Bonavest
Long

Temporary UP Swing Before New Lows

BITFINEX:BTCUSD   Bitcoin / Dollar
The timing was down right perfect for this break out of our sideways... would have preferred it go DOWN, but either way we are seeing a small attempt at some upside which should last a day and a half or less depending on the strength of the Bulls.

Revised the Time Ranges and some directional arrows for price movements.

I am still holding a SHORT position through this upside... yeah I'm that guy who shorted the bottom. :(

*UPDATE: I got a bit over eager and posted this idea a bit too soon. My fault for staring at a 5 minute chart to be able to see any kind of price movement and I got so excited to see a HUGE candle sticking out... and it was only a $2 move. LOL
JeroenHouttuin
2 years ago
What upside is that? I still only see sideways really...
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Bonavest PRO JeroenHouttuin
2 years ago
Yeah I was a little quick to post this idea that I had already charted up in anticipation... It ain't over yet so I will wait and see.
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norok PRO
2 years ago
Hello fellow Ichimoku trader! I too use the 240m a great deal but did you consider what Ichimoku was saying on the Daily timeframe?
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Bonavest PRO norok
2 years ago
Yeah, unfortunately with no sleep and staring at 5 min charts I jumped the gun when the price moved $2. My previous chart before this one is what actually ended up happening.
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norok PRO Bonavest
2 years ago
Don't do that bud. Realize that playing a $1 move on Bitfinex is roughly $0.25 in commissions. With the price manipulation, multiple exchange prices independently influencing the market, and trading costs you have to shoot for at least $10 moves. You won't find such potential moves any lower than the swing trading timeframes; 120m and 240m.
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Bonavest PRO norok
2 years ago
Guess no one reads the words under the chart. LOL At this point I was holding a big short of >150 BTC. I trade for the long term, but I was posting this idea based on seeing this 'big' green candle pop up right on my time line and I got excited and posted the idea.

I don't trade based on movements less than $8-$10. Not worth it and hard to get in and out of the position at 150-300 BTC.

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ChartArt
2 years ago
Where did you see an upswing in your posted chart given that the StochRSI was in an overbought region?
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Bonavest PRO ChartArt
2 years ago
It was merely based on some very small price action that happened right on the candle I was expecting something to break up or down, but didn't realize it was only a $2 candle. LOL

As for the StochRSI... take a look during Apr 6-9. StochRSI was way oversold, but we still kept going down. Gotta use more than one indicator to confirm.
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