Strength building on BitShares BTS. BullFilter shows a Long.
Updated
Analysis:
Correction ended mid August and accumulation has been going on since. The amount of selling in the 1500-1600 range represented capitulation of weak hands.
BullFilter showed a bullish divergence from Late August until Sept 12, when the price action finally caught up. With some nice recent spikes in volume some upward price movement is expected in the next 2 weeks.
Entry:
Enter between 1700 and 1750 upon the completion of this downward wave. Now that we know we want an entry in this range, we will use BottomFinder here to select us a great entry point (Example below)
Take Profit:
The dashed red lines represent target take profit levels. We suggest cashing out 10% at T1, 35% T2, 40-50% T3, 5-15% T4.
StopLoss:
SL set to 1600 to avoid the liquidity pool from 1650-1700 and being stop hunted. 1700 is also currently acting as local support.
Upon completion of T1 move stop loss to entry point to secure a risk free trade. Additionally continue moving stop loss up by one target each time a new target it reached. i.e. when T2 is reached, move stoploss to T1 level.
This way you can ride out dips with no anxiety and automatically exit the trade in profit should you not be around to monitor!
Correction ended mid August and accumulation has been going on since. The amount of selling in the 1500-1600 range represented capitulation of weak hands.
BullFilter showed a bullish divergence from Late August until Sept 12, when the price action finally caught up. With some nice recent spikes in volume some upward price movement is expected in the next 2 weeks.
Entry:
Enter between 1700 and 1750 upon the completion of this downward wave. Now that we know we want an entry in this range, we will use BottomFinder here to select us a great entry point (Example below)
Take Profit:
The dashed red lines represent target take profit levels. We suggest cashing out 10% at T1, 35% T2, 40-50% T3, 5-15% T4.
StopLoss:
SL set to 1600 to avoid the liquidity pool from 1650-1700 and being stop hunted. 1700 is also currently acting as local support.
Upon completion of T1 move stop loss to entry point to secure a risk free trade. Additionally continue moving stop loss up by one target each time a new target it reached. i.e. when T2 is reached, move stoploss to T1 level.
This way you can ride out dips with no anxiety and automatically exit the trade in profit should you not be around to monitor!
Trade active
Bounced twice along entry and we are still in a good entry zone for the mid term call here.Note
Updated ideas
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