Bitcoin Weekend - Goes to Uptrend
Actually I was expecting a sideway movement on the weekend and then bitcoin to makes this move towards 7800. (As you can see in the attached chart idea) The reason is that I thought the Ichimoku Cloud will be a strong resistance and we will break it on Monday.
The volume was quite high with the pump towards 7680, I wish I could share a screenshort from Bitmex order book.
We have 2 options now
- I strongly believe we will test the upper part of the channel, then we wait for the confirmation that the price will break here or not. If it pulls back, then we still have a bearish week ahead of us. (this one even has 2 scenarios in itself :) )
- The price action will turned out to be bull trap, goes sideways slowly, create a rising wedge and the price will fall below downtrend line.
I am with the scenario 1, the daily closing candles are giving positive signals and MACD is positive for a breakout too on daily channel.
I wish that happened on Monday, I could have taken a better position, but anyway no worries. Still it is better to put decent stop losses because it is a low volume weekend and open to manipulation more easily.
Good luck to all.
The volume was quite high with the pump towards 7680, I wish I could share a screenshort from Bitmex order book.
We have 2 options now
- I strongly believe we will test the upper part of the channel, then we wait for the confirmation that the price will break here or not. If it pulls back, then we still have a bearish week ahead of us. (this one even has 2 scenarios in itself :) )
- The price action will turned out to be bull trap, goes sideways slowly, create a rising wedge and the price will fall below downtrend line.
I am with the scenario 1, the daily closing candles are giving positive signals and MACD is positive for a breakout too on daily channel.
I wish that happened on Monday, I could have taken a better position, but anyway no worries. Still it is better to put decent stop losses because it is a low volume weekend and open to manipulation more easily.
Good luck to all.
Note
Here is my idea for today:The lowest we can go is the thick downtrend line. (7450-7500ish)
My expectation is that we will go down a little bit in the coming hours, form a ascending bulling wedge and breakout from this formation to test the upper line of the rising channel (7800ish)
Still, going sideway around 5 hours is making things hard to trust the charts.
Good luck everyone, comment your thought about the price action of bitcoin.
Note
This is taking more than it should. I would expected it to go 75xx and then continue its movement to the upper line of the channel.I have drawn a fibonacci retracement and it seems like the price had trouble going above it so far.
MACD on 1 hour frame is becoming a bit bearish and we may see a pull back within few hours. Still, I believe we will test 7800 this weekend.
Cheers!
Note
So after almost 24 hours, bitcoin finally jumps up to 77xx. I was expecting a drop first, but the low volume weekend in this market gets tricky. For now I have moved my stop point to 7700, if the price drop then I will have my profit and close position.However, it is quite bullish and it may test the fibonacci retracement to 78xx.
If you are in long position like me, I suggest to use stop points to ensure profit.
Cheers!
Note
Stop point occured and my long position is closed. I am taking rest of the day off and waiting for btc to make up its mind.Cheers to all!
Note
Noticed this ascending channel in the short time frame. This looks interesting :)Note
The channel seems to be still in place. It will test the lower part now, but I guess breakout is more likely.Getting the stop points according to the channel lines is a good idea.
I am opened a short position from 7700, my stop is 7725. Trading tonight is a risky thing, so my stop point is very thight.
Cheers
Note
Closed the position with minimum profit. Going to bed in peace. Tomorrow will be exciting for bitcoin, I hope to decide what my position will be in the morning.
Cheers.
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