Long

BTCUSD New Bull Trend

Updated

First and foremost the bear trend formed from the recent ATH of $5000 to the low of $3000 has been broken out of. This is a strong indicator of the commencement of a new bull trend. The initial bullish rejection from the trend low and then consolidation leading to a breakout is of the exact nature of the beginning of the last bull trend taking place from July 16th - August 2nd which ended with a 78% increase from the breakout point. My conservative target from this breakout point is the 1.618 fib line at $6300 (65% increase) and then second more probable target is an increase of 78% to the lower 0.75 fib trend line around $6800. These are highly probable targets not only because of T.A but also because institutions from Canada and the U.S.A are about to enter the bitcoin arena this coming month through LedgerX (U.S.A, bitcoin futures/derivatives exchange regulated by the CFTC): supload.com/B18B3WMiW and through an ETF launching on the TSX (Canada's stock exchange): sedar.com/CheckCode.do. Media outlets have yet to ignite the FOMO on this which alone will take the price to these targets. The institutional "Wall of money" is what will launch us to 10k by the end of the year.
Entry: $3750
Stop Loss: $3640
T.P 1: $6300
T.P 2: $6800
End of year target: $10000
As with all bull trends, I will have buys sitting on and above the 4H Tenkan/Kijun's to load up on retraces.
Good luck.
P.S
The total Cryptocurrency Market Capitalization has also broken out of a bear trend, potentially commencing a new bull run all across the board. More charts to come on this later.

Note

And we're off to the races. Bought more on the dip into the $3800's/bull trend line touch

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Buys on this retrace in the 3900. Load up.

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Every new monthly candle after a bearish monthly close since the beginning of this massive bull trend has had a low of <1% and then a huge growth spike. T.A = predicting future movements based on past movements.

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Trade still in play, been accumulating more as the 4h retraced to touch the tenkan/kijun. Patience is the key now.

Trade closed manually

Closed Trade between $5700 and $5800, expecting a retrace down to low 5000's where I will re-buy.
Price currently under lower 0.618 Fibonacci speed resistance fan uptrend line, it had previously broken back up showing potential bullish continuation but that has evidently been pushed back down. Price currently under 4H T/K, pending cross. Buys loaded on 0.5 Fibonacci speed resistance fan uptrend line.

Note

Relonged $5100/$5150, closing all and waiting for bear season come $6400.

Trade closed manually

Closed early at $5900, signs show bear season coming early.

FenixCapital

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by FenixCapital

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