Downtrend is still ongoing. In the next month BTC market is going to shake out a lot of people. This is high volatility that can really break you. I am shorting scalps, but under 9k I will be looking for more longs. We have to slay the pigs that are dead weight for BTC rocket.
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Since there are always multiple scenarios, this could also form a bear flag which I was more in favour of yesterday. Just to keep in mind. Either way if you want to short it is under the flag or after the breakdown of the failed breakout.
www.tradingwithrayne...-Oct-18-1024x481.png
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Bear flag would be a better option since it would for a quick bear trap and downtrend could reverse on that spike down. If we retest the 10k and we for a resistance, we would create a bull trap which would prolong the downtrend a bit more. Looking bearish either way and I still think that correction to around 8k would be healthy for the long term trend.
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Edging
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Long stop at break even
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Stop in place at break even. $BTC should consolidate for about 2 hours or so after which we either drop or break the downtrend line and escalate to the top of the channel. We then break above or finish the bear flag and drop.
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That was fast
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Retested the downtrend + MA, this is bullish, holding my long from the bottom open and going to sell partial on the top of the channel, stop in profit. Still looking to short either at the top of the channel or when it tops as depicted, depending on the break.
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AFK till tomorrow
Trade active:
That was some top shit ******* while I was away, this is why you have stops in place. Shame cause my long was on spot, but it was only a long on the way to a short... This is how things look now. Opened a small short right at the level (had a predefined sell and stop that triggered overnight. Lets see where we go.
I will prob be AFK today a lot which is a shame... update when I update. Keep stops close. I still believe 8k region will come soon
I will prob be AFK today a lot which is a shame... update when I update. Keep stops close. I still believe 8k region will come soon
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Stop secured, position in profit. Could be a funky week but currently BTC is at many resistances. Long above resistance not at resistance.
Food for thought
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Back and woow this was really something lol. Position still open, candles wicked asf... Unles we form support above the MA we are going down down down. Bulls are really trying. Tought market to trade. chop zone
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Added a bit to short position, stop still in profit.
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We could see BTC pump, take out stops again and drop in couple of days so that JUL can close a bit less bearish.
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This is why I am a bit nervous and have close stops in place. On the daily we are at a reversal 9. Today should be a very important day for BTC PA. We either drop or relief to the weekend. New month open and we see where we are.
Keep this in mind. BTC is made for longing, short is dangerous.
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But then again I am also looking at this for last two days. I like fractals and it is doable. And I would like it the most. Trap all that buy in 8k, go lower. I wanted 7200 but hey this is better.
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AFK again, sorry really wanted to provide updates as we go but that is life. Will try to update in 12 hours or 24 hours. We could pop or drop in next 5 hours when we reach the end part of 30min desc triangle. Will try to watch the daily close. Stops in place, I dont care.
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Trade active:
Well I see a lot happened while I was absent... all stops triggered and some positions with small losses... New active trade is another short on the top of this cloud which just triggered... Lets see.
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Stop above upper line, short under. Bullish above, stay bearish below.
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Back again I hope to have a bit more free time in next few days...
Well here is multiple timeframe update.
Until we close above 2h cloud I am bearish and see this as a retest of upper trend. Bearish until break, stop is close for shorts, no more room. If we dont drop soon 4h golden cross could push us out. If we drop soon we negate that.
Well here is multiple timeframe update.
Until we close above 2h cloud I am bearish and see this as a retest of upper trend. Bearish until break, stop is close for shorts, no more room. If we dont drop soon 4h golden cross could push us out. If we drop soon we negate that.
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To be clear if we break up and out of that blue triangle I am bullish as f***
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Here we are make it or break it and of course just got the call so I have to bail on the most crucial time.. Bear or bull soon we will know
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If this is a true break we should drop to retest the breakout zone. If we bounce back up this is a confirmation of bull, if we drop under, expect more downside.
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Time for a retest
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Triggered another short, I know I wanted to long but these rejections are bearish to me... Always keep stops in place otherwise I would have been rekt a long time ago!
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I still think this is bearish, next 24 hours are going to be very important. If we can regain and hold the high in next 24 hours we are going bull, but otherwise still bearish...
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Shorted here, if we are bullish we will bounde on 4h 200ma, if we are bearish bearsih cross on 4h
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Order cancelled:
Broke up right after I posted this... closing this trading session since it much differentiates now from where it started