Cortex_

Btc following the blue arrow, but then what ?

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Hey everyone, I'm just another trader like yourself trying to make the best out of what the markets reveal to me. Hopefully this is the beginning to a stream of posts, please like and follow if you find this useful. I entered a long on btc at around 9500 after charting this and i closed yesterday around upper 10400s due to the uncomfortable parabolic trend forming that could be unsustainable short term. We are in a tricky spot now, near a rejection zone pointed out in red lines and we expanded without thoroughly retesting 10100-10300, so i'm waiting for a retest for confirmation currently. The blue arrows have been kind to me and ill be following that. Will be updating when I get a chance. Good luck everyone.
Comment: So far there has been a rejection from the area in between the red lines, couldnt make it to the top which makes me think the move could still have more in it. 10120-10180 is the sweet spot for confirmation of bullish continuation while 10280-10350 may also provide strong bounce zones if its really bullish, hope the chart was useful to you. Good luck.
Comment: the green box here should provide great confirmation for continuation.
Comment: a retrace is to be expected now with 10475 to be highest point of retest and 10078 lowest point of retest for bullish continuation. The intermediate zones remain 10120-10320. BTC is showing signs of a mini parabolic trend, but always know a retest of demand zones is alot more healthy than straight up. good luck
Comment: I'm not a fan of the stalling here, there is a high possibility of distribution taking place here. I'm wondering if we are topping out and price will follow the brush tool track, basically we may have finally triggered the distribution to the road towards 7k range. I will update along the way, good luck all.
Comment: Hey everyone, just a quick update. Still seems like distribution to me, im not sure what it would take to convince me that its not, maybe a daily close above 10860-10900 would be more convincing that there will be bullish continuation but for now ill hold on to the thought that distribution is taking place here. Good luck all.

Comments

Hi . if this would be distribution shouldn't we have sell volume increasing? What I see its accumulation with in upraise Imo . Not so much of selling pressure ..
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@PTO, hey, yes it's still not clear. You make a good point that is why waiting for the daily/weekly close would be best. Volume is bad on both sides, so whichever side comes with volume will surely be the trend winner. It's just very suspicious to me that a clear resistance was broken yet there is no follow through which may suggest this is a trap and distribution has been occurring since around 10700 while the last move up was to stop out swing shorts and trap bulls. Hopefully a clearer direction will reveal itself soon. Good luck
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PTO Cortex_
@Cortex_, Yes I totally agree . All in my descriptions .
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