Sherem
Long

I mean, that looks like an ascending triangle to me? BTC

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
I see a lot of other posts detailing how bitcoin is going to fall back down to this $4500 level right away. But that formation really tells a different story. Could it happen? Absolutely. But check out that formation. I don't see a double top or exhausted sellers, I see slow steady buying slowly pushing higher while the sellers are exhausted. An ascending triangle in a major way. Of course, if we break below $4,800 we will head back down to this 4.2k support. But as of right now, it sure looks like we are going up to the $6,250 area.

RSI is overbought but hasn't really created any type of divergence, while MACD has had zero downside follow through. It appears a move up is in the cards this weekend.

for those of you who are new to my readings. I ladder my positions in crypto. I laddered in buys from 6300 down to 3300 in a martingale fashion. We have an average position of roughly 4300 right now so we are very much in profit. You can check out one of my previous posts where I specifically call out that I bought down at the 3,300 range for my final ladder position. I will outline what i do next once the market decides to move some more.

Happy trading and holding. For this next move, make sure you pick your exit points guys.

-Sherem
Comment: Explaining ladders:

Last idea FYI -
Comment: Wow! Lot of action, really trying to push through this 5400 level
Comment: Boom. Ascending triangle confirmed. Up we go.
Comment: News really rained on BTC's parade, if we can hold this level we still might get our ascending triangle yet.

The other things to consider. If people need to get rid of Tether, those people are going to want to move their's tethers into crypto. If this happens, we would get a massive spike up like we did a few months ago when btc went from 6k to 7.5k rather quickly and back down. Will be interesting to see what happens...
Comment: Update:
Just change to an ascending channel and it is right on. We still haven't broken the channel yet but are definitely moving in the right direction.
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Sherem theredbaronZ
@theredbaronZ, funny, I am actually in the midst of writing that up right now
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Even with those gyrations I think your general pattern call is still pretty valid.
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Holy hell my stop triggered at 5450 and I'm way in profit. Sherem you are a legend my friend. I think I'm gonna sit back and drink some scotch and wait for a while. If price starts to get aggressive I will maybe fomo back in but i think with this tether shit could go below 1000
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I think the current is similar to the bottom of 2015. What do you think? Please give me a advice.


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Shorts are up as much as the price. This may be a long squeeze/fakeout for the fomo herd. I would trail the stops because if it drops it will probably drop fast.
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Sherem theredbaronZ
@theredbaronZ, Possibly. Going to exit positions around 6,250, maybe even 6k depending on where it gets to. Good position to hodl from as well.
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Let the bulls run
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Hi, what do you think of these four possibilities? Your ascending triangle is one of them, do you agree the other three are also valid interpretations or not? Cheers, Glen

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