Here in this education and analysis video I teach more about fakeouts and divergences from my 30 years of trading experience and show how we may just be weeks away from hitting 93,000 on bitcoin!
Nice stop loss now at 57500 for a great potential long entry.
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Sorry about the sound quality, new mic is on order :)
Trade closed: stop reached
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Looks like we have manipulation in the market with exchanges stop hunting long stops and big money staying well clear of crypto after the SEC confirmed what i'm am saying above. Im stopped out here and not looking to re-enter shorts or longs in crypto while manipulation is in play.
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An opportunity may exist for longs again should anyone wish. Now that most leveraged longs have been liquidated, let's see if the powers that be want to go the other way now and take out all the short stops between here and all time high.
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Note of caution, weekly charts all closed with big bearish reversal patterns and top formations. It's perfectly possible that we may see a massive further retracement of crypto down to oversold levels on weekly charts. If you are trading short or long best to only hold short term swing positions both ways now and capture profits, dreams of 100k bitcoin or 20k bitcoin will only cause major problems in trading strategies after last weeks price action.
very detailed analysis. very nice. what's your confidence level on this if i may ask?
breakoutfakeout
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@yin-yang, Statistically speaking 90% of breakouts fail and retrace back into their prior pattern. So its very likely price will move back inside the prior bear flag (or rising flag whichever you want to call it) at 63-65k. Furthermore big divergences like this are normally followed (90% of the time) by powerful moves in the opposite direction. It's therefore highly likely we will test up between 63 and 65k whereby we can at least book some profits and move our trade to break even ahead of a possible move to 93k. I will review the trade dynamics at the 63-65k level. All in all its a very good low risk high probability trade set up. Nothing is certain so my stop loss remains at the prior swing low on the daily chart at $57750 ish.
SellHiBuyLow
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Worth watching! Thanks for the insight.
breakoutfakeout
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@SellHiBuyLo, You're welcome, thanks for the comment