Last analysis was quite important but unfortunately it was banned. Anyway, let's do a quick recap.
In the last update I talked about Bitcoin is still bullish on the weekly timeframe. Two reasons in particular that confirm the bullish bias are:
1. The drop in March has flushed out most retail traders
2. The months of consolidation (May 20 - Jul 20) BELOW...
Haven't update XRP for a while.
Although the price has risen 100% since I told you I bought at $0.15 (previous post re-attached below), it's barely satisfactory if compare to other alts.
However, normally the market re-bounces much higher when it takes longer period to consolidate.
People who missed out the recent pump is likely going to take the below actions 👇🏻:
1. Adding long positions at weekly resistance (ie. now)
2. Revenge trading by shorting with high leverage (as they have missed out the entire up-move since $4k)
3. Took ALL profits on previous buy positions
Although the market is still bullish from many perspectives, there is no...
The target of $10,800 was hit yesterday. Let’s wait for next swing trade setup to emerge itself. I will not consider to chase the price now considering there are resistances right above the current price level.
My long-term positions bought @ $7,000 is still holding, there is no reason for me to take profits now,...
I am still holding my long from recent buy mentioned in the update. Luckily my SL @ $9040 was not hit on my exchange. Pure luck.
Regardless, although the price broke the downtrend line, weekly timeframe still shows nothing other than sideways actions. Thus, limit your risk and don't over trade.
My target is still $10800, you can use the same method that I...
When things are not so clear I like to zoom out to see from a broader perspective.
As mentioned since months ago that I think the most likely scenarios for Bitcoin was to go sideways. A few BTC trades were given to you during this consolidation, with a couple hit SL, 1 hit target, 1 still running. Basically, tiny losses from trading Bitcoin (which I consider...
On the weekly timeframe
Price is still in range consolidation between $8,400 - $10,200. Right above $10,000 there are also resistance levels at $11,000 & $14,000. This means any aggressive buying at this price range isn't the best way to trade. If you have followed my previous long term calls and still hold positions from...
I gave you a quick update yesterday when price broke below $9,500 - "the price went sideways after breaking above the recent high, but then followed by a breakdown (ie. fake breakout). It's not the best price actions for buyers. Better wait for change of structure first".
This concept of change of structure was mentioned repeatedly in my past trading ideas....
Two weeks past and nothing much has changed until the previous daily candle close which may give a glimpse of hope to the upside. (click here for my mid-term outlook)
Bitcoin has neither retested $8400, nor did the market follow through after the dump on the 11th Jun. On the weekly timeframe, it has the look of a range box, or a possible ascending triangle....
A drop ensued after hitting the critical resistance zone mentioned in the last update. However, there was no follow through after the drop. Instead, the market starts to climb up slowly again.
At this moment, price actions still favour the bulls but it certainly does not mean that you should buy near the resistance level. Buying at resistance is never part of my...
BTC is still keeping its bullish formation since March. As mentioned in the last idea, I am not bearish unless the daily timeframe is closed below $8,400.
However, keep in mind:
BTC is currently at the critical resistance, ie. the February high.
The uptrend channel since March 2020 has 'probably' become flatter. The reason I am saying probably is because...
BTC is still consolidating between the range of $7,700 - $10,000 that I mentioned to you on the 10th May. Subsequently, the price has followed the triangle that I mentioned to you on the 25th May (before it happened). So, nothing unexpected.
(10th May BTC idea below - click & play)
If you have read my previous 3 chapters on risk management, you should understand:
• The 1% rule
• How to calculate position size
• The inverse relationship between risk reward ratio and win rate (and that you only need 34% win rate to make money)
Let’s now put them together using the below assumptions:
• Account size = $10,000
• Risk per trade = 1% ( = $100)
On the higher timeframe, Bitcoin is still showing sideways action with slightly bullish bias. Therefore, we want to focus on buying on the smaller timeframe.
On the 1hr, we can see 2x harmonic patterns are in confluence with the demand zone @ around $9,300. Therefore, we can try to buy and aim for $9,600 as the 1st target.
Once price breaks above $9,600 I will...
My previous trade has closed manually with tiny profits. I have explained the reasons why I closed the trade as well as the difference between a limit/market order in terms of trading fees. In addition, the importance of waiting for a pullback which has a huge impact on the risk reward ratio.
As you know, I think the market is more like to go sideways for a while...
Unfortunately the price hit the $9,300 target before hitting our buy limit order @ $8,400. Trade was cancelled.
Now, there is a counter-trend short idea on the 4hr timeframe.
A bearish engulfing pattern has emerged at the bearish bat pattern potential reversal zone.
Let me remind you again, the current market condition is the most difficult to trade since...
After hitting the 0.618 fib retracement BTC did a significant drop.
Regarding my long term investment positions:
I am going to add back the 5% portfolio I bought previously @ $7700 and sold @ $9250 (if price does get to $7700)
I am also going to use another 10% capitals to buy...
On the 4th of May I told you that the bullish structure is still intact and I won't consider to short the market unless the price drop below $8,400. Then, two days ago I warned you again that the price has broken above the downtrend line on the 1hr timeframe, please do not short the market. I could have told you to buy the breakout but I didn't want to, as many of...