BTC:USD 4 hour chart DAILY UPDATE (day 69)
Updated
Yesterday I was fully bullish and laid out a couple potential entries. I am very happy to see the most bullish scenario shaping up. We were able to breakthrough the 0.618 fib and $9,800 resistance much quicker than I expected.
That also broke the neckline of the inverse h&s and provided an opportunity to buy the breakout. I started with entering 20% of my position at $9,853 and then waited for further confirmation. The volume is the one of the last reasons for hesitation imo.
I was expected much more volume on the breakout and so far it has been fairly unimpressive. The OBV makes me feel better as it continues to make local highs and follow the price without any major divergences.
I left an open order at $9,550 before going to sleep and to my surprise I got the fill! Now I have entered 50% of my overall position and have two open orders on the books.
One order is to buy the breakout of $10,000. It is set to trigger once the price gets above $10,176. I set it a little higher than $10,000 to try and avoid any bull trap. The other order is set at $9,751 in case there is another quick pull back.
The stop loss is still a shade under $9,000. The profit target for the h&s is $12,750 which is also where we will see resistance from the 0.786 fib.
Happy trading and go bulls!
That also broke the neckline of the inverse h&s and provided an opportunity to buy the breakout. I started with entering 20% of my position at $9,853 and then waited for further confirmation. The volume is the one of the last reasons for hesitation imo.
I was expected much more volume on the breakout and so far it has been fairly unimpressive. The OBV makes me feel better as it continues to make local highs and follow the price without any major divergences.
I left an open order at $9,550 before going to sleep and to my surprise I got the fill! Now I have entered 50% of my overall position and have two open orders on the books.
One order is to buy the breakout of $10,000. It is set to trigger once the price gets above $10,176. I set it a little higher than $10,000 to try and avoid any bull trap. The other order is set at $9,751 in case there is another quick pull back.
The stop loss is still a shade under $9,000. The profit target for the h&s is $12,750 which is also where we will see resistance from the 0.786 fib.
Happy trading and go bulls!
Note
I have filled 3/4's of my position. The last order is set at $9,455 where I see horizontal support and the 26 day moving average on the 6 hr chart. If still waiting on the sidelines then it is time to start building a long!
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