Hi Everybody,
I hope you've all read the update on BTC before the dump yesterday, to protect your profits/positions! Either way, we've nailed it and made around +15% on our short positions. After making +30% on our long positions!
Volatility is the key to making money in the markets, and boy we've got some volatility alright! In our post yesterday I mentioned this: Where to buy back if this happens? That has to be seen, first we have to see how big the rejection will be!
On the 1 hour chart, you can see BTC bounced 2 times on the 0.382 retracement, and closed 2 times above $4814 (old resistance, turning into support), + we have an ascending trendline forming in favor of the bulls.
For the bears, we have a classic head and shoulders pattern and we are currently testing the neckline of that structure @ $4950. There are currently 2 scenarios in play, we found support around $4780 and we will test my second target 6000-5700. I think that's the less probable scenario, it would be healthier if we retraced back to the breakout zone (probable support boxes) at around 4400-4168.
About a year ago (12-4-2018) we've witnessed a big bull run and after BTC broke out price never retraced below the 0.382 so it is not impossible just not probable.
So how are we going to play this? Earlier tonight we closed our shorts from yesterday on BTC BCH and EOS and re-shorted at the H&S neckline and the 0.618 of today's range. If BTC breaks this level we will add to our positions at 5000 and the 5226-5131 range as shown on the chart!
Good luck trading and as always do your own research!
if you like our ideas please leave a like and follow us here and on Telegram : /CryptoSantaFortuna
I hope you've all read the update on BTC before the dump yesterday, to protect your profits/positions! Either way, we've nailed it and made around +15% on our short positions. After making +30% on our long positions!
Volatility is the key to making money in the markets, and boy we've got some volatility alright! In our post yesterday I mentioned this: Where to buy back if this happens? That has to be seen, first we have to see how big the rejection will be!
On the 1 hour chart, you can see BTC bounced 2 times on the 0.382 retracement, and closed 2 times above $4814 (old resistance, turning into support), + we have an ascending trendline forming in favor of the bulls.
For the bears, we have a classic head and shoulders pattern and we are currently testing the neckline of that structure @ $4950. There are currently 2 scenarios in play, we found support around $4780 and we will test my second target 6000-5700. I think that's the less probable scenario, it would be healthier if we retraced back to the breakout zone (probable support boxes) at around 4400-4168.
About a year ago (12-4-2018) we've witnessed a big bull run and after BTC broke out price never retraced below the 0.382 so it is not impossible just not probable.
So how are we going to play this? Earlier tonight we closed our shorts from yesterday on BTC BCH and EOS and re-shorted at the H&S neckline and the 0.618 of today's range. If BTC breaks this level we will add to our positions at 5000 and the 5226-5131 range as shown on the chart!
Good luck trading and as always do your own research!
if you like our ideas please leave a like and follow us here and on Telegram : /CryptoSantaFortuna
