As Tim West showed in a recent publication, a 9 month downtrend expired recently, giving way to the possibility of seeing price rally back to the mode in a 9 month period or sooner.
This is a lower probability target but it's in the background. What made me interested in going back to BTC was to see that the daily chart is showing bullish signals, while the weekly is about to confirm an uptrend to the 265-270 mark, IF and when price hits 246.54 during this week.
If that were to happen, there's a possibility that the monthly chart gives us a bullish signal. This is highly speculative, but entirely within the realm of probability. So, my suggested course of action is:
I'll update the chart once we get the monthly signal indicating further upside. For now, we have the background downtrend expiration and the daily and potential weekly uptrends in place, which is enough for me to take this trade.
As a sidenote, I was providing live updates for my FX trades at zulutrade.com, I now work with collective2.com. You can find the details in my profile page. The interface is excellent and the autotrading seems to be the best in the biz.
If you decide to risk some of your cash in Forex, but not willing to spend time on managing it, be sure to hit me up. I'd appreciate your support.
Good luck!
Ivan.
If that were to happen, there's a possibility that the monthly chart gives us a bullish signal. This is highly speculative, but entirely within the realm of probability. So, my suggested course of action is:
- If you hold Bitcoin, don't sell unless we traverse the 231-227 barrier!
- If you are in cash you can buy BTC now and risk it falling to 227. The potential upside is ridiculous compared to the risk.
- If you are invested in an altcoin, you might consider buying back some BTC to benefit from this rally. (My reccomendation for altcoins in general is to treat them as stocks vs the general market, and keep a fixed % portfolio allocation vs Bitcoin and cash).
I'll update the chart once we get the monthly signal indicating further upside. For now, we have the background downtrend expiration and the daily and potential weekly uptrends in place, which is enough for me to take this trade.
As a sidenote, I was providing live updates for my FX trades at zulutrade.com, I now work with collective2.com. You can find the details in my profile page. The interface is excellent and the autotrading seems to be the best in the biz.
If you decide to risk some of your cash in Forex, but not willing to spend time on managing it, be sure to hit me up. I'd appreciate your support.
Good luck!
Ivan.
Comment:
See updated idea, looks very strong.
