Wow, could this look any better for the BULLS???
What a text book couple of days for BTC on the . I will mainly talk about my Trendline (Black line) , but have left the other on the chart (Pink line) as its clearly in play to some degree as well.
So yesterday was a pullback day, How is that good for the bulls you may ask? Well for two reasons, with our new low having formed we have stayed above our support trendline ( ). But its our Resistance Line that is key, having broken our resistance line we have come back and not only tested it but closed on it yesterday, and today not only are we building away, but we pulled back a little so we could bounce of it exactly today. The market has Advanced through this line, next day pulled Back and closed on, and next day Continued in the original direction based off it. Its technically perfect pattern and a very strong sign.
The aggressive can enter anytime now we have the bounce with a stop below the broken line.
Its more conservative to wait until the top of yesterdays bar is broken and trade up to resistance around 11800.
Target 1: Take profit the first time a Daily bar closes above your Entry
Targets 2-3 Please bank Profits before the blue doted lines at 11174 and 11835
Its the most importnat time for BTC in my opinion. We are currently breaking the high of yesterdays bar, (putting us in our trade)
Its time for the Bulls to turn up and get us through here. If we keep getting Bullish set ups and don't get through the market will lose patience and the BEARS will come back.
WE are above my channel and the other Channel and the most recent high, now we need to push on and close up here on the next 4 H and daily charts. If we do that the BTC BULL game will quickly become the most popular game in town again and big wins on this and other trades are likely.
If we close below this level i would reduce your risk on the trade.
I remain Bullish and expect a good push up, but need to remind you of both scenarios.
We are entered in this trade now and will keep you updated as to progress here.
We are going to focus on good quality TA in our daily posts as well. Please follow that if you want an overview on BTC updated daily.
We will post any other new trades for you guys.
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So many opinions (Guesses) on BTC that its creating a bit of hesitation while the negs say we are going to 1000. While anything is possible, i cant find a credible technical case for it. Price is KING and recently Price Action has been Bullish, and we have clear areas to change that opinion if we need to.
I will stay in the Bullish camp, and i can tell you after 15 years, i'm not a dreamer, or a followers of popular opinions. My charts are just giving me a reasonably clear message and as long as they do i will back it.
WE should have banked some profits at 11174, we are currently just above that target level, and our previous bars highs. A 4 Hour bar close up here should see a push towards our next Target.
Keep banking profits as we go on this trade, as a Pullback is inevitable if we dont accelerate through at some point.
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Give yourselves a pat on the back fro your discipline, and put some money back in the account.
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After the break of resistance at 11174, we have popped up and then consolidated for a 4H bar, and are now pushing up again. Our next target looks clearly in focus.
Everyone should have banked two sets of profits now. The aggressive entry takers should have taken 1 yesterday for the first bar that closes above there entry, and the conservatives should have that today. This is a VERY conservative method of taking profits and we are using it because if a very choppy market.
Everyone should also have banked some profits @11174 so we should all have two profits banked. I cant STRESS enough how important it is to bank Profits in this kind of market.
WE now have a final target in ind and will leave the balance of our trade on to chase this. Please read the daily analysis thread to for more information on this.
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Can you please help me understand something cuz I'm a noob.
If the move is happening now why would we wait until 11066 to enter thereby increasing our risk to reward ratio as we get further from the stop?
If we enter at 11k and our stop is 10.2k and the third target is 11.8k our risk to reward is 1:1. Should we get in earlier to minimise the risk??
Help here would be much appreciated :)
Once the price has gone above ~11066, we are ABOVE the resistance zone, where many people will be buying (called a support zone), therefore we can be more confident that the price will go up from there (to roughly ~11800, where we expect the next resistance zone to be).
As D&S mentioned, the 11066 buy in is a conservative figure, meaning it is much safer than buying in at 10700. You need to decide what you are willing to risk, as do we all individually. You can buy in now and take on slightly more risk for more profit, or wait for the safer ~11066 entry for less profit. Either way, there is always risk involved. You just get to decide where you are comfortable buying in!
One last question if you don't mind. If you are more confident that after the price reaches 11066 it will continue to roughly 11800 at the next resistance could the stop be higher than 10200?
Or does it mean it broke a new level and then would likely retrace a bit before going up to 11800?
It is also recommended to reassess your stop loss points as things change. When take-profit targets are met, or if the market drastically changes its behavior from when you first entered a trade, you can and should reassess your stop loss point. @DollarsAndSenses is great at remarking when to take profits as well as when to adjust stop losses.
Be careful with making stops too tight, especially in the crypto market! The volatile nature of cryptocurrency means that the price could easily spike down causing a false trigger of your stop loss order. This article describes an extreme case: https://www.cnbc.com/2017/06/22/ethereum-price-crash-10-cents-gdax-exchange-after-multimillion-dollar-trade.html