small positions if you'd like.
Comment:
Comment: From the previous chart it looks like my previous black trendline was slightly off. I have now adjusted the trendline to show you that BTC is still below the trendline, no break out yet.

Comment: Doing great so far!! $6800 is quite a resistance so take some profits if you'd like.
Or you can move SL to $6620.

Would be appreciated if you can leave a Like or make some comments below :)
Taiwan Bear
Trade closed manually: That was a good swing trade. Did you make money? We bought it at the lowest point of the recent swing low and sold some at the highest point of the recent swing high. Remaining positions hit SL with profits.

$6500-$6520 have now become support. Don't chase the price and short into support.

This should be my last post until November/December. Gotta spend time with family and friends. Enjoy your life and stay away from staring your computer 24/7. Sometimes it clears up your mind.

Love, Taiwan Bear.

Thanks for this by the way, was really happy when I saw you post again.
+1 Reply
Good to have you back :)
+2 Reply
Fractal?
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@Taiwan_Bear WAIT A SECOND Taiwan Beer... sorry Bear, could you tell me what the SL means? I've seen many times on your analysis but I don't know what it means. Thanks for answering!
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@meowlike, SL = stop loss
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meowlike Taiwan_Bear
@Taiwan_Bear, What the simple word I Don't know that XD ~
Have a nice weekend!
Reply
Good to see you back!
+3 Reply
These 2 whales will make BTC pump to 40k soon:
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Bitcoin midterm analysis that you need to see
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