I'm a Bitcoin. bull between $6,944-$6,724. This approx. is based on distance from the 20 bar MA currently $8,185 on previous drops i.e. $1,241 and $1,461 respectively in a 2 hour period (difference between = $220). As the 20 bar MA falls so will my price targets. Will be watching for other confirmations too. This is just a price target idea.
Note
I did not buy into my last two signals in the two hour chart i.e. hearts and squares because based on open and close there were later candlesticks that closed below the low of the signalling candlestick.Note
Note to the above where it says "This approx. is based on distance from the 20 bar MA currently $8,185 on previous drops i.e. $1,241 and $1,461 respectively in a 2 hour period (difference between = $220)", by previous drops of course I mean away from the moving average, and not the candlestick bar.Note
Further note to the above - The black trend line in the chart is following roughly the downward path of the 20 bar MA and is not there as a buy signal, though some traders may use MA as such.Note
My Bollinger Bands (20, close, 3) looks like going to play big again up or down. They are currently $8,602 and $7,670. Getting ready for a big move maybe. Interestingly, the last time we had this squeeze there was a retracement level at $8,821 and before the break out the lower Bollinger peaked slightly above at $8,883. This time there is a retracement level at the same $8,821, and my upper Bollinger is at $8,869. Could the market surprise everyone and head up, or, is squeeze just indicating getting close to another leg down?Note
Update on above Bollinger prices. Prices have moved on and got more squeezed so even more significant to breakout. Currently $8,606 and $7,669 respectively. Will prices zigzag and take out top and bottom on way up or down, or just repeat like last time and head in direction of the one taken out?Note
Next 2 hour bar difference between Bollinger Bands should be around $600 or near enough for market to start making a move like last time.Note
I don't normally use highs and lows of Bollinger Bands to mark Fibonacci levels, but interesting use here I think.Note
Fifth comment down was messed up a bit, as I got mixed up between Bollinger figures on chart above and those that were current. I really should have been commenting on the current ones which were closer and the reason that caused me to add further comment on observations in the first place.Note
UPDATE SEE LATEST POSTING Long Bitcoin Buy with stop $8150 2 hours ago Last 4 hour candlestick crossover is good enough for me and confirms one of my signal to cancel al other ideas. with a stop at $8150.
Note
Market reversed and took out my stop which was great no big loss. A late decision which should have been a buy nearer $8,200 is what made me choose the $8,150 stop. There will always be more opportunities.Note
If anybody wants to check my latest postings or all my postings just click on the "F" symbol with purple background.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.