Trading Bitcoin - Tame the beast & Manage your emotions.

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Despite Bitcoin going ballistic, it does not mean we cannot approach this market with a calculated approach and avoid any panic.

We have some clear objectives and targets as discussed on the chart.

No need to panic here, develop an intermediate plan and stick to it to avoid panic.

Let me know what you think will happen next.

Follow on twitter etc for more updates.

Good luck

Comment: So a wild day yesterday.. i was actually out and about last night so was limited to a few trades on my phone so couldnt really commentate, but anyway ive updated my chart. The AB=CD did not play out in its entirity, or really hit previous resistance, there was alot of buying interest in the lower 9ks which i coudl see wasnt going to be taken out. The issue not is that BTC is up against this diag resistance, which also means consolidating below the previous S/R at 11.5k and this will be tough to get across.

i suspect that the nex thing that happens is btc will fall back to the weekly open

im effectively hedged across the board and have a small short position which i will close if we can find new highs.

the weekly at around 10800 will be the target. Althoguh the close yesterday was great, really i want to see a close today above 11800 to prove that btc is bullish.

its clearer on a daily chart.. it will look weak if we cant complete the bottomoing pattern. Althoguh do note that the OBV is looking good as we currently stand.. In summary, we are in limbo right now - its a coin toss with a downward leaning bear..

to be honest it reminds me alot of 2018 price action. so i hope we get out of this pattern quickly.
Comment: Fractal narrative

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update this please
Such a balanced approach. Thank you.
The wedge still in play and developing as expected although it took longer time but the wedge resistance has been confirmed with 4 times touch lower low. As well as 11/11400 area holding very nice. I am expecting breakout to upside in anytime very soon. Watch out!
+1 Reply
muh narrative :p thanks filb! :)
+1 Reply
Good idea,
it looks like it could consolidate for a few more days (or even weeks?) to build a new floor which could act as strong support later on if the uptrend is resumed. But nothing is given, it might as well retrace lower. I think the critical level to watch at the moment is $11k.

FWIW... last night I suddenly had another MONS (middle-of-the-night-thought)

Bitcoin vs. Gold - which will perform better?

(click on the chart to see the idea)
+1 Reply
filbfilb ReallyMe
@ReallyMe, interesting.. its goign to be btc.. :)
+2 Reply
filbfilb ReallyMe
@ReallyMe, nice bull div on rsi though!
+2 Reply
ReallyMe filbfilb
@filbfilb, absolutely. we will see ;-)
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You were certain price was "GOING TO $13k" in telegram...CME simply closed their 4 hour gap at $12k... that's all it was man. I hope your telegram followers aren't trying to follow your trades. You change your mind on trend anytime btcusd fluctuates by $200.
+2 Reply
MrRenev slcjohn
@slcjohn, Neither of his long or short targets were reached.
He is pretty good at hindsight thought, so expect him to tell us how he bought at the bottom when price goes up and then when price goes down how he sold at the top.
+2 Reply
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