Long BTC - triangle break, golden pocket confluence.

BTC broke from the symmetrical triangle like structure. We could maybe see a move up to 52k, although 48.5k is more likely to test the 20 week MA. There is nice confluence at 52k with the golden pocket.

Keep your stop pretty tight I'd say.

This is a nice place to long at the downtrend break IMO.

Thank you!

Note

keep in mind that the downtrend may be viewed like this, too - but the candlestick closes within the last 12 hours are making me optimistic. The MAs are also making me optimistic, but they are merely an indicator to add to what you are seeing with price action.

Note

Also a slight possibility of visiting 34k before going higher. Just to show you the potential risk on the table. Protect yourself accordingly.

Note

It really does still look weak on the lower timeframes - I was optimistic about the pattern break, but the S/R zone that we still need to initially establish is just above around 38k.

Trade active

Still lower highs - the trendline can be viewed like this. Unfortunately no true local downtrend break right now.

Order cancelled

I don't think that we get the recovery rally right now. This is probably going to get stopped out.

Trade active

Taking another stab at resistance. We shall see what happens here. If we can bounce off the top of this downtrend/support, we may see this nice recovery rally.

Trade active

So as the triangle appears now - it would be a 30% move - which goes to about the 20 week MA.

Trade active

Looking like a good chance of bullish continuation

Trade active

If they retrace this - I think that 36k-37k would be good entry.

Trade active

hip hip hooray - already struggling at the .382, 37k needs to hold if we come down, IMO. This is BTC, though, volume and strength can come pretty sudden.

Trade active

same price action - so maybe we do pump from here

Trade active

but more biased toward back down to 33k first.

Trade closed manually

I would probably take profit - or follow with your stop pretty tight - I think we head back down to 33k. I will re-open this if I see anything changing.

Note

One bullish thing for right now is that the previous downtrend did act as support. Hard saying if we test the bottom again first or not.

Trade active

OK - I'm keeping my long open - if it gets stopped out, it does. I will keep this idea open because we did bounce off of the top of the previous downtrend. We did hold 37k. I'm skeptical about us going bullish from here, though - may need to still retest the lower 30ks.

Trade closed: stop reached

This was obviously a stopped out trade. It worked alright if you got good entry.

Dawnchorus

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Dawnchorus