Long

Market enthusiasm back already? (Short term idea)

Updated

Warrior! As we have climbed hard, we must be prepared for a retrace. We are touching some pretty strong resistances (The 10300 zone, the 4HR 200EMA). Even the 4HR RSI is now overbought.
We love this because that's when we fill our reserve of supply so we can provide buyers once they start wanting to buy at a higher price (since demand drives the price up).

The possible scenarios I see:
- Since we ride up from 6k, we have consistently retraced to 0.382...So this level will have a good chance of being a great place to buy. If we don't go higher than 10100-10200 or whatever we got to, that would be around 8600.
- 9200 is a big level. We could go "just there", no matter how high we go before retracing.
- If we lose significant psychological levels, the over-enthusiastic bulls could start panic selling which would drive the price down, a re-test of 6k is not impossible.

There will be several bounces on the way down but one of them will be much bigger than the others. Be careful. You can either be conservative and wait for conservation, or be a true spartan.

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I don't know yet if I want to risk buying at 9000-9200

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These are the lines that are shown on binance, if I had time & didn't have to work I would have tried riding the waves. I went to buy back at 9600 earlier (after selling at 9700 what I bought 8600-8700), but with a job that kind of thing is too hard too risky. I'll wait for a serious dip, it will be less risky and more profitable.

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Inside candle. Pff if we break tbh I don't know if I want to buy... We're already so oversold and we got big resistances ahead. Think I'll pass, or go in really small.

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Broke up. I'd rather miss out at that point. Whatever. Maybe 9500 will be a bigger retrace and it will be more likely to hold.

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I bet people are super hyped. Till they hit the wall of bagholders that have been chasing their losses for weeks...
We can't go up this fast, the baggies have not had time to give up.
Might be wrong, but idk this is weird.

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Here we go...(Just woke up).
We went up skightly higher than 10200 bu the levels are about the same.
Now when/if we go to 9500, what's that to you depending on who you are:

- A day trader/scalper ==> you trade about anything, and you are used to losing, so it doesn't matter.
- A trader that doesn't care about the time trades take and just looks for good opportunities / swing trader ==> The odds of that being a real bounce are pretty small unless I'm missing something, and the bounce we likely get will be very small. Probably pass.
- An investor: you bought at 6k, you bought a bit on a regular basis, especially as we go down. What are you even doing here? looking for reassurance? :D "Don't worry" here.

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The faster it goes up the more drawn out the fall is. Plus we have the week end ahead.
Get your pillows ready...

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I guess you could be looking at 2-4% minimum on a bounce on 9500...if you have the time and availibility to trade that. I would look at order books 15 min and 1HR RSI, and spread my orders, and not go in too big if I was to do this.

If we hard bounce on 9500 and go up from here I would be amazed.
I can't imagine that happening.

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Might, or might not happen:
Would not surprise me.

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Missed my entry on 1 because I was in a useless meeting. Bought some at 10100 (smaller amount than usual) expecting a break of 2. Will buy on a break of 3.

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If we break 3 Target 10700 easy and road to 11150, but at some point we will fall hard. Dropping from 11150 to 9500 = 15% drop.
If we break that (3) line, I'm buying more. Trailing stop loss.

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Right now small TF RSI's are getting back to more normal levels, wish I bought at about 9800... I learned absolutely nothing in this meeting what a waste.
I want to stay above 10000 approximately (dropping to 9985 is fine), I'll buy a bit more if we get close to that. I'm only buying about 10% of what I would usually put in on something relatively safe and good risk/reward.

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Trade active

10005 and 10011 orders got filled on Binance :D
Average buy price is around 10050 now, let's see where this goes.

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This could take a while...
binance.com/tradeDetail.html?symbol=BTC_USDT

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Wups.

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The cool thing is 10000 used to be a resistance and scary number, but now it is:
- A support
- Something we are over by now.

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Trade closed: stop reached

0.75% loss more or less.
Reloading at 9600ish.
If we go up now I'll be pissed :D

Trade active

On my drawing we broke the (3) blue line and are playing around 10300.
I think we need a little bit of red first if we are to launch off 10300.
If and when we do it will be glorious.
I made a new idea about this.
I'm in since 10100.

Trade closed manually

MrRenev

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