This begins to look like re-accumulation - still unconfirmed, but looks pretty strangely like what we had after Jan. 08th this year. Until this is confirmed (significant break above $42k - like in the bar shadow from Jan.) we must assume we are still in Phase E of the previous distribution trend - we can however assume that the resistance at $42k will be much more...
After a long boring choppy market the price is moving, and this may be the time to hop in, we get a discount on the price. You may also want to wait for the price to bottom. We can buy a bit as the price goes does, then a bit more as it bottoms, then a bit more as it goes up, then a bit more on the next pullback... I can't tell if it bottoms or...
Trying to avoid tweeting too much about #BTC TA, people gets too emotional and tbh CT is flooded with charts around it. On my 👀, not much changed, noise & sideways.. Until we break from the LH / LL structure still looking for ~42/38k range (wick at least) $BTC
📌 ridethepig | BTC High of the Quarter? A short iteration update here after the wild moves cleared the board and left a lot of confusion behind. The beauty of abstracting to volatility trading, or elasticity trading or trend following is that you take all of the noise in the inner waves out, and just trade time and probabilities . Well done...
📌 ridethepig | Variation of Flow & Profit Taking When in the much disputed variation of covering partial longs, we can look for some shorts to play the pullback towards +/- 48,000 of an incomplete (iv) in a 5-wave sequence. This point of view is based on a complete and understood notion in the concept of an underlying impulsive nature to the move. For this,...
📌 ridethepig | The Capitulation Very little to update after a quiet European and NY play. Buyers are clearly in the superior position, as you all know, just a matter of time before we get the capitulation let now. A very quick leg towards $57,000 is in play , we have the open ladder after clearing 161.8% extensions and our enemy is...
📌 BTC Flirting to Break $50,000 This illustrates the perfect gift for valentines , but also touches on the problem of magical technical targets. An impulsive leg, avoiding the 161.8% target for our wave (iii) because it could lead to it being pinned by sellers. Now buyers are better than the textbook move for our , firstly when you think of...
CLOSING MY LONG HERE. IF RESISTANCE GET BRUTALLY BROKEN WITH A STRONG MOVEMENT I WILL RE ENTER THE MARKET WITH A LONG
THE PRICE BROKE UP THE CHANNEL WHERE IT WAS MOVING THE LAST TWO DAYS, RESISTANCE BECAME SUPPORT: TIME TO GO LONG
📌 ridethepig | BTC Breaking to Fresh Highs Buyers taking the highs after the news, I have my eyes and now it is time to aim for the home run and initial ideal target at $47,500 - see the yearly close chart below. I managed to carry out some nice bids on the pullback although we failed to clear the $27,000 which was the well-known (C) target in our wave 4...
Main feeling is bearish as long as the price doesn't break above maior resistance block.
📌 Clarification of the manoeuvre designed to show the third liberating impulsive leg The following position was reached after Buyer's attack on the log chart created room for a momentum break. I chose the 'log chart' break (which was a game changer in the opening phase) as the one to track so that we could make use of the whitespace above. The way Buyer's...
📌 ridethepig | Bitcoin for FED A superb live example of sellers attacking far out on the flank! These are unusual markets to say the least, rarely has the fundamental/macro picture fitted the bill. Now the correct way to proceed is to hammer at the minor support once breached and aiming for a sweep of Jan 4th lows which are now hanging. It is now...
📌 ridethepig | Jan 4th Low are Hanging! Buyers were hoping to play a ' manoeuvre ' on the pivot level (worth considering that sellers were not having any of it!) the rejection was a flawless setup and quite rightly trailing our stops with some breathing room was the right move . In order to establish a breach of the Jan 4th lows permanently(?)...
📌 ridethepig | Homerun for BTC Here the choice is between another sweep and marking a bottom. The first results in a discovered temporary pullback which allows early buyers to start getting excited... but the second moves involves a slingshot, automatically through the pivot. A quick review of the initial charts we have been tracking ↳ This was the...
📌 ridethepig | BTC Market Commentary 20.01.2021 In this position (from the $39,000) highs it's time to protect our portfolio as we try a third time to get the breakdown. This has happened in drastic fashion and a great live example of good position management. The pullback came surprisingly close to our trail, before the old shorts started cheering again at...
📌 ridethepig | BTC Flirting to Break Lower Here buyers are giving up the highs as expected and opening up a retracement back towards +/- $27,000 which will put pressure on the late lagging retailers. A more solid floor can be formed below the 4th Jan lows, if sellers can hold below $40,000 for the weekend then best is to cover. Showing a lack of momentum!...