BTC
Weekly Looks extremely bullish:
Daily, looks bullish:
Below 4880, then we will likely see 4500.
Position:
Entry 4996.5
Stop 4927.5
Consolidation between 4500 and the highs for a few weeks creates a very tradable range and builds pressure for a test of 6100-6200 area. Will be watching closing for divergences of the daily. Prior false breakout above 5300 there was bearish div on 3hr (extended) and the 6hr. I did not listen to it and cut my long, so the drop stopped me out with only about 15% of the profit I could have claimed.
Todays PA: Price took out yesterdays low and immediately moved up. Strong rejection. False downside break. Looking for a possible IH&S pattern on hourly and 15m for additional entries. Stop can be at the shoulder low, or daily low.
Relonged in the green box (daily chart. Will stop out at low)
This is not financial advice. These are my personal trades and journals. All material provided for educational purposes only.
Ongoing thread: previous entries:
Weekly Looks extremely bullish:
Daily, looks bullish:
Below 4880, then we will likely see 4500.
Position:
Entry 4996.5
Stop 4927.5
Consolidation between 4500 and the highs for a few weeks creates a very tradable range and builds pressure for a test of 6100-6200 area. Will be watching closing for divergences of the daily. Prior false breakout above 5300 there was bearish div on 3hr (extended) and the 6hr. I did not listen to it and cut my long, so the drop stopped me out with only about 15% of the profit I could have claimed.
Todays PA: Price took out yesterdays low and immediately moved up. Strong rejection. False downside break. Looking for a possible IH&S pattern on hourly and 15m for additional entries. Stop can be at the shoulder low, or daily low.
Relonged in the green box (daily chart. Will stop out at low)
This is not financial advice. These are my personal trades and journals. All material provided for educational purposes only.
Ongoing thread: previous entries:
Comment:
Protected my BTC position with 2x short at 5730, tight stop. Still expecting continued bullish momentum. There are no divergences on the daily, or other high time frames, and weekly + daily trend remains bullish.
I still expect new highs after a pullback/retrace. 5600 would be a bullish pullback area. Maybe not even that low.
We punched through the obvious resistance area, and the zone I mentioned (marked in chart above) on twitter and in Discord as being where all "the PA bois will be shorting"
Support on that zone is now at 5500 (Mex and Stamp) and any daily penetration of that level should be a warning to watch closely. A close below is a likely reversal signal.
I still expect new highs after a pullback/retrace. 5600 would be a bullish pullback area. Maybe not even that low.
We punched through the obvious resistance area, and the zone I mentioned (marked in chart above) on twitter and in Discord as being where all "the PA bois will be shorting"
Support on that zone is now at 5500 (Mex and Stamp) and any daily penetration of that level should be a warning to watch closely. A close below is a likely reversal signal.
Comment:
What an absolute fucking monster. New Highs indeed. I am out of all Leveraged longs now and waiting on a pull back to confirm continued Bullish momentum, or a reversal. Watching for a range to develop. Still trending extremely bullish, so keeping tight stops on any short positions and expecting them to be stopped out generally, so taking smaller sizes and lower risk shorts only. Generally looking to protect profits and buy dips until something changes. That being said, this rally is reaching exhaustion and needs to retrace soon.
Pull backs are inevitable, but so far, we have seen consistent pull backs to value and explosive bullish moves after. No strong divergences on the daily yet either, so I am not trying to short into a raging bull. Watching for divergences to develop and just buying pull backs still, though tightening stops as price keeps going up