Long

Fall&Rally

By Xanthus

Updated

4 week closes on the 16th, the close as a doji could signal a long
Possible target (5770+100%)=11.5k

Trade active

entry 6200

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Strong rally today, exceeded my expectations for sure, hope it exceeded yours too.

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There is another H&S forming with 7700 as resistance to break, 7000-7200 support, since the last H&S succeeded against expectations it would be wise to watch how it unfolds

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LSR : 64%L :36%S
Another reason for a downwards move to test support. The speculation around the ETF should give enough fuel for higher highs. Assuming certain people had this information ahead of the rest of the market it's fair to assume that they have been accumulating for some period of time already.

There could still be a sell-off in relation to the ETF news. The rumor was definitely bought and the news could get sold. But it's waiting untill August before going deeper in on that.

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added to the position at 7850, time to see if it can break 8.6k into 9k. I think the bulk of the action is done however

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A H&S here, I was a little wrong about were the right shoulder would form, I initially thought in a horizontal line but diagnal is possible aswell. I usually only trade H&S's to short the breakout because they consistently failed on BTC for a long period, since the last one at did succeed however its important to watch what will happen.

Today was also a day of confluence if you know how to look, to my dissapointment I thought I missed the fill of a buy order, however it seems like the exchanges engine was lagging and I found out after about an hour I was filled anyway :).

I am still cautious with an Inv. I would say the price is likely to test 8500 again and at a breakout shoot into 8.6-8.7 where I'd excersise caution (this could be a level where a big drop can occur), a hit of 8.6 would mean the Inv H&S broke out, but there's a hidden resistance at 8.6k.

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The fill I just talked about is at 7850, seems I already commented that on that but didn't give any ''explenation''

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Stop loss set at 7500

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Stoploss got hit but there's a possibility for a double bottom forming at this price level. So I'll keep an eye on that, if it fails I'll say ''trade closed'' if it holds at this level I'll re-enter, mainly because I'm way to fucking lazy with this heat to post a new idea.

Trade closed: stop reached

Xanthus

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