Long again on Bitcoin for what may be 1 more leg up. I expected a deeper pullback, but the pattern we're seeing now is bullish, and the higher timeframes are bullish....so....be bullish. I see 9400 or so. We shouldn't see a 6hr close below 7400. If we do, this could be fakeout, and then I'm looking to get long in the high 5k's, low 6ks'. The position of the 6 hr ADX DI suggests this next move could be explosive (a break from below to above the 20 line on ADX with green DI higher than red). There's also a bullish cross on the PPO near the 50 line (representing we have found support). There's plenty of room on the oscillators given the pullback over the last few days. Don't buy the breakouts imo, get it as cheap as possible.
Trade what you see (Bullish, not what you feel (long in the tooth)
Trade what you see (Bullish, not what you feel (long in the tooth)
Trade closed manually:
A very nice wave 5 trade. Out with excellent short-term profits. Let her settle a bit, then re-evaluate
Comment:
Had I missed the wave 5 push a few days after this trade idea and tried to "chase" this run, I would be closing this trade at B/E here. The upward potential for BTC is still there, but there's not reason to hold through weakness when you can just buy lower. I'm watching for buy opportunities, but have tight stops on ALL my trades tonight.
Trade closed: target reached:
Trailed out here. Look to buy again lower. A test of 7k is possible and I'm buying it if it comes