The 17,200 support level is key and long trades should be entered above the 17,320 (0 fib) levels. There is strong resistance around 19,000 so we should be expecting a pullback and setting our profit target to 20,000, selling a majority of our holdings as it is a major resistance point.
If 17,200 support fails we should look for entries on 16,000 based on whether or not the support holds. There is no need to panic and sell off as large picture + news hints at no reason of a complete breakdown.
It looks like 17,200 has held and the RSI and MACD seem to show this.
If 17,200 support fails we should look for entries on 16,000 based on whether or not the support holds. There is no need to panic and sell off as large picture + news hints at no reason of a complete breakdown.
It looks like 17,200 has held and the RSI and MACD seem to show this.
Trade active
Trade closed: stop reached:
Pattern broke and was stopped out. We wait for new trend to form
Comment:
Wave has pulled back to 15000 but reacted by bouncing off the support line once. Traders should hold their fiat currency and wait until a clear trend line forms breaking past the 16000 line. Stops should be placed at the 15000 level.
Comment:
Moving averages look very bearish. Make sure to wait till a confirmation on uptrend. I will post when
Comment:
Has tested 0.5 level.Waiting for retest.
Trade active:
Entry at the 16000 level with stops at 15,000
Comment:
We should hold and look to take profits at the 17,200 level, and then the 19,000. Sizing should be based on your investment size on BTC. This is to secure profits and account for possible breaks in the trading pattern. Larger portions of profits should be taken with all profits taken at the 20,000 level.
Trades should be entered above the 17,300 (fib 0) level and stops should be played on the 16,800 level for risk management. Profit taking should be done in the 19,000 and 20,000 levels where there is primary resistance. The long term trend is very stable and there is no extreme news to suggest any other action but to go long.
RSI in the hourly shows an increase in buying pressure and the MACD is also transitioning. When this is further confirmed on the 4 hour chart you should increase your position.