Lanmar

Bitcoin is in staircase mode (intra-day)

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
This is just a structured way to look at BTC's price action on a 30 min time frame.

A warning about lines - I do not take them *too* seriously, even though I use them for ALL of my analysis. Lines often get broken and price gets 'there' however it wants to get there. At the same time, they help us with structure, which helps us with risk - the only thing we could control. Charts are just the behavioral representation of buyers and sellers. Sometimes they show consistent patterns that keep developing, and we successfully identify and execute, but most of the time they morph into larger patterns, and we have to adjust to that developing price action. That's one example of what it means to adapt in the markets.

Recent analysis on BTC:

Big picture analysis on BTC from 2 and a half years ago:
Trade closed: target reached: Target "next" hit.

Notice... "Lines often get broken and price gets 'there' however it wants to get there" - the channel was not respected, but price still got there. However, you'll notice that the lower trend line was still respected (see how it tagged it 6 times as it traded higher). Patterns morph - do not let them fool you (I've been fooled countless times).

Momentum is still pointed higher.
Trade closed: target reached: @ 10k. Should be some resistance here.

11,100 is the next target if 10k is broken. Will update later.

Congrats longs. I used options for the first time on Deribit (July 31st 10k calls). Really nice experience!
Please click the link to access my new free trading room: https://cutt.ly/1kn8XMT

Comments

StairCase up, elevator down.
+3 Reply
Lanmar Stalling
@Stalling, yep, like clockwork
Reply
@Lanmar, totally.
The 5 Elliot wave to the upside is finishing. I think regardless of a bearish or bullish bias for the mid-term/long-term, a downward pressure is due soon.
Reply
Lanmar Phi-Deltalytics
@Phi-Deltalytics, thanks, nice analysis!
Reply
Cool!👌🏻 Let's see...!
+3 Reply
Lanmar RocketBomb
@RocketBomb, nice work!
Reply
Dangle a carrot and the masses follow. This is the most manipulated market conditions I have ever seen!
+2 Reply
Lanmar TheCryptoNinja
@TheCryptoNinja, couldn't agree more
Reply
Doesn't look like a channel. Definitely a rising wedge and a head/shoulders forming
Reply
Lanmar t1fordhorde
@t1fordhorde, traders should definitely avoid using the word definitely ;) But yeah I see what you were seeing!
Reply
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