Xzhi
Long

I called previous Bitcoin bottom and top. Likely bottom here.

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
Check out the ideas where I called the Bitcoin top and bottom in the related ideas section.

Currently price is being supported by heavy buy walls, and we on the 200 week moving average, which should be defended. At the very least, the weekly candle should not close below.

It seems like whales want to save Bitcoin , and there is accumulation going on.

Therefore, we join their trade. 3250 should be the best possible price to buy Bitcoin . I am unsure if this is the bottom, but there is definitely accumulation in this area. if you buy at any price currently, you will be buying near the lows, possibly like buying 3.2k before the final drop to 3.1k. It always looks bad before it gets better.

I am certain price will bounce. I would like to see Bitcoin hit 3250 and bounce, but there is a chance we close lower. Either way, there should be a bounce at some point near this current price.

Thanks for viewing!
Comment: Personally I would scale in long slowly and add if price does move up convincingly.

Do not have a stop loss since you will be averaging your position lower.

Get out if price closes below 3250, not just a wick.
Comment: I feel like this could drop.
Comment:

It dumped as I suspected. This idea is still valid however. I was long from 3.2k before it dropped to 3.1k. This could be similar.

I still believe 3250 to be the best place to buy.
Trade closed: target reached: Hahahaha it pumped hard.

Awesome!
Trade closed: target reached: For now I have closed my long and have filled a 1x short as a hedge.

This will probably go much higher, but on the smaller timeframe we will probably retrace.
And how do you know this is the bottom? :)
It is 50/50 at best, and you are making people go long without a stop loss?
Dude; The bottom is below 2900; Prove me wrong
Reply
mbc47 mbc47
Where is the divergence? Where is the big wick showing change of momentum? Nowhere :)
We just broke, and got rejected from 50 MA, because buying was pathetic..



Reply
@mbc47, nobody knows for sure 100%.
Nobody's making people go long without a SL. It's all up to each person.
Funny how you claim the bottom is below 2900. How do you know we won't bounce before that? :)
Reply
mbc47 deliciouspodo
@deliciouspodo, Dude, I was making a point! Think. I don't know where the bottom is; Just picked a random number to prove me wrong.
The reality is there is absolutely no indication this is The Bottom, the bottom could be $900
+1 Reply
@mbc47, The author has already claimed before that he doesn't think this is the ultimate bottom.
I agree that the bottom could be a lot lower than most ppl think.. Maybe even $700
Reply
mbc47 deliciouspodo
Reply
Xzhi mbc47
@mbc47,

:D

Reply
Thank you @Xzhi
When bitcoin bounces, what are your exit targets (if any) and why?
Reply
Xzhi LarryisBROKE
@LarryisBROKE,

I'm hesitant to give a target because I don't know where it will be. I'll keep this idea updated.
Reply
Xzhi LarryisBROKE
@LarryisBROKE,

Hi, I just want you to know I just posted the update on my position.
Reply
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