Bitcoin / US Dollar Perpetual Inverse Swap ContractBitMEX
Description
⋅
Hello Future Millionaires!
Wow, what an epic ride this bull has been thus far!!! Albeit I suspect we are nearing a short to medium term high, I suspect we may have one or two more pushes before a 30-40% pullback!
I am looking to long this bull flag/ascending triangle if I see a close above the prior 4H high at $24,016.
The target for this long has confluence with the 4.618 Fibonacci extension from the 26th, November, 2020 range low to the 29th, November, 2020 range high at $19,714.5, which comes in at $28,982.
The measured move for this flag poles comes in at around $29,400, which very close to the 4.618 Fibonacci extension! Further, both numbers very close to the psychological number of $30,000. I would not be at all surprised if we see wicks up around $30,00 should we break out from here!
Daily Fibonacci Extension:
--- Guide to My Charts
-The dark magenta horizontal lines are support/resistance 'zones'. If price pierces though one side of the support/resistance zone, it is likely to head to the next support/resistance zone!
-Yellow lines are typically used to chart out pattern formations and trend lines!
-The colored lines are MAs (Red: 10SMA, Yellow: 21EMA, Green: 55EMA, Blue: 89EMA, Purple: 200EMA, White: 200SMA, Maroon: 377EMA).
-Horizontal white and green lines may be Fibonacci levels. The 0.382 and the 0.618 Fibs are green and the rest are white.
-The Historical Volatility Percentile, RSI , and/or stochastics indicators are below the chart if displayed.
--- Please smash the like and comment if you find value in this post! It helps show me that others are interested and motivates me to share more with the community!
This is not financial advice; I am not a financial adviser. This information is not meant to be used for financial advice, nor trade ideas. These posts are simply a record of my technical analysis and potential trade setup ideas.
These posts are intended for educational purposes only. It is imperative that everyone conduct their own research prior to entering any trade.
@Slippery09, I seldom look at the 15 min chart on cryptos! Way too volatile for my trading method! 4H about as low as I'll trade off of, as a 'confirmation' trader, that is!
Slippery09
⋅
Brilliant study, as always but I see a different chart!
I'm struggling to see that as a bullflag as it's the wrong shape IMO
I see a topping out pattern before the ATH, and I see the price failed on two occasions to approach the high.
I am also very wary that at this time, there are a lot of retail and no professional traders active.
I am short, with a very small lot, but wish you luck!
CryptoGuru369
⋅
@Slippery09, Hi buddy! Great comments and points! I would only go long upon 'confirmation' of a breakout, not before! I am not currently long, or short. I'm waiting for a break above the range or a break below the range before I enter a trade. Those trade will provide much better risk:reward setups for me.
Yes, I concur, all the big boys take today and tomorrow off for the holidays, so I suspect we will not see a break in the range quite yet.
CryptoGuru369
⋅
@Slippery09, I think it is more likely we are to see a pullback prior to seeing new ATH; however, I trade TA, not my opinion. To that end, I have a setup for a pullback to the prior ATH and breakout zone:
I am also working on a short setup in the event price breaks below $22,600! I hope to have that chart posted within the next few hours.
All that said, with all the institutions going long this bull run, we may not get that textbook touch back to prior resistance around $20,000
Let's get this crypto!
CryptoGuru369
⋅
@Slippery09, Looking more flaggy on the higher time frames:
Also, forgot to mention, if you look at the last few hours on the 15M chart, there looks to be a straight line sell printing