So, I went short earlier while the price was in the pattern but was not at my computer to post or update the trade. Notice how the price came back and re-tested the pattern to confirm that former support was now resistance, as I suggested it might in my last post. That was also another chance for you to get short. However, now is a great low-risk, high-potential-return long. The price seems to have found support at the 50% retracement and 8k as a whole number. At this point, I don't think you need to risk much more than $50 to gain at least $200, and the probability of some upside here is high, so it's low-risk to find out how high we go. On top of that, depending on how much traction we get to the upside, we could see some great long price formation on the 4h chart and maybe even the daily chart and therefore get in on the ground floor of a nice rally. In any case, I am already long.
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Also, notice how the MACD seems to be swinging around to the upside and the RSI is coming out of oversold territory. Two more factors to suggest long is a good way to go now.
@mhfcrypto, Lol I'm keeping my eyes peeled for that...the price is admittedly stalling more than I hoped when I entered, so if I don't see some upside in the very near future, I'll be out. I got a great price that can give me some staying power though...
mhfcrypto
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@BTCCaptainAhab, nice. Yeah, any non-Noobs buying around $8050 have Big Balls
BTCCaptainAhab
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@mhfcrypto, Haha sounds good to me, I'd like to think so. Why do you say that though? I wanna know your perspective
mhfcrypto
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@BTCCaptainAhab, IMH0, we're still awaiting a big red-candle down (1HR). If Bulls don't make a significant breakout, then we'll get it soon.
BTC seems to be forming another little Ascending Wedge/Channel on the (30min/1HR), which could also be a part of ANOTHER Bear-flag.
Whales are waiting on the sidelines and watching right now...if they don't see convincing Bull Action soon, I think they'll sell.
Of course, there are more reasons for my rationale, and I'm just speculating...
Good Luck out there, friend. It's a War Zone :-)
BTCCaptainAhab
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@mhfcrypto, Nice, thanks for that. I definitely agree with what you are saying about the whales watching and waiting. Actually, I'm at exactly that point. I'm ready to get out now cuz I don't like the trajectory we are forming on the 15m. If we get some upside here, that's enough to shoot us higher, I think, to at least 8200 eventually. If we go down below 8k at all, I'll get out and re-group. So, I'll lose 10-20 bucks
BTCCaptainAhab
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@mhfcrypto, You know what? I'm actually gonna hang around haha. Went below 8k and I feel like that was a stop hunt that went nowhere. If it happens again, I'm for sure out though
BTCCaptainAhab
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@mhfcrypto, @davefishbbq should have held long, but it's so hard to hold overnight in something as crazy as bitcoin...
I still think this is Bull Trap until Monday, or st least until we’re confirm over $8400 (4HR).
BTCCaptainAhab
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@mhfcrypto, Yeah, I guess so. Just because it's a winning trade doesn't mean it was a good trade...yeah, in terms of resistance, 8.4 on the 4h seems to be the next level