BTC ascending channel, wait for retrace to buy, or short down
Ok guys, not a messy chart this time... lol
I did state in an earlier idea that we were going to see some really strong bullish moves, and that from here on, price will have huge volatility to the upside before a major crash down.
If you're in a long, you can either wait it out, or sell near the 2.618 retrace. You could even short down to the middle support, although I don't much like shorting immediately after such a strong price move... But it can be profitable.
I'm currently in favor of price reaching around 10800 to 10850 before the fall back to support near 10500 to 10600. I would go ahead and long here with half your full position, and add the rest of your other half at either trend line break above. If that doesn't go as planned and we have one more trip down, you can either choose to SL below the 1.414 (Let's say 10450), OR you can keep your long position, but just add to it at 10300 (may be more worthwhile instead of SL). If you choose to do that, make your stop loss be a break BELOW the support trend line. My current theory has us going to around 11500 for now, but let price action be your guide.
We are in a cup and handle pattern, but cup and handle patterns DONT ALWAYS GO THE WAY THEY SHOULD. Of course, no pattern always goes the way it should. Trend lines are your friend lines.
The 1hr on moving averages has also crossed bullish again.
I did state in an earlier idea that we were going to see some really strong bullish moves, and that from here on, price will have huge volatility to the upside before a major crash down.
If you're in a long, you can either wait it out, or sell near the 2.618 retrace. You could even short down to the middle support, although I don't much like shorting immediately after such a strong price move... But it can be profitable.
I'm currently in favor of price reaching around 10800 to 10850 before the fall back to support near 10500 to 10600. I would go ahead and long here with half your full position, and add the rest of your other half at either trend line break above. If that doesn't go as planned and we have one more trip down, you can either choose to SL below the 1.414 (Let's say 10450), OR you can keep your long position, but just add to it at 10300 (may be more worthwhile instead of SL). If you choose to do that, make your stop loss be a break BELOW the support trend line. My current theory has us going to around 11500 for now, but let price action be your guide.
We are in a cup and handle pattern, but cup and handle patterns DONT ALWAYS GO THE WAY THEY SHOULD. Of course, no pattern always goes the way it should. Trend lines are your friend lines.
The 1hr on moving averages has also crossed bullish again.
Comment:
Tomorrow should be bearish...
Comment:
Well the retrace came a bit earlier than I thought. Look at that beautiful bounce right off the 1.618 swing!
