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Bitcoin / Tether USD
Long
Updated

Buying BTC for newbies - long term until April 22nd

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If you are new here you might not have seen some great charts by alamasters or LewisGlasgow. Based on what I learnt from these two and my own double pitchfork overlay I decided to go with long trade idea for BTC that I will be updating whenever something interesting happens. I'm starting to track from 12th November 2017 until 22 April 2018. The only money I am betting on this is my worthless fiat. Just trying to get rid of it at the right moment ;)
Forgive the USDT - I trade on polo hence the tether. I do this just for the purpose of tracking BTC to USD. I don't normally cash out in USD, but other currencies, however at this point of time USD is a good indicator of relation of BTC to other fiat currencies worldwide.

At this point of time the end of the month looks like a great time for shopping!
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DeMarker is showing BTC is right in the middle between underbought and oversold. Yesterday's candle closed high, however with a long wick, so there might be some downward action today.

Updated chart showing start of this trading week:
tradingview.com/chart/HOYDUI80/
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Here's the actual chart: snapshot
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snapshot In the early hours of Tuesday we're saying a tendency to drop below 11k. According to pitchforks from the original chart there is still a chance we will go sideways and we might not re-visit buy-in range of 8-10k. However, when I tried another pitchfork anchored in the beginning of the bull run from November I saw we are continuing downtrend. DeMarker and MACD don't look optimistic as well.
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snapshot The chart looks like it is going as I predicted. Today, Wednesday, seems like a great time for buying more BTC. Please mind that both: Demarker and MACD are pointing downwards, so we should expect further price reductions. Updated chart is pointing towards ~7600USD, but I would open my positions between 8-9k as we might not get a chance to hit under 8k
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snapshot 8800!
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Looks like BTC is finding support around 7k finnally, it was a wild ride, but I think we hit the bottom. I guess it's time to get some fiat ready :) snapshot
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It was a great day for shopping indeed and we are still in the buy-in zone. Looks like next resistance/support is around 9300 USD. snapshot
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snapshot Tested 11k and out of the bullish deep crab into completion of a head and shoulders pattern. Expect drops to ~9100USD, then back to 11k to look for support.

" This is healthy, trust me "
jpnotmorgan
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jpnotmorgan

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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.