DanLaffas
Long

Looking for a BTCUSD long

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
Trade parameters in the chart. Looking for a second leg down to the consolidation for an entry.
looks like they raided top stops first; how does this change things?
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DanLaffas Dafinci
@Dafinci, For now I'm going to wait for the daily and weekly close (It's Fathers Day here so I won't be hanging out in the charts). If the closes are above the 7150 stop level, then I will reassess the structure and look for a pullback arond that level. Overall though, I'm still looking for potential moves up to 7420, 7700, 7820 & 7940 at this stage. If the closes are below the 7150 level, I will look for the deeper retracement and stalk an entry. I think it will stay bullish as long as 6550 holds.
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Dafinci DanLaffas
@DanLaffas, Thanks for quick reply. This aligns with my analysis as well. Thoughts on alts, as most have broken market structure to upside out of a base? It seems the alts are leading BTC in terms of what makes a move first
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DanLaffas Dafinci
@Dafinci, To be honest I don't really follow the alts. But having a quick look on the daily charts at the top alts, I would have to disagree and say BTC is currently leading the momentum when you look at the move from the last low. The alts seem stuck in a sideways move while BTC is charging up. See below screenshots. Time will tell though and I think we'll see the alts release soon for their turn to run - they look ready to pop. Overall, I still think there is a strong chance of a run below 5786 on BTC before any real bull market begins







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