100 Followers and BItcoin at all time highs!!!Wow, what a beautiful day.
I officially have 100 followers on tradingview. Thank you everyone who follows and PMs me with questions. I'm really happy to share my experience and passion for trading to help other people MAKE MONEY and use more cryptos, which only helps other people get into this market, and make crypto currencies the future!!
ON THE SAME DAY, we hit all time highs. COINCIDENCE??? haha
I've been riding this since 4000, so a nice 10% gain over the week. I know that's not as crazy as some of the alt-coins, but it's always great to keep some money in Bitcoin because it hasn't disappointed us yet.
WHAT'S GOING TO HAPPEN AT THESE ALL TIME HIGHS? Can Bitcoin breakout and make it to 4500, 5000??
We might see a pulback here, and then another attempt to breakout. It often takes 3 or 4 attempts to breakthrough a level. This is only the second time at this level.
We might see a strong breakthrough without a pullback. The more moving averages catch up on more time frames the better. Pay attention to the 9 and 20ema on the daily, hourly, and 15minute time frames. If the moving averages catch up to price on all time frames, then we should see a breakout.
All signs look bullish to me (see my chart for notation):
1. Price is in an uptrend on 60 minute chart and daily chart
2. Price is consolidating nicely under the 4450 level
3. Price is above Ichimoku Cloud
4. RSI got overbought. Many people think this is a "SELL" signal. No, it is a GOOD SIGN for higher prices because it means that there are more sellers than buyers!! Price can stay oversold for a loooong time and keep going up. Just check the chart!
---------
!! PM me with any questions about my analysis !!
MY TRADING METHOD:
I keep my analysis simple. Good analysis always is.
I use Price Patterns, Moving Averages, and RSI for my analysis.
I use the 1 day for trend analysis and 60 minute for trade entry
For my Targets I use Fibonacci projections + measured moves
Successful trading means proper risk sizing and trading small so you can stay in the game.
Tradeanalysis
FXE Successful Retest and BreakoutOn the Daily chart we see a beautiful pattern.
The 113 level on FXE (EURO) has been resistance since 2015.
We've tested that area 5 times. Finally in July, we broke though, came back and retested, and now we are bouncing off of that level.
A beautiful pattern here. The base since 2015 has been forming for 2 years, so this looks like an amazing opportunity to get long the EURO via FXE.
Momentum in the RSI is in a bullish range (over 50) and it hit oversold territory in both April and July. That is NOT a bad sign, that is a GOOD sign that there are more buyers than sellers.
Target: 120, 161.8% retracement of 2016-2017 high to low
Stop: 112, under the 113 breakout level
Reward to Risk: 7:1, Amazing!
-----------
!! PM me with any questions about my analysis !!
MY TRADING METHOD:
I keep my analysis simple. Good analysis always is.
I use Price Patterns, Moving Averages, and RSI for my analysis.
I use the 1 day for trend analysis and 60 minute for trade entry
For my Targets I use Fibonacci projections + measured moves
Successful trading means proper risk sizing and trading small so you can stay in the game.
BItcoin Cash FLAG / Pennant PatternON the 60 minute chart of Bitcoin Cash we see a long consolidation pennant / flag pattern coming to a head.
The 200 day moving average is sloping up, and the closer it gets, the more pressure we get for a bounce. Remember, stocks like to bounce off of moving averages.
If price can pierce and traverse the Ichimoku Cloud , then we could get a really big run here.
The longer the consolidations, the bigger the runs and more violent the breakouts, and this has been consolidating since that massive shred on the 19th of August.
ENTRY: .17 Breakout of flag pattern and break through cloud
STOP: .15 under Flag pattern
Target: .20 round number after 25% gain
What will happen at Bitcoin 4000 ?!!! Message me with your questions about technical analysis or cryptos, stocks, options, and futures. I am here to educate !!!
So, WOW, this has been a really fast run from 3000 to 4000.
What do we do when Bitcoin reaches 4000 after a 30% increase in only a week?
I must recommend taking some profits and seeing how it behaves here.
I don't think we'll see a clean break of 4000.
The case for a break of 4000 and STRONG MOMENTUM
I personally don't see upward momentum stopping because Bitcoin is getting more hits than ever on google and there are new reports coming out every day bringing new people to the market.
If we see a consolidation pattern form then we can set our levels, reload, and wait for the breakout.
The case for a pullback and GLOBAL SITUATION STABILITY
If news cools down with North Korea and we get some stability in the stock markets in the coming week, this could combine with people taking profits at 4000, resulting in a sharp pullback perhaps to 3500 (last flag breakout) or even 3000 (multi month consolidation breakout).
If we see a pullback, then I would wait for a support level and stability to reload the position.
BOTTOM LINE
Let's take some profits here, see how things develop, and establish some new levels.
I'll release a new note when that happens.
//o-o\\ God is a concept //o-o\\
Please send me a tip if you appreciate my work so I can continue:
Bitcoin address - 1Kc5AYgBNLQjqqzoQWiywbECSyMDNhkuYs
MY TRADING METHOD:
My trades are swing trades - a few days to a few weeks: perfect for people with day jobs.
I use 1H charts and 1D charts.
How do you know the best traders? They use simple methods but understand complex behaviors.
I use Price Action, 14-period RSI, and 9/21/200 moving averages. That’s it.
Successful trading means proper risk sizing and trading small so you can stay in the game AND LEARN!! If you can’t sleep at night, YOU’RE TOO BIG
Hope everyone is making some money! That’s what we are here to do!
Subscribe to my YouTube channel for regular in depth analysis:
www.youtube.com
Help me out by signing with one of my affiliates:
ONLY 1$ options trades and FREE to close trades.
Trade at the SPEED OF HIGH FREQUENCY traders
Sign up to TASTYWORKS::
start.tastyworks.com
First time buying or trading Bitcoin?
Buy 100$ Bitcoin and get 10$ free at COINBASE with this link:
www.coinbase.com
Spoon Formation My friend Dalin Anderson from High Altitude Investing showed me this formation he came up with. Noticed it forming in Riecoin so id be looking for entries
NZDUSD Trade IdeaPrice is in a firm uptrend however we can see a short term decline with 2 failed tests of the bearish trend line.
RBNZ decision may weigh on bullish momentum as marketing wait for Wednesdays decision.
Let's monitor price action to see how things develop over this key week for the NZD!