MarcPMarkets
Long

BTCUSD: Bullish Engulfing Candle Confirms Long Trigger.

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
BTCUSD update: Higher low is established off of the 8271 level which was basically the reaction I was anticipating off of the 8412 support. With the outside bar on the 12 hour, this market has triggered a swing trade long signal which is now in play.

In previous reports, I have been writing about the 8412 support level (.382 of recent bullish structure). This was the area to look for a bullish reversal pattern which appeared today which is the bullish engulfing candle also known as an outside bar. 8721 was the trigger, and I missed this entry because I was in the middle of a live presentation in the Lakewood Ranch area of Florida (What a great audience). There is still a chance to get long, but I will include the trade details on this report but on the SC site.

With that being said, as far as the potential goes, the first resistance that this market needs to take out in order to prove that the buyers are back in control is the 9414 level which is a minor reversal zone boundary relevant to the 9177 peak. IF this market is going to produce a false breakout, that area is the most likely location which means prices above the 9177 peak are not the best place to initiate new positions.

IF price can break above 9177 and close strong, that would open the door to the 9998 to 10696 resistance zone (.618 area relevant to the recent bearish structure). That is a good idea to consider locking in some profits, especially for people holding inventory from much lower prices.

In summary, my goal for this brief report is to offer a heads up that a trade trigger has gone off and even if you missed it like me, there is still opportunity for those who understand how to quantify the risk at this level, especially for a swing trade. Check out SC for more on this.

Special Thank You to the participants of the Lakewood meetup earlier today. And very special thanks to @Troybrave and his friends for the warm welcome and the extremely generous gift. I was overwhelmed with the warmth and reception of this audience.



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Comments

What is SC?
+6 Reply


Also looks like we're in a possible ascending triangle up towards the 9500
+3 Reply
teslanikola1234 david.liang003
@david.liang003, Hi, just an observation, You can't draw abcde like that, this is more likely abc(wxy) /// and triangle You can't start from D , never ascending triangle goes upwards .. anyhow good luck :)
+1 Reply
david.liang003 teslanikola1234
@teslanikola1234, Sorry curious why I can;t draw abcde like that, ending diagonals allow for waves to trace into previous territory. You know what ascending means right? Ascending means going/rising up, so how would an ascending triangle not be pointing up?
Reply
david.liang003 david.liang003
@david.liang003, my mistake, it's a rising wedge, i ahve no idea why i'm calling it ascending triangle, appologies
Reply
teslanikola1234 david.liang003
@david.liang003, ye , doesn't matter, we are all here to learn .. i guess most important is experience anyway ..

here is my observation ..

Reply
teslanikola1234 david.liang003
@david.liang003, abcde is a FLAT correction, so it can't go like you draw it, and it always come before last actionary wave, you . just don't draw acsending like that, this pattern never form like you draw it, it just don't ,,.. for quick look go to https://stockcharts.com/ .. really great page, and there is a chart school
Reply
teslanikola1234 teslanikola1234
@teslanikola1234, what you draw could be perhaps rising wedge ..
Reply
What and where is the SC site?
+2 Reply
satertrading santa_fe_sage
Reply
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