On the Daily chart, this is the potential long setup I mentioned in my Telegram group yesterday. If $8,200 is broken which is not yet confirmed, but looks likely, then this long trade may become active. The cryptocurrency market has been very volatile over the months of April and May so this is why I am staying on the Daily chart as opposed to the H4 as well as...
Bitcoin setup on H4. Smaller risk on this trade because of the high risk of volatility we are currently experiencing in the market.
Entry is at the 78.6% Fib retrace and trendline with stops at the 110% Fib and target 1 at -0.27% which is $7210.
Yesterdays Daily candle closure at $0.32549 didn't reach and close above the desired level of $0.32700 to be able to sustain bullish momentum. Price spiked up to $0.33 in line with previous resistance on 6th March before falling down to the $0.32100 level.
A test of the 61.8% Fib and a 5th trendline touch at $0.32044 would provide me with a good opportunity to...
(Bitfinex Chart)
There is a potential for a bearish push back into the $3880 level before we see a rise to the supply zone of $4240 on the Daily chart. A daily break today below $3945.9 would give me a good indication that this opportunity is going to be present.
A green demand zone has been draw on the H4 timeframe from the 26th Feb and dragged into the current...
TRADE UPDATE!
After a few days in the negative this trade now looks to be taking shape. The Daily trendline has now half-broken, tomorrow we will see if we can remain about this level.
A perfect touch of the highlighted resistance zone. The 200 EMA is holding up well also, a slight pullback may be seen on the next candle into the $0.31700 region. If not, we...
Crazy price action over the past couple of days!
If we can hold on this Daily 8EMA we could spike up to the take profit level very quickly. More confluences are the H4 18EMA, H1 200EMA,
High risk, high reward trade. Holding main trade also.
After just hitting the target of 0.30346 on a short position, I am now reversing my bias to a bullish one.
We have tested the long-term Daily trendline for the fourth time. If this holds up we can easily see price move swiftly bullish as it has done on previous occasions around this area.
Wide stop loss as we could easily spike down to the $0.29 level and...
Stopped out on the previous two trades. Going in again because downside potential is strong. Tight stop loss, big reward.
Double Trendline retest, 78.6% Fib.
Great risk/reward - 4.62/1
After five attempts at a break of the 0.31750 area, downside pressure has eventually prevailed and forced us to continue bearish momentum. Price has been trapped in a 1 cent zone for the past 8 days with four attempts at a bullish breakout and four at a bearish. This is shown in the H1 chart below.
I gained confirmation of this trade setup by going back in...
A break of the ascending trendline wedge and the 78.6% Fibonacci will confirm this trade setup. The 0.71500 daily level will also provide a good area of resistance. 0.71215 will likely provide an area of Daily support. The weekly support of 0.70900 may also hold up price for a couple of days before price continues it bearish trend. Another trade may be added below...
