As per my other current analysis; based on the structure of the geometric fractal and other indicators - I have adjusted accordingly based on the latest information. Ultimately the end goal is the same, but the path to get there is slightly different. I think we will now find resistance around the orange line and retrace to retest the pink support line. If you are not long yet, wait for this retest. I will be closing longs from 11,100 in the region of 11,750-11,850. I will also ladder in shorts at these levels.
Note: there is still a chance my original (last) analysis is correct, though I am erring more towards this one. This being said is why I suggest laddering in longs/shorts etc - just in case it goes higher or lower than expected.
Comment
⋅
Have reached first take profit level. I have closed longs and am switching to shorts. I am being mindful that my original idea was that we would go up as high as the purple resistance line; so keeping this in mind I have shorts laddered in throughout the green zone highlighted below (though I do not believe by any means that they will all be filled!).
Comment
⋅
My average entry is 11,910. Stops moved to break even. Placed a couple new short orders for 11,800 and 11,850 to increase my short position as we might have a little wick up before we go down further.
Comment
⋅
Stop moved to in profit 11,810
Comment
⋅
Small bear flag to take us down to the bottom of the triangle shortly.
Comment
⋅
And we have our first touch of the pink support line. We should touch it again to confirm before moving back up (around 11,250ish). Either way; now is good to start going long again.
Comment
⋅
Edit - there is a chance we go a bit lower and my triangle support line is a bit off. I have longs laddered in $50 intervals between 11,300 down to 11,100.
Comment
⋅
Commencing our journey up. My average entry is 11,249.
Trade closed: stop reached
⋅
Stop Loss hit. Fractal Broken. Look for new set up.
Nicely done so far! Why are you betting on double top and not on a push to higher highs?
Butcher_of_Bitmex
⋅
@miramaca, There are more indicators to me that suggest we will see a double top and then another bottom way down in the 3's before seeing a new ATH; however I also see a bullish possibility. Depending on how my new analysis goes I will have a better indication in a couple weeks as to which way I lean. Currently you could say I am 85% we double top and then go down vs 15% we push on to higher highs.
michael0764
⋅
awesome!
Eyates
⋅
So far, so good! Nice call on the setup!
Make_Money_Guru_Bitcoin
⋅
Good job
liquidcactus
⋅
playing out nicely so far... good work
Frank5Lee
⋅
Master of charts!
Ryloth
⋅
I did the opposite of this just based on your user name. Its going very well so far.