Trading a LONG position after a long time for BITSTAMP:BTCUSD by FrostyRene

We are at previous low, mostly this triggers a uptrend, trading long now.
Small LOSS or BIG gain, who knows!

Good luck to you all

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Looks strong out of the red triangle, hopefully we reach the upper part of the channel.

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bigger overview

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target 1 reached

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If the resistance breaks (fib 61.8%) and old upper part of channel, i strongly believe 5K1 is the next resistance, otherwise up to target 2

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tradingview.com/chart/AbJnieBQ/
With the Fibonacci channel you can see the perfect parallel channel!
Look at Red 0% en blue 50% touches (red arrows)

Price movement
Below 50% blue line target 5100usd
Cross 0% red line targets 2 and 3

- Red line good short position with small stoploss
- Blue line now good for long position because we are @ 61.8% Fibonacci, over time this is not true because blue line descending.

Note

With the Fibonacci channel you can see the perfect parallel channel!
Look at Red 0% en blue 50% touches (red arrows)

Price movement
Below 50% blue line target 5100usd
Cross 0% red line targets 2 and 3

- Red line good short position with small stoploss
- Blue line now good for long position because we are @ 61.8% Fibonacci, over time this is not true because blue line descending.

Note

With the Fibonacci channel you can see the perfect parallel channel!
Look at Red 0% en blue 50% touches (red arrows)

Price movement
Below 50% blue line target 5100usd
Cross 0% red line targets 2 and 3

- Red line good short position with small stoploss
- Blue line now good for long position because we are @ 61.8% Fibonacci, over time this is not true because blue line descending.

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descending red 0% line is broken, ready to break previous high!

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possible retrace at red dotted line, therefore 161.8% is still feasible.
I expect a retrace to red line 100% or up to blue support bar.

Retrace at red line, then it is possible to break old trend line at target 3.
Retrace at support, then I expect high sales pressure at target 3.
is support broken then ......

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Building a bear flag but signals are getting weak, possible retrace

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red line broken and looking strong!

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Resistance broken, target 3 within reach

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