jpnotmorgan
Long

Buying BTC for newbies - long term until April 22nd

POLONIEX:BTCUSDT   Bitcoin / Tether USD
If you are new here you might not have seen some great charts by alamasters or LewisGlasgow. Based on what I learnt from these two and my own double pitchfork overlay I decided to go with long trade idea for BTC that I will be updating whenever something interesting happens. I'm starting to track from 12th November 2017 until 22 April 2018. The only money I am betting on this is my worthless fiat. Just trying to get rid of it at the right moment ;)
Forgive the USDT - I trade on polo hence the tether. I do this just for the purpose of tracking BTC to USD. I don't normally cash out in USD, but other currencies, however at this point of time USD is a good indicator of relation of BTC to other fiat currencies worldwide.

At this point of time the end of the month looks like a great time for shopping!
Comment: DeMarker is showing BTC is right in the middle between underbought and oversold. Yesterday's candle closed high, however with a long wick, so there might be some downward action today.

Updated chart showing start of this trading week:
https://www.tradingview.com/chart/HOYDUI...
Comment: Here's the actual chart:
Comment: In the early hours of Tuesday we're saying a tendency to drop below 11k. According to pitchforks from the original chart there is still a chance we will go sideways and we might not re-visit buy-in range of 8-10k. However, when I tried another pitchfork anchored in the beginning of the bull run from November I saw we are continuing downtrend. DeMarker and MACD don't look optimistic as well.
Comment: The chart looks like it is going as I predicted. Today, Wednesday, seems like a great time for buying more BTC. Please mind that both: Demarker and MACD are pointing downwards, so we should expect further price reductions. Updated chart is pointing towards ~7600USD, but I would open my positions between 8-9k as we might not get a chance to hit under 8k
Comment: 8800!
Comment: Looks like BTC is finding support around 7k finnally, it was a wild ride, but I think we hit the bottom. I guess it's time to get some fiat ready :)
Comment: It was a great day for shopping indeed and we are still in the buy-in zone. Looks like next resistance/support is around 9300 USD.
Comment: Tested 11k and out of the bullish deep crab into completion of a head and shoulders pattern. Expect drops to ~9100USD, then back to 11k to look for support.

" This is healthy, trust me "
DeMarker is showing BTC is right in the middle between underbought and oversold. Yesterday's candle closed high, however with a long wick, so there might be some downward action today.
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How do you spot gartleys? Do you have a program or do you just see them enough?

I haven't learned much about gartkeys, cyphers, and the more complex patterns. My current bias tells me they are not consistent enough...but I'm willing to learn
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jpnotmorgan whoisthelorax
@whoisthelorax, I did a lot of research, actually, still learning all the time. It's worthwhile to invest time in learning about patterns, however they only show trend - still can't predict the future with precision.
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