sumastardon
Long

Bitcoin BTCUSD Breaking out - Next Buy Points

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
BItcoin             BTCUSD            
Bitcoin             has spent the holiday period trading in an ever
decreasing range as it works its way towards the apex of a
large triangle (much better defined on Coinbase chart) - on
this Bitstamp chart the upper dynamic just above price now is
forming a reverse head and shoulders with the neck-line at
around 13770 now. A break above here can be followed with
stops 300 lower for now, looking for 2587 points rally to
17224 minimum upside target. Look to buy dips once breakout
is achieved, and to increase once 14002 is taken back by the
bulls. It has broken higher now, so any dip back towards the
line at 13770 can be bought now with stops below the line by
at least 100 points ...
Comment:
Comment: Stops can be raised to 13675 - hoping you managed to enter between 13770 target and back down to the line at 13755 lowest so we're running a 100 points or so stop...with a 2500 points upside target now. Can continue to buy dips back to the line at 13770 if we see another retest - and day traderes may wish to sell again from 13900 looking to buy back nearer to 13770 to get some points together as it consolidates at higher levels in near term
Thanks, appreciate the analysis as always
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Thanks, Sumastardon. Got in at 13,743.
Reply
sumastardon Reckdriver
@Reckdriver, Phew. You did well - just hope you weren't stopped out though...that stop was about 25 too tight on Bitstamp - my bad. My big weakness is too tight stops- usually by around 25 to 50 points. Worth knowing. Sorry if I ruined a near perfect call (all for 25 points ona 15,000 number...ridiculous to use such tight stops - my fault being over protective/cautious/stupid) - getting direction isn't the problem, usually. It's stops. the bane of every trader.
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