BTCUSD Week 6 - What are we watching?

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
- Week 5 1st and 2nd buy limits are triggered at 8641 and 7821, with 2/3 of the 1st buy limit closed at 9300.
- This is a non log version of the chart, which shows the falling wedge inside the bear channel more clearly. This could create a potential back test towards the channel resistance.
- A break of the support of the falling wedge could give us the volatility/acceleration we need to see a intraday bottom.
- Initially i had a 50% buy limit at 5532, but considering that a lot of semi strong bounces are being rejected, i'v cancelled that buy and will be waiting for a strong intraday bounce in the yellow marked areas.
- I will be closing all my positions around 10500-11200.

Please like if you appreciate the idea.
Comment: So... We got the acceleration we expected and in cases like this i try to zoom out and scale down my bets (to stay more liquid in case price moves to a more interesting price level).

Below ~4900 there's really not much holding it from moving towards 2.Xk, so instead of buying 50% on a bounce, i want to have some additional liquidity in case price reaches 1-3k. Therefor i'm doing a 30-30-40 buy ladder. I'll be looking to add 30% around 4.9k if price shows strength here and then i'll have another 40% in case it breaks and reaches 1-3k.

Happy HODLing!

Comment: Price bounced off the first potential buy area on a strong bounce, currently trying to break resistance of our buy limit 30% @ 7821. I said i would look for a strong bounce to buy another 30%, but since previous weeks have been slow a carnage of selling, i think my current hold of 30% @ 7821 + 1/3 of 20% @ 8641 is enough risk at the moment for me.

I'm looking for a break above our 7821 buy and will close 50% of my position @ 9300 and the rest at the previously mentioned area of 10500-11200.

Comment: Some unwanted weakness around our entry level.

I'm still HODLing, but previously mentioned exits/entries are less certain to me at the moment:

Comment: Sell limit triggered @ 9k for the remaining 1/3 of 20% @ 8641 and 50% of the 30% buy limit @ 7821.

Will be looking to add lower around sub 7.5k if price reaches this level.

Stay tuned for tomorrows Week 7 - What are we watching?

Comment removed.
TomPip basahand
@basahand, You sound like someone who shouldn't be trading. Please unfollow me and stop commenting my ideas. Also, please don't post addresses for coins.
Thank you, Isn't buying at 5532$ a good buy that you cancelled that?
TomPip basahand
@basahand, This is the type of sell off that creates many bag holders that want out and could result in a multi month bottom consolidation. Those with the most patience and liquidity in the end always win. Stay liquid!
+2 Reply
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