The retracement from 16675 appears to have completed at 14500. Now targeting long from 14800 to the first fib extension level at 18.35 (assuming I have drawn my fib correctly but seemed to work nicely for the short).
Looks like XBTUSD is going to retrace from 16.5k and has already started moving. I suspect the cause is the price/RSI divergence that started setting up around 22:00 (Pacific) on Christmas day and has now almost exactly 24h old . I've yet to calculate my target exit price so I'll update if/when I get a moment - any contributions with your analysis on exit price...
BTCUSD fib channel - breakout/reversal to bull trend
Looks like the pattern is complete and if it holds support at 5400 then I'd suggest a trend reversal to bull
I'm short down to somewhere around 5k and then i'll evaluate the reaction to 5k (assuming that is the correct support level) and decide what to do next but my thinking at this moment is a strong reversal to a bull trend to break through resistance at around 6k.
Looks like a continuation pennant so this breakout I believe will mean move into a higher channel and then onwards and upwards. Watch for incursion back into the channel it's is currently in though - could stop you out if you're not aware of the risk.
Thoughts?
What do you think of this short sell idea?
Starting to get a little bit more mature about my technical analysis - gone are the 1m and 5m charts!
Starting to get a little bit more mature about my technical analysis - gone are the 1m and 5m charts!
I learned a lot from this trade - particularly how to sit calming when my position was $6-9k underwater but I could see the market consolidating all the time so I was genuinely calm about it.
I think we're in for a retest of the 5k resistance line on the 12h chart. Thoughts and comments?
This chart says BUY to me. If I were short on BTCUSD at this price I'd be starting to sweat. A lot. Thoughts?
Obviously very early days but RSI on the 1m and 5m are climbing and hopefully the 5, 15, 30, etc should follow suit. If they do then we're back into the overall bull trend, hopefully for 4-5 days. Thoughts?
I should have been able to work out that one of the larger bulls needed some rest before pressing on (supported by a line of much larger bulls than itself stood right behind it). I'm learning...just really slowly! A really nice opportunity missed but at least I am starting to understand them as opportunity, i'm not panicking and most importantly i'm learning...a lot!