BITCOIN (2020-02-07) 🏲 Bullish Pennant w/ tight Stop Loss 😅👌

Updated

Pennants = 55% Probability
Because forces of Supply and Demand... converge in the middle (so Bulls and Bears are somewhat evenly balanced).
Bias is Bullish during uptrend.

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BITCOIN DOMINANCE
(Strong) Bullish Divergence
If traders exit Altcoins into Bitcoin...
this could pump it passed $10,000.

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ALTCOIN EXODUS to BITCOIN DOMINANCE???

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I'm thinking $10,500 sounds doable with a short squeeze as traders in disbelief try to stop a parabolic 5th wave FOMO rally 😅

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For the HODLers... Bitcoin now at 10K... Risk/Reward = 50/50
Pump to = 40% Gain
Drop to 6K = -40% Loss
Buying here exposes you to more risk.

Basically, any buys above $10,000 should be no more than 5% of your weekly paycheck. 🚨🚨🚨 This is money you are willing to lose and prevent you from stressing out and panic selling 🤮 if it were to drop back to $6,000!!! 2-year price target is $50-100K, but Bitcoin needs to get passed $20,000 first. This will be a battle with massive price swings. The more volatility... the more profit potential! ⚔️⚔️⚔️

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More HODL info. Path to $100,000. Data scientists have found a very tight correlation between Bitcoin's Stock to Flow Ratio (existing supply versus new supply) and its logarithmic price increases since inception. Estimated price syncing with S2F should occur around 05/2021.
digitalik.net/btc/

Trade closed manually

You never lose money buy taking profits.

Note

I have multiple Buy Stop Orders above $10,180-ish in case Bitcoin goes parabolic.
We are at historical Resistance and I would expect some sort of profit taking and consolidation before the next leg up. Will know more in the next 24-48 hours...

Trade active

Looks like a bull flag on 1HR .. tight stop loss below $10,0000

Trade closed: stop reached

Got taken out at $9950 for a -1.6% loss.

ChartCinema

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