AlexFly

BTC Will Not Fall For Now

Long
BITFINEX:BTCUSD   Bitcoin
Every day i come along tons of BS written by some pretty popular members of TV community, i'm pretty sure they don't trade nor they invest in any possible way, because what they say make no F sense what so ever and would generate losses, not profits.

Here i'll try to show a more technical point of view, based on the idea of Maximizing Profits:

What we can tell from previous and actual analysis, is that from the Entry Point there was no reason to exit what so ever, being absolutely absent any reversal signal till the first Exit signal.
Discovering shortly after, it was also the head of a Diamond, and the head of a Head and Shoulder.
But all that was Anticipated from a Rising Three Methods (Bullish continuation pattern, that usually comes at consolidation time, anticipating a bullish continuation trend with 75% reliability), telling us 3 out of 4 possibilities, it was supposed to continue after some up and down.
So after exiting at Exit point, and recognizing the H&S pattern, we had to wait till confirmation of Failed H&S, when price broke the right shoulder, to enter again.
From there, as you can see, there still is no reason what so ever to exit nor to think at a huge trend reversal, also with no major resistances ahead.
Also as we saw BTC is not worring much of Resistances.

So you can take your conclusions, from the dramatic BS you read around.
I'm giving no suggestions, just sharing my tought.
Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.