Long

BTCUSD Bottoming out

Updated

The past two bearish pullbacks (after making a new ATH) have bottomed on the weekly Kijun, and the last three bearish pullbacks have bottomed on the weekly 20 MA of the Bollinger Bands. Due to recent FUD: all chinese exchanges forced to close (yicaiglobal.com/news/all-cryptocurrency-trading-platforms-china-shall-be-closed-source-says -> take this with a grain of salt, anonymous source), BTCChina announcing themselves that they have been forced to shutdown (twitter.com/YourBTCC/status/908285586368167936 -> which leads me to believe the latter statement to be true, they wouldn't close one exchange and let the rest keep operating) and wise-guy Jamie Dimon's rash statements about firing employees of J.P Morgan for trading cryptocurrencies due to it being a "tulip bubble" and a "fraud" (cnbc.com/2017/09/12/jpmorgan-ceo-jamie-dimon-raises-flag-on-trading-revenue-sees-20-percent-fall-for-the-third-quarter.html), I believe the selling is not over yet. Furthermore, as I write this it is currently pumping as the first move of this new daily (09/15/2017) without yet having a wick downwards to support this upward movement. Candlesticks tend, in 99.9% of situations, to have a wick in the opposite direction first to support a bounce back in the direction of the close. This would lead me to believe all these longs stacking up in the 3300/3400's right now heading up into the 0.5 fib are going to get wiped out and push this daily down to its final bottom ~3k at the previously mentioned supports which also coincide with the previous major ATH at the 0.618 fib.
Idea on the 4H:

Idea on the 1D:
(furthermore price is just touching previous intraday resistance at $3483)

Note

The weekly chart that I actually meant to post:

Note

The plan for the rest of this run is to buy all the dips on tenkan/kijun touches, bought more on the last retrace in the 3500 area. Buys currently set in the 3800's.

Note

Bought more on the retrace to the daily tenkan in $3800 area

Note

Conservative target for this bull run is $6000 which will be a 120% increase in an estimated 30 days which will make this the smallest bull run yet if it turns around there.

Trade closed: target reached

Closed at 4k as it failed to move higher and formed the most recent bear trend. Reentering in low $3000's.

FenixCapital

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