BitcoinLong
btc rebound in play
Updated
Bitcoin triggered a rebound signal for me after breaking 18k on weekly with a target of up to 30-34k. For the daily chart this means bitcoin is having a rally with wave 1 already completed and currently in wave 2. What I often observered in the crypto markets is that after such a quick move up the market often slows or retraces until the ma10 (purple) on daily has catched up with price. After hitting the ma10 the market usually is ready for the next leg up. So I think its most likely that bitcoin is going sidways for 2-3 more days before further upside is possible.
The weekly rebound signal is failing if the price closes the week below 18200.
So dips seems to have a good risk reward (5:1) for buying and playing this rebound phase.
The weekly rebound signal is failing if the price closes the week below 18200.
So dips seems to have a good risk reward (5:1) for buying and playing this rebound phase.
Note
bounced a little bit before hitting the ma10 but the ma10 catched up enough to pump again, btc doesnt let people join this rally easily, overall the current fractal is a lot like end of 2015. if it works out like this, people might get sucked in near 30k to face a large drawdown after.Note
btc remains strong in dips, idea should work outNote
The dip was scary, scary enough to not post a buy the dip update. Market does not allow easy entries in dips, climbing up on worries. But with today's move it seems like continuation to the target around 29-34kNote
mixed signals, my guess is if btc goes below 20600 it would be bad, otherwise still looking for the 30k range as targetNote
seems like a channel has formed with lower mid and upper channel lines all well tested. unfortunately on a breakdown of the mid line, it seems like it could retest the lower channel support.Note
however even on retest, it is now likely that the bear market is over and btc is in a sideways up phase.Note
btc showing trend continuation signals and is approaching the target but slower as expected. it has already consolidated below the target, therefore the target is not longer valid. it seems better to use trailstops than taking profit at target. new idea needed.
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