Long

BTC retrace or dump continuation

Updated

Here is a quick analysis of BTCUSD, 15 minute interval on the Bitstamp chart

The green line shows the support level.

The red line is the resistance.

I will be looking for action similar to the magenta lines.
I want to see the price break the resistance then that resistance become support a pump back to 8k

I have included various indicators on the chart so you can compare them to the price action

At this moment the volume profile on the right looks sell heavy to me

Because of this, it would be wiser to long 7800 on testing support after breaking through resistance to avoid longing a dump

Note

So if you were unsure, the 78 retest was the ideal long.
I have shown in another idea that if bitcoin goes parabolic is may not return to these levels and re-test etc is no guarantee.
I am still reluctant to move stops too close though due to crazy wicks we get on some exchanges.
I would place a stop for 50% of my position just under 8600
10k is a target I have seen, 9800 would be my take profit I think I may have put 96 on another chart.
Then depending on volume 10340 with wick as high as 10600

Note

I missed a stop at 9000 in my previous comment
If you missed the entry at 78 and your entry is 8600 or above I would put a stop to close the full position above entry and move the 50% stop up to 8800

paulflint

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