imfamousrajat

BITCOIN- IHS TARGET $7700? BULLS taking control?

Long
BITMEX:XBT   Bitcoin / U.S. Dollar Index
Greetings fellas!

Let's look into current situation of Bitcoin and try to get a glimpse of possible scenarios.!

An inverse head and shoulder can be seen forming on the 2H, 4H, 1D chart. The target is around $7700. But it can only be reached if BTC is able to cross 6800 with good volume . Currently, 6.8K level holds the key to further movement. If we get rejected, then expect some pullback to $6600 or so. If we are able to push through $6800 then $7000 will be easily reached and we will see some good short term upward movement.

EMA 12, 26 and 50 have already formed a Bullish cross on the 2-H chart. If we are able to make this cross on a longer time frame then Bulls can gain some good momentum. The chart below shows all the EMA .

At this moment, due to lack of time, i am not looking into any other indicators except EMA (Will post a thorough update on this soon). Although i did have a look into Ichimoku . The ichimoku is also supporting Bullish movement as per this time frame.

BTC gained significant amount in the last 2 days so expect slight pullback too. And after the said pullback, the Bulls may be ready to take over. Everything just depends on the $6.8K level now. So, we will have to wait it out and see how this goes. Also, use tight stop losses for better money management.

Keep an eye out. Trade safely. Always remember, money not lost is also a profit.

Good luck trading.!
Peace.
Comment: A good look on the daily time frame:

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Looking good for Bulls here.!

(Atleast for short term).
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Comment: Brokeout of the resistance.

Trade closed: target reached: Great trade.! Great profits.!
Comment: Update:

Comment: Great Bullish move today.!
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Comment: Meanwhile, BTC shorts have started to pile up, up by 15% in the last 24 hours. IMHO, i don't think it's a good time to short now considering the volatility.!

Comment: Follow me on twitter for live updates.!

https://twitter.com/Imfamous_Rajat
Comment: TRYING TO MOVE ABOVE 200-DAY EMA.
ATM, 200 EMA LIES AT 7851.
WE NEED TO CLOSE ABOVE THIS LEVEL
FOR A BIGGER BULLISH MOVEMENT.!

Comment: Reached 0.618 fibonacci level.
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Trade closed: target reached
Comment: Turned out to be a trade with Risk/Reward ratio: 5

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Related Ideas

Comments

You nailed it on that one...will follow from now on...thanks for sharing :).
+1 Reply
@svecv3, Thanks a lot mate :D
+1 Reply
Well done now at 8020
Reply
imfamousrajat StarBoy42
@StarBoy42, Thanks a lot.! This turned out to a good trade if people followed.! You can follow me on twitter, i am fairly active there as well.!
+1 Reply
StarBoy42 imfamousrajat
@imfamousrajat, ok will do. :) thanks
Reply
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