Bitcoin gave us a little fakeout there it seems. Or was it respecting this big wedge formation? Im constantly looking at all angles and possibilities whilst trying to keep clear minded of the bigger picture. We did get a breakout of a smaller wedge formation, but we soon came crashing back down to support levels of 9K. But whats important is that we havent made any lower lows. Structure is still bullish overall, i like where it found support right on my circled area, from which ive placed buys. GLIYF
Well i hit a SL on Bitcoin . Only 1% lost so nothing to cry about. Are we about to break structure? we have created a lower low and what looks to be w lower high also. Plus if we get an EMA cross here which looks to be forming it might signify some downwards movement. For me to sell id like to see a break below 9K and retest for the drop down to 8200. Ill be watching this one closely the next few days. If we test this support area again and dont break lower i will most likely place a buy with a tight stop loss. Hope everyone has a good week. GLIYF
We havent seen much movement with bitcoin this week really. NFP didnt really affect the asset yesterday either. But one thing i notice is that recently every time it comes down to 9K or just below we get a rejection, seems to be a good strong support level . Again i look back at the previous price action from when we created the low and then a higher low after it. will we see the same again currently? Does it look to be forming a bullish falling wedge to you too? time will tell and i don think it will be long. Trade the winning break of direction, i hope its bullish for you HODLERS, green for buy sell for red. GLIYF
Ive entered fresh longs on bitcoin for an intraday trade. The two candle stick pattern was a signal for me to buy. We had a small drop in price then got a bullish Doji candle followed buy a bullish engulfing candle with a big bottomed out wick. Thats a big buy sign for me. Im already risk free with SL at entry currently. Looking to hit the .786 fib level of resistance, if price can hold above the moving averages here we could see out next push upwards soon enough. Hope you all caught the breakout too. GLIYF
When we step back and look back at BTC its pretty clear to see the range we have been in since May 14th. Between 10K -9K, with little moment spikes abvoe and below. But mainly we have stayed inside this range. For day traders its a fairly easy way to trade it. For me though 9k seems to now be a nice strong support level . Looks like a little channel we are currently in. You can see from the moving averages the way they have closed together the confirmation of sideways action. i think we will see a bounce from around here or a little lower at that support zone . Looking left theres alot of mess to get through. Ultimately were looking for the break of range. but when will that come? until then buy low sell high. GLIYF
Bitcoin hasnt done very much for a couple of weeks now. so im taking this simple intraday trade from the bottom of this channel. Creating higher lows inside the channel so im trading the buy here. Hopefully we can make it to the top of the channel and create a higher high. Simple setup in relative in sideways action. GLIYF
Last time i looked at bitcoin i attempted a long. Hit SL but thats ok cant win them all. I didnt really look at the bigger picture. The moving averages are literally horizontal, pure sideways action. But as you can see price is getting squeezed into a tight spot. So is it about to explode? Usually yes we would see a nice impulsive move from these type of setups. Naturally i would like to see it go long like every HODLER out there. Trade the winning direction of the breakout. GLIYF
So far I don’t see any sign that it is about to explode.
Well we got our breakout on Bitcoin . But is it real? Time will only tell us if the bull breakout is real. personally i will enter fresh longs in this retest of the moving averages which have just turned north. Once it retests we really need to see a break above the previous lower high. Remember wait for support found and then buy on the turn. GLIYF
Looks like the breakout on Bitcoin was real. Price seems to really respect technicals well currently, classic breakout of the wedge , then it touched the previous high slightly came back to retest and collect demand in the circled area. 17EMA held it well and boom we got our push above the previous high. then same price action again, broke above and came back and tested that level break and then onto another higher high. Real simple trading, target is 9.85k just before the big 10K barrier. Good R:R offered with this trade. GLIYF
TP was smashed on our BTC trade, the breakout was real and we were all rewarded for trading in that direction.
So onto the next trade if you didnt keep holding it. Ill be looking for the similar type of setup of break and retest of the 10K barrier then enter longs again if it holds. First lets wait for the moving averages to catch up to price then we can decide for sure the next move. Have a good week everyone. GLIYF
Well since i last looked at Bitcoin couple of weeks ago before i was on holiday i was shouting a bull move. We had a lto of sideways movement but it was always bullish for me, i gave two buy opportunities for a breakout and we smashed through both of those. Even the second tested the zone it broker for the opportunity to buy again.
Next im looking for a similar price action trade of support buying from the moving averages when they catch up with price. GLIYF
great stuff sir! i am still long.
Back at Bitcoin again today. Which gave us another Intraday trade, i was looking for a deeper retracement in price, but BTC had other ideas. Thats why i gave the two setup ideas for longs. We got a nice rejection on the moving average not once but twice. Entry on that support level of 11.4k and stop loss under previous days low and we still got over 1:2 R:R. TP smashed which is nice
Whats next? Same again? let me know your thoughts, i will always look for deeper retracements in price, but also jump on recently made support zones for buys. GLIYF
Bitcoin is the flavor today, and were clearly in a bull market. We had a few good trades from the last pop up in price so im looking for the best place to get in before the next push north. i like how this time the bull run is going up in steps like it should. Finding its support levels each stage it grows. My ideal entry would be back down at 10.4K. Its possible we could stay in this little range here before another push, but patience usually pays so lets hope we see a little more downside for us to buy cheaper. GLIYF
Last time i looked at Bitcoin we got our big breakout to make a new high then i was hoping for a deeper retracement before the next bull move higher. Thats exactly what we have here, price came right down to my circle and held just below around the 50% fib zone.
Looks like its using the previous high’s resistance as a support level now. We have had multiple daily wicks wicked out from the bottom so looks to me support is forming at this price level. ill be buying again on another daily wick out. Watch for bullish candles on 1/4H and thats your signal, nice 1:3 R:R on offer. GLIYF
Looking back at bitcoin today and still in the long trade i placed. We can see price has held above 10K quite well. multiple wicks out from the support zone and now holding the 50% fib level . in profit on open position so will be holding and making risk free on further upwards movement. if the bull is true then we will hit TP with no problems. GLIYF
Update on Bitcoin today currently 600 pips in profit.
If you followed this one then make sre you move SL to entry or into profits to lock some in. There is some USD FOMC news out later today which could cause some reaction. So best to lock some profits in now whilst we can. It could go either way, hopefully continue in our direction towards TP. GLIYF
Checking back in on our trade of a buy on Bitcoin . We have had over 1000 pips in price movement in our favour. Its currently taking a rest stop at the .382 fib level. We can see its just rejected off my 17EMA. Two scenarios can come from here it actually uses this support to push up further, or its made a lower high from the previous bearish movement. Make sure you lock in some profits on this on and let it ride out. GLIYF
We have had a drop in price on bitcoin , but i only think its half lived. Im still holing my long positions. Looks to me we could see a stall in price movement here right on trend. The next couple of days will be the deciding factor for me. If trend holds and we push up to make a new higher high were golden. If it breaks trend then the lower high is real and we could see some more bearish action. Keep holding if your in, you should be risk free from the previous push anyway. GLIYF