BUYBUYBUY
LONG OR SHORT STRATEGYThe circled areas are where I found the most resistance in the past. Using this hopefully will determine the outlook of the future.
This trade seems more risky then normal as the past resistances never "cracked" all the way.
Buying at the first "!" Is being a little greedy in my opinion and may result in loss, the safest alternative is in the double "!!" area.
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Quickpost BTMFD on TSLAGlossed over:
Interest rates are pumping, debt is getting expensive, commodities are booming (silver and electronic vehicles, DYOR) and DXY is in a massive ascending triangle (get good at TA or stay poor).
Quickpost
Potential elliot wave 1-5. Looking for an ABC correction to conclude within Wave 4. No idea if we get a triangle, running flat, some sort of W pattern, or something else.
I expect the weekly Bollinger Band to be supportive on this trade. If I see price action out of the weekly BB I will be trailing down buystops or buying calls.
A 1-5 and A-C correction set up a higher time frame 1-2 Elliot wave. Target is near the moon (not shown due to quickpost).
Conclusion
Not financial advice.
InFiNiTy MoNeY to the rescueSupport retested, zone under the green green block proven to be a strong buy zone.
Bitcoin pumped on news that the U.S. Fed will be buying anything: www.cnbc.com
U.S. equities pumped in pre-market too, but retraced rather quickly. It's a bullish sign that bitcoin did not slink back under support following the news pump.
Things I am wary of:
- Bitmain 03/27 $5000 euro-style bitcoin puts
- March 31st Mt. Gox repayment plan deadline involving 140000 bitcoin
- Daily close under support
- COVID-19 affecting market sentiment
- Oil price war causing unpredictable fluctuations in US dollar's value (but can it get any much lower?)
Buy Signal ETHUSD Demark Setup PerfGoing Long ETHUSD -2.82% with a Demark Setup Buy Perfection signaled on the 12 hour chart and a move above the high of the 9 bar at 415.89
-Long at 415.89 or better (1st entry)
-Stop with a *12 hour bar close* below 399.13
Will look to add to this position if it moves in our direction.