BTCCNY: Intraday update, short term dip during Christmas
Updated
Chinese traders typically perpetrate some strange moves during public holidays, and today is no exception, we already saw a sharp decline after yesterday's strong advance. This dip is a short term buying opportunity, so, thank you OKCoin.
Let's buy over the next 3 days, gradually. I already bought 15% at 6375 and will add 15% more around here, and looking to add the remainder of my position if we go lower ideally. The buy zone is highlighted in green on chart. I don't reccomend setting stop loss orders, simply size the trade to reach a maximum of 80% of your capital once your position is full. That should keep you out of harm 99% of the time. That said, we don't want to see price drop under 6102.29, if it does, it could go a tad lower and test weekly support levels below. If we don't hit 7047 before the week closes, we might see price go sideways, but, for now, we need to focus on the present, which is screaming buy (gradually).
Good luck and Merry Christmas,
Ivan Labrie.
Let's buy over the next 3 days, gradually. I already bought 15% at 6375 and will add 15% more around here, and looking to add the remainder of my position if we go lower ideally. The buy zone is highlighted in green on chart. I don't reccomend setting stop loss orders, simply size the trade to reach a maximum of 80% of your capital once your position is full. That should keep you out of harm 99% of the time. That said, we don't want to see price drop under 6102.29, if it does, it could go a tad lower and test weekly support levels below. If we don't hit 7047 before the week closes, we might see price go sideways, but, for now, we need to focus on the present, which is screaming buy (gradually).
Good luck and Merry Christmas,
Ivan Labrie.
Comment
6396, booyahComment
Now, if we don't go any lower, I'll wait and add the rest of the position, for now, waiting for lower prices to add more.Comment
Notice that we bottomed precisely at the maximum support level I specified. If we hold for 9 hours and go up we'll be in excellent shape.Comment
I have a full position already, 80% account. Only 65% has a stop in place, the other 15% was bought lower.Comment
Excellent progress, overall in profit here. Opened a large position near the lows, plus the higher entries, all good.
Now we need patience.
Comment
s3.amazonaws.com/tradingview/snapshots/h/HoE7iEB9.pngAlmost up for the day!
Let's wait now...it can still rally considerably more and we need to see how the week closes.
Comment
I've banked the short term trade at 6471 for now but holding 30% longs still.Comment
Looking to rebuy later today.Comment
;)
🔒Want to dive deeper? Check out my paid services below🔒
ivanlabrie.substack.com/
ivanlabrie.substack.com/
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.