BTCCNY: Analysis update - Uptrend's solid, need further proof
Updated
I'm currently holding 15% of my capital in non-leveraged long positions in BTC after closing my leveraged longs for a nice 2.5:1 profit, or 10.375:1 if you factor in the floating drawdown while holding it.
I reccomend holding if you're long, you can book some leveraged positions, but don't sell BTC you own, unless it exceeds 80% of your Bitcoin trading capital. Between 15% to 80% of it, exposes you enough to profit from the rally, without having too much risk.
We have a great rally here, we broke the Brexit resistance, we broke above the previous downtrend mode, the level where bears and bulls battled for an extended period of distribution, where eventually the bears won, pushing prices down sharply. The drop, on the back of fundamentals, didn't cause major technical damage, so it was clear the trend is largely still up. We did buy BTC a few times so far, but mostly swing trades. We can now hold for longer term, since we have more confirmation that the trend will resume to the upside, showing new highs in the weekly/monthly.
If you're not long, you can gradually build a 15 to 80% of your capital position here, buying it over the course of a week or a month. If trading with leverage you need to wait for the next shorter term setup, but right now, it's possible that market makers want to scare off retail longs, so we can get a retracement during illiquid periods. Just focus on this: we want to see a daily low, or a 3 day timeframe LOW, sit above the 4402 mark, ON CLOSE. I can't stress this enough. Once we see this, we'll know with certainty that odds favor bulls, and that we can see prices well above the previous high in the future.
Good luck!
Ivan Labrie.
I reccomend holding if you're long, you can book some leveraged positions, but don't sell BTC you own, unless it exceeds 80% of your Bitcoin trading capital. Between 15% to 80% of it, exposes you enough to profit from the rally, without having too much risk.
We have a great rally here, we broke the Brexit resistance, we broke above the previous downtrend mode, the level where bears and bulls battled for an extended period of distribution, where eventually the bears won, pushing prices down sharply. The drop, on the back of fundamentals, didn't cause major technical damage, so it was clear the trend is largely still up. We did buy BTC a few times so far, but mostly swing trades. We can now hold for longer term, since we have more confirmation that the trend will resume to the upside, showing new highs in the weekly/monthly.
If you're not long, you can gradually build a 15 to 80% of your capital position here, buying it over the course of a week or a month. If trading with leverage you need to wait for the next shorter term setup, but right now, it's possible that market makers want to scare off retail longs, so we can get a retracement during illiquid periods. Just focus on this: we want to see a daily low, or a 3 day timeframe LOW, sit above the 4402 mark, ON CLOSE. I can't stress this enough. Once we see this, we'll know with certainty that odds favor bulls, and that we can see prices well above the previous high in the future.
Good luck!
Ivan Labrie.
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To further illustrate how this works:I'd appreciate your comments, this took a considerable amount of research and charting time.
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The low was 4403, 1 rmb above support. Looks bullish overall, also, that drop margin called futures traders.
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