Yesterday price passed throught the kumo and we could see an unsuccessful attempt to break the strong downtrend line. The market bounced from this resistance line and dropped lower to 2200.00 support level. Now we can see that the market was able to return above the kumo one more time. Probably there will be a new attempt to pass through the downtrend line which is the strong barrier for the further upward movement. Ichimoku indicator gave us a new buy signal and DMI allows open long trades above 2345.00 level. But if we buy from this level, it will be a buying near the strong resistance line. It's not a smart decision. It's better to use pending buy-stop orders and place them above 2420.00 which is higher than the previous local swing high. If the market breaks the downtrend line and the local swing high, it will be a good confirmation for the upward movement. Stop orders for long trades must be placed below 2200.00 support level. Profit targets can be 2600.00, 2900.00 resistance levels. Also you can leave a part of volume for long term trading. Good luck with your trades!
@DLavrov, nicely done, thanks for your great setups!
FYI on USDT for anyone still planning to scale out of BTC for Aug.1 - yes BIP91's locked in but I know some still have concerns - please remember USDT runs on the Omni blockchain, which itself runs on the BTC blockchain - i.e. just selling BTC back into USDT won't change anything, you'll need to park it somewhere else.
AlamoZ28
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@thetazeta, Thanks for that bit of info! I didn't know that about tether.
kriskngfre1159
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The best way to succeed in life is to act on the advice you give to others.
your teacher for me !!
Thanks! Could you explain the "and DMI 1.67% allows open long trades above 2345.00 level" a bit more?
DLavrov
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@Inct73, DMI does not confirm the strong downward movement, it means we can buy. In other way we should wait when ADX line starts falling. Look at the previous downward movements and compare ADX value with price action.
@bilenyok, some say after BIP91 lock in prices will fly and some that people will sell. When it locks in, no fork on Aug 1st, but still possibility in Nov. Why would people still sell until Aug 1 st even after lock in, any idea?
DLavrov
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@Inct73, why some people buy on tops and sell on bottoms? Any ideas? I think they like to make fun!
FYI on USDT for anyone still planning to scale out of BTC for Aug.1 - yes BIP91's locked in but I know some still have concerns - please remember USDT runs on the Omni blockchain, which itself runs on the BTC blockchain - i.e. just selling BTC back into USDT won't change anything, you'll need to park it somewhere else.