First thing first, if you saw the amount of volume seen on Bitmex today, you'll realize why I'm long.
Again, this is just my opinion so DOYR. I am long term bullish so I will stack my longs and hedge some shorts, but for the most part I cover my position with a good margin and adjust leverage depending on what I see.
Inverse C&H played out very well with a conviction of volume to smash through $6,800. I believe the bottom is in and from here on out we will start a new cycle. Will BTC go parabolic or will we have a played out 2015 market run? That's up for you to figure out, but I do see us going up some from here. However, BTC's trading style has changed. We were in what was called a "Forex Chop" which essentially is a big accumulation wave made by big players. However,
this leg up past $6,800 showed nothing but natural growth for the first in a while - which gives me a lot hope. We broke $6,800 with ease.
My next targets are as follows:
Green boxes are where I am stacking long positions.
Red lines are resistances that I see.
As long as this volume stays up, I see us having a run at $8,000 by the end of the month. If we start to moon like December, remember to adjust leverage to free up some balance but keep an eye on your margin!!! There will be some nasty dumps candles that should be ate up, but those are simple big players trying to liquidate some contracts. I'm keeping my liquidation price to about $6,200.
Again, this is just my opinion so DOYR. I am long term bullish so I will stack my longs and hedge some shorts, but for the most part I cover my position with a good margin and adjust leverage depending on what I see.
Inverse C&H played out very well with a conviction of volume to smash through $6,800. I believe the bottom is in and from here on out we will start a new cycle. Will BTC go parabolic or will we have a played out 2015 market run? That's up for you to figure out, but I do see us going up some from here. However, BTC's trading style has changed. We were in what was called a "Forex Chop" which essentially is a big accumulation wave made by big players. However,
this leg up past $6,800 showed nothing but natural growth for the first in a while - which gives me a lot hope. We broke $6,800 with ease.
My next targets are as follows:
Green boxes are where I am stacking long positions.
Red lines are resistances that I see.
As long as this volume stays up, I see us having a run at $8,000 by the end of the month. If we start to moon like December, remember to adjust leverage to free up some balance but keep an eye on your margin!!! There will be some nasty dumps candles that should be ate up, but those are simple big players trying to liquidate some contracts. I'm keeping my liquidation price to about $6,200.