BTCCNY: Update - Weekly trend intact
Updated
BTCCNY is breaking above the recent key resistance generated by the news related to Chinese capital controls. It seems that the news were discarded as a rumor, and now investors have absorbed the selling, and are ready to bid prices higher. I'm holding a 30% long position now, since I doubled at 4918 and tightened my stop loss to 4870.
My average entry is lower, so I'm holding a risk free trade, with a profit if stopped out.
Target is 6555 at least, the retest of the Black Market Reloaded closing key level, or the weekly 'Time at mode' target at 7047.01. This could evolve into a longer term bimonthly uptrend as well, which is currently active, and implying way higher prices, so I will simply hold my position for as long as possible, only closing half of it at my weekly target zone, and trading around the core 15% long term long position from here onwards.
You can see how the key levels and the 'Time at mode' analysis have been useful in trading this market, and predicting the turns, where to enter, where to add, where to place stops, etc.
Review my previous publications for more information.
Good luck,
Ivan Labrie.
My average entry is lower, so I'm holding a risk free trade, with a profit if stopped out.
Target is 6555 at least, the retest of the Black Market Reloaded closing key level, or the weekly 'Time at mode' target at 7047.01. This could evolve into a longer term bimonthly uptrend as well, which is currently active, and implying way higher prices, so I will simply hold my position for as long as possible, only closing half of it at my weekly target zone, and trading around the core 15% long term long position from here onwards.
You can see how the key levels and the 'Time at mode' analysis have been useful in trading this market, and predicting the turns, where to enter, where to add, where to place stops, etc.
Review my previous publications for more information.
Good luck,
Ivan Labrie.
Note
We have hit a confirmation level for the weekly rally: This implies we have good odds of uptrend continuation.
After this week's close, if we get a dip, we can add to longs. For now, simply be patient and let it run.
Additionally, we can buy dips in smaller timeframes, but from an investing stand point, we have to hold our 30% stake and wait.
Good luck!
Note
What do we look for here?Key level to take out: 5011
We need to see first a daily LOW sit above 5011, on close. Then, a weekly close above it, this week, and next week, a weekly LOW, on close, above this same historical level.
Once this happens, you can relax and wait for 6555-7047.
Note
After today's close, we'll have some more confirmation of further upside if the LOW of the day stays above the 5011 mark by 8am, Shanghai time.I'll be looking to add some short term longs on the way up, without touching the core 30% account long trade I have established gradually.
Note
Excellent, daily low sitting above 5011 on close: check.We now have to wait for 1 week to stay above that to fully confirm more upside but it looks like we're in great shape.
Note
We have a slight pullback after momentum stalled for 3 days. Let's wait to add some more to longs, good opportunity on each of these selloffs.Note
You can add to longs here, stop is 4805.26
Note
themerkle.com/bitmain-ceo-jihan-wu-will-firmly-support-funding-of-bitcoin-unlimited/s3.amazonaws.com/tradingview/snapshots/v/vuHnKubR.png
We must trade above 5178.87 soon to remain bullish in the short term.
🔒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.