Homerun for BTC!!📌 ridethepig | Homerun for BTC
Here the choice is between another sweep and marking a bottom. The first results in a discovered temporary pullback which allows early buyers to start getting excited... but the second moves involves a slingshot, automatically through the pivot.
A quick review of the initial charts we have been tracking
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This was the well known position. A yearly break unlocked $42,000 .
Double check the chart, it was a purely technical map. It is terribly accurate and compelling; even the most unaware buyers have had a long time to take profits. After buyers cleared this target we closed the chapter and started to look for the retracement.
1️⃣ In the initial chart played some weeks ago, things came down to the following interesting ABC position
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Buyers last move was of course to clear on the exhaustive nature and failure to mark a new high. The swing ended and control as I pointed out switch sides.
2️⃣ The following sessions played out as expected, the imaginative sellers started to enter making the position look a really natural move
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The somewhat theatrical looking chart by sellers - has worked! Buyers no longer wish to refute and are running to the hills... sellers got the upper hand. The correct play now is to manage our risk and stops accordingly.
3️⃣ The congestion entered into play and I gave a simultaneous display on how to neatly mange the trail
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Buyers did in fact try the zig-zag within a zig-zag within a zag... but was not enough and sellers with a strong attack took out support and forced the bid further into retreat.
4️⃣ So the bottom forming of the swing, or the sweep towards fresh lows and to complete the pending Jan 4th test we have been tracking since day one?
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The idea of scaling a position
Before you tackle what follows, you should quickly check that you are well versed in the concerning flows and swing. If not refresh your ideas on these, because these chapters will be important for the correct understanding of what follows.
The flow is as follows, after the sharp drop in ((v)) the possibility of a pullback towards $32/$33,000 is on the cards before a final hammer back to re-test the main target at $28/27,000. I do not believe the energy sellers have shown can suddenly disappear just because of that retrace. No, it must still be on the menu, even if in some modified formation. A breach above our new pivot level at $34,200 will block the movement for sellers and threaten the sweep of any remaining trail stops from above. In other words, the pivot is our last blockade as sellers.
Thanks as usual for keeping the feedback and charts coming 👍 or 👎
Ridethebtc
ridethepig | BTC for the Yearly Close📌 @ridethepig XBT Market Commentary 19.12.2020
So we have the following picture; the prince slowly approaching his city after slaying the dragon, rescuing the princess and conquering the treasure. All the ministers and advisers are wanting to meet for a hearty breakfast and consider the correct way to balance the rewards. This picture is intended to convey how slowly this is happening despite how fast and decisive it seems at the time.
Only the most important characters are present during the impulsive waves:
The next moves in BTC are going to get very interesting for trading, a fresh break is not simply to create more space but also via a liquidity trap. So you must take the following to heart; try everything you can to not marry the position for its own sake but also not deny that BTC has rightfully earned its place in the sun!
The answer will come from the yearly close. Holding the break up will not be simply something to play with. Here looking for $31,800; $42,600 and $53,400 as magical line targets above for 2021 before a pullback at some point into 2022 as governments become more aggressive. The main blind spots to the BTC thesis come from the political side, for now like hero from the fairy tale; head off happily.
ridethepig | BTC Market Commentary 2020.11.21Lets start by measuring the enthusiasm, the radius of the attack by looking at the previous diagram and understand why $21,000 is key for unlocking the next chapter:
All is clear...Buyers have the control, there is very little to prevent the test of fresh all time highs, meaning we need to keep an eye on the impulsive extension target at $34,820; this game is very one sided. Not only should we still be holding our longs, dear reader, but laugh and continue to add more!
So, let us stick to the plan, manage the risk appropriately, watch-out for any Power Grid 'attacks' that can provide well-timed dips providing buying opportunities, we have more than enough ingredients in the pot!
Back to business as usual here with a fresh round of map updates coming over the next few sessions... Thanks as usual for keeping the feedback coming 👍 or 👎...