4hr BitCoin - she is in rally mode

MTGOX:BTCUSD   Bitcoin / U.S. Dollar
843 12 4
Long off 'BoT setup from $690, stop $609 (and will move according to rules - stop to break even at $770, stop to trailing at $820). Working AOCO exit of long at AB=CD target $929. $89 risk for potential $239 reward or more than 3:1...not bad at all. Once at OTE             short sweet spot ($887) I will monitor closely and may just exit long early. Additionally, at that level I will become very interested in the short side once again...
As of 4PM pst, Dec. 27th....Well she seems to have run out of steam...stop hit at 767.99 for +77.99 ticks (-fees)...not bad considering I shouldn't even be trading anything through the
As of 5AM pst, Dec. 27th, stop to 1 tick below most recent 4hr bar lows (768) remains bull ab=cd harmonic pattern at 929
shadyz CRInvestor
So, sell at 929 because of harmonic pattern, am i getting this right ?
Not quite. Point D of the harmonic pattern is exit point. What the rally does do is setup a short against those key highs. I personally would rather wait a bit and see a bearish price patten develop before shorting outright but to each his own. The level we really need to keep an eye on is the 'OTE short sweet spot' level (887) as blind shorts may work well from that level (risking against those highs)......hope that clarifies a little....
shadyz CRInvestor
Oh i meant sell whatever holdings i have, since i'm holding from 650$
Hello CRInvestor, Very nice work. i like your plan and view,but would you tell me your thoughts about BTCUSD in short and med term? loveto know your opinion?Thank you..
Well you ought to see from the 4hr chart that I am bullish over the short term up to both the OTE short sweet spot (887) to the bullish harmonic ab=cd price target (927). My hunch is we rally into that zone and then roll back over. Usually, big fat round numbers (bfrn) like to act as magnets so I wouldn't be surprised to see $1000 visited again. Having said that, over the medium term I am still looking for the daily bear ab=cd price target (404) to be tagged - which it hasn't yet.... For thoughts on the 'fundamentals' of the current 'fear' cycle, its anticipated peak, BitCoin itself and the entire online payments industry please refer to previous posts I have made addressing such....cheers and good luck.....
YR CRInvestor
CR,Very nice...927 -937(my point),Yes, i'm not aware a lot about fundamentals and to be honest i can't find a time for that(2 bad) however, i see Charts reflect fundamentals issues inside lines and price action. Your thoughts matching what i was think about. Thank you for sharing and discussion.**GL**
As of 2:30PM pst, Dec. 26th, stop to trail level hit at 820, stop now at 1 tick below previous 4hr bar low (762.06)
As of7AM pst, Dec. 26th, stop to break even level hit at 769.....stop now at 691.
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