Long that Bitcoin - Lets Bounce. for BITFINEX:BTCUSD by electo

So we finally have a retest we so badly wanted. Here I show on the chart the points where we will be bouncing & my bids.

Bids: 3700, 3680, 3625, 3600
SL: 3550

If nothing else we should see a nice bounce, we may keep going down after that, but this retest was always on the cards to show a signal of strength.

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Technically we are at support here also tho for me this is not a safe entry, nor do i consider it a signal of strength.

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Lets do this.

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I moved my bids higher tho i have still lower bids in place to offset any small spikes down. Pretty sure we go up now. Trade Active

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Follow me on twitter for live updates and whenever i post a new chart get instant notifications ... the link is on my TV profile.

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This is changing into a text book example of wyckoff accumulation -- expect a strong down move and retest up before we start mooning. This may be a long term idea and buying the dips here are probably the best thing you can do. We need to trade it as such. The idea will fail if we break 3550.

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My first bid was filled at 3750!

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Second big hit. I now have a big one at 3600.

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Second bid.

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I dont think my third bid will get filled. It looks like the selling is easing off. This is a classic wyckoff but it should have gone a bit lower so we shall keep an eye open.

If we go lower than 3550 -- quite your shorts, and put bids in for 3000, 3150, 2950 and bid heavy because we will bounce "hugely" from there.

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How long are you? :) Should bounce here.

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BTC is dumping hard however we havent hit our Stop Loss yet so we let it ride. We may have to take a hit on this one ... lets see....

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Looks like it bounced exactly where i said it would. Trade is still active. Came close to our SL tho. We may go back down for a retest or a clear breakout from here.

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This is what I think will happen if we are truly in accumulation.

Trade closed: target reached:

Took profits here. Left a tiny position open. Bounce is weak. FUD is strong -- letting 25% of my position ride.

Trade closed manually:

nope we are about to dump very bad

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Long again -- SL at 4750

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Revised stop loss to 3400 -- but some more bids in at 3450, 3420, 3470

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Bouncy!! -- If you have been following my trades and updates above -- you should be well in profits ;) you're welcome.

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If you are following my updates, you will now see we are back above the trend where i have been saying we will bounce, this is a reversal area. We are not full out of the woods, but place your SL higher and even if it drops you will get out with profits.

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ok we are well in profits -- i am taking almost all of my profits off the table right now and closing my position. We should see a pullback which I will long again. Best of Luck. You can leave your positions open and buy more lower or just take profits off the table.

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Wanted to share this chart on what I am looking at. See that TL we are up against right now, it needs to break that for me to consider we are truly uptrend, otherwise we are just top of the channel.

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Breakout - uptrend confirmed. Going long here and add bids on the retest

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And this is why we long the breakouts and the retests! :)

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We just retested out breakout -- and so far so good. We close if this drops below, or if we fail to break the upper TL shown here.

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There is no need to panic if you have a Stop Loss in place. This is classic Accumulation, and we "WILL" spring up. I predict we break up now in 2 - 3 days.

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Hi All - just a quick update to this idea. A lot of folks have been calling me dumb to long here, but I understand the bearishness in the market, I also understand that is the best time to buy. The reason I am still bullish is that we have not technically broken either my wave count, or the wyckoff spring theory. This looks a lot like accumulation. Please see chart below. For me to go bear, it needs to break the yellow line, which would render my wave count invalid.

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We may test our TL drawn above in my first chart a few times. Until it breaks with volume & conviction, we remain bull.

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They keep calling me crazy ... i keep calling bull.

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Like I said ... I win. Bears Lose.

Took profits here - we just hit the upper TL. Will go long again if it hits lower bound or breaks up and retests the TL.

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My only concern right now is that volume should have started coming in by now. Maybe its because GDAX is down ... but when you see price increases with such low volume its usually a bear sign.

Trade closed: target reached:

Boom! Its a bull baby. I am no longer trading in bitcoin. Target and then some was reached. Time to look at those cheap cheap alts

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Added a few longs here ... very small position will go larger if we break 4050. Looks like institutional investors are getting in because the dumps are being absorbed. Eventually, the buy pressure will push the market up. We are not seeing the usual volume we see on BTC -- but I think this may be fine, because its getting more and more expensive to acquire even a single bitcoin. Look at this chart below for where we are headed.

Once this is done we will short it back down to Earth.

Trade closed: target reached

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Closed longs. Strong Sell signal here. Will wait it out .. don't advise shorting.

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Phew -- thank god we didnt short here as per my last comment also. it did break up -- as you can see it is exactly following my wave chart. This leg needs to break the previous ATH at 4950. We shall watch and see. 4380 is heavy resistance. I am still not trading in bitcoin - just updating this chart for those who are. There is only so much you can trade at one time, and the alts have a much better reward / risk ratio right now.

If my wave theory plays out, we are looking at 7000 mid november to early december before a nice correction in the holiday season

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4380 broken -- we are on track for Wave 3. We will see a pullback, but 4400 is now support. Wait for one more 4hourly candle / retest and go long.

Trade closed: target reached