I will be buying BITCOIN on the breakout soon. See chart.
https://www.tradingview.com/x/WPOJ7VO7/
This is a great setup that I learnt from another fantastic trader named Rulf who lives in Germany. He is also a professional trader.
See how price for bitcoin broke out earlier and the RSI also broke out above the 70 zone on the RSI.
Well the way setup works is that you want condolidation in price to occur and a pullback of the RSI back to a level around 50.
Then, when the RSI breaks above the 70 zone on the 2nd occasion you buy instantly as the RSI enters 70 again. Price normally responds by breaking out crazily.
This is a great setup that I learnt from another fantastic trader named Rulf who lives in Germany. He is also a professional trader.
See how price for bitcoin broke out earlier and the RSI also broke out above the 70 zone on the RSI.
Well the way setup works is that you want condolidation in price to occur and a pullback of the RSI back to a level around 50.
Then, when the RSI breaks above the 70 zone on the 2nd occasion you buy instantly as the RSI enters 70 again. Price normally responds by breaking out crazily.
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BUY: IF & WHEN the RSI Retests a Break of the 70 level.
Once the RSI hits 70 this is the Cue to Buy
Note
USE and RSI setting of 5 or 6 but Not 14. 14 is rubbish. Trade active
Bitcoins Bullish Weekly Candle.
Bitcoins Bullish Daily Chart.
Guys, if I had a fair bit of margin left over right now I would not hesitate in accumulating bitcoin right now.
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Why I see the Bitcoin Price surging higher in a matter of days to a week or 2.
No trader is ever 100% certain or correct all of the time, but in my mind it makes sense that Bitcoin is going to really breakout to the upside and very soon.
Here is why...
If you see the Daily chart, about 6 bars ago the yellow 9 EMA sliced its way through the purple 200 EMA. 2 or 3 days later it crossed-up through the light-blue 20 EMA & the most bullish of all for me? Is when this yellow 9EMA took out my dark-blue 50EMA. Take a look at the hugely bullish weekly chart next to the daily & there you have the mammoth of all setup the Goliath of a Cup 'n' Handle on the weekly which has been in the making for years and years in the Bitcoin price.
I could be totally wrong. But I don't think so. To be honest, I don't even have a position in Cryptocurrency or Bitcoin presently, so I don't need to be talking it up. What really p'is'es-me-off is when I hear people writing off Bitcoin because it's charts are in a downfall etc etc. If everything is so bearish for the Bitcoin price, then why is current price wedged above the 50 EMA on the Daily? Why is there a nice buffer area of current price above the 200 EMA on the Daily? Look at the Daily-chart again guys. What do you see when the yellow 9EMA sliced through the purple-200EMA recently, well a huge Daily bullish candle got written. Then 2 days later this yellow 9EMA slices up and through the light-blue 20 EMA and the crucial 50 EMA dark blue. We see consolidation occurring currently for the past 3 trading days on the back of this bullish 9EMA and the weekly Cup on the right, well price will takeout the Cup-line breakout zone before we get a chance to scratch ourselves.
Cheers,
Chris
easy_explosive_trader
no b.s. setups
Note
To pay credit... it is Rolf from tradeciety. He has a huge footprint on Youtube and I find one of the most knowledgeable traders in the world. He is still quite young and lives in Germany and he collects motor bikes.
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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.