BINANCE:BTCUSDT   Bitcoin / Tether
Continuation of an idea that I published on my telegram channel few days ago

I will trade the green path, AKA Plan 1/ until proven wrong. I will consider red path as plan 2/ as backup plan.
Bullish scenario (we break above 9700) not considered yet, and is plan 3/
Trade closed: target reached: Took some profits on the short. If 7900 holds too much we could see a final wave up before the real correction
Comment: i'm sorry, I just realised that my green lines are too high. When I drew them, I meant to make the top at 9300, not 12 000


Now, with 4 more days of observation, I can see a 8500 double top as more logical if we don't retrace more to get the fuel for that last up impulse... but "ideal" scenario is still a retrace lower in the 7500 zone and impulse up

Anyway, be careful with your alts. Don't be the last one at the party or you will be on clean up duty

Stay frosty
Comment: btc entered the post 9300 zone, and got rejected hard, making alts lose almost 20% vs usd in average in 12h. Sign was btc going over the rising wedge resistance, and then re entered it. Now sitting at 9050 at the support of the uptrend

Now at support 9050, and several indicators show at least a dead cat bounce now, or continuation to 11500. Should 8950 fail it will go down to 8300, 7500, or 4400, as planned on the chart

Risk reward is good. Alts still expected to outperform btc even in dead cat bounce

Stay frosty
Comment: btc bounced to 9500, which is the 0.78 retracement. Now showing signs of weakness within a squeeze. 9250 is key value. It broke the support of the small uptrend, and resides on the medium term timeframe support.

This means that the next move will be impulsive, with a higher probability of retesting 8600's. However, overall bullish momentum doesn't support thesis of a huge crash afterward. Should berish scenario unfold, at worst a slow bleed down at first. Should bullish scenario unfold, we could see a huge spring impulse up to 11500
so our stop loss should be 8,900? right ?
Reply
Nidalas umairceo
@umairceo, yes, What I'm doing is observe the strength of the current bounce, and be prepared to jump ship in case we don't continue uptrend and close below the support, so around 8950, or if we pierce through 8900

Bounce look healthy for now and alts do a great job, I sold a small part of my buy at current 9180$ to pay for my stop loss in case I am wrong
+1 Reply
umairceo Nidalas
@Nidalas, thanks
Reply
Nidalas Nidalas
@Nidalas, I say "sold at 9180$" but I mean "sold my alts for btc when btc touched 9150 at market price and instantly sold the btc for a 9180$ price"

So in case of panic, I won't take a loss (or very small one) by selling under my buy levels

In my case, it was XRP buying at 81 and 79 cents, and selling a portion at 0.83$ directly for $$, as well as two other altcoins I've been trading through btc
+1 Reply
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