I'm publishing this idea not to set up a trade but rather I'm going to do some market analysis for the next while.
I have been off with my readings with bitcoin - there has been some bear and bull traps over the last few days. Normally when I'm not trading well, I reduce my position size and I try to get in sync with the markets again through analysis.
This idea is to record my analyses.
I just quickly put together the next patter that seems to be showing itself. More to comment tomorrow, it's just late at night and work was busy - I want to start with a fresh mind tomorrow :D
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this is also another possibility.
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We experienced a DEEP pullback from the breakout of the daily wedge (in orange). This has not been violated - this is short term bullish.
BTC looks like it's forming a triangle.
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note that if this triangle breaks in the down side, i can see a big drop.
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A ton of buyers were waiting to buy that breakout of the triangle. We extremely likely to keep going up. Buy the dip on this break
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the breakout looks healthy so far.
look to buy in the lower range of the structure.
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If you entered at the price above around the 7600 to 7700 area this is a good time to take some profits. There is a h&s in the hourly.
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still bullish as long as we stay above the blue support area.
I like your chart,and I have followed you. I hope you can Follow Me at the same time.
DennisLeeBTC
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Gonna try catching this knife.
Cryptic_Insight
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@Remind @london55555 you both are correct. Totally unexpected move... and that's how bitcoin operates... many attempts to rally above the overall downtrend channel have failed. Short term bull movement will continue for a little while and good enough to make a small profit, but overall bias remains to the downside for now. This can totally end up being both a Bear and a Bull trap. I lost a little on my short position but I had a stop loss set, it happens. Trading the trends and confirmations is what we do.
We wouldn't buy this dip with your money never mind ours but good luck. This is a BULL TRAP of the largest magnitude.
Remind
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@london55555,
Lol why are you following me? Someone needs to get a life or just sore about their shorts.
No need to get emotional when the market does something unexpected :)
Good luck and trade with care
NewYork888
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@Remind, Why would we be emotional about a 12% bounce? We've been and are staying short from $15,000. Thanks for your concern but we have a great life and by the way please post if you're buying this bounce we'd like to learn from our mistakes if we're wrong - but I doubt we are. Have a nice day.