We just got rejected at 16140, which is crucial because it confirms that we're in an ascending trend, with this volatility going on I see a breakout happening very soon, watch for the next wave. If it breaks up in the third wave I wont be entering my long until 16265 and i will close my long when the volatility slows. This allows me to have the best risk to reward ratios, if it breaks down after the third wave i'll enter my short at 16030 and close it when the volatility slows.
My strategy lately has been finding the patterns, waiting for them to form, and watching for a breakout. When the breakout happens I have a buy limit set at a key price, this takes my emotions out of the trade, I then let the explosiveness of the breakout take me into profits I sell and wait and watch for a new pattern. If I can't find patterns forming I simply won't trade. I take roughly 2-3 trades a week with 50x Leverage and i'm gaining about 15% capital a week, slowly I will compound this up and have massive gains.
As per usual these are just speculations, I will never trade on this unless it becomes true. I don't guess, I wait for very clear indications for trades and I stick to it. You can be wrong 99/100 times but if you only trade the 1 time you're right you will always make money.
Good chart and commentary, as per the comment before, I believe the break out will be to the upside as the bears could not break the formed support even tho they had the benefit of the low weekend volatility. Will need to give it a bit more time to see what we form over the next day especially entering into the start of the week when CME kicks in etc..
Following
CryptoKingPete
⋅
@MrPine, agree 100%, I think it's more likely we go up and see a new ATH, however i'm not entering a trade until i get a more clear picture of what will happen.
Following