BTCUSD has finished Monday higher, taking out Sunday's high and notching a three week record close above 11000. Strength has continued through early Asian trade and pair is currently testing the falling channel top below 11500:
Closing power above 11500 would signal the down-trend from December 2017 is now over and open up the path to the 50% level at 12950. Initial support is is the 38.2 Fib at 11300, followed by Saturday's close at 11060. A reversal below 11060 would likely signal a larger correction down towards the 23.6 Fib around 9275.
Though I am looking for the pair to break higher today, this is a major resistance zone and pair could turn violently lower. As such, I have closed half of my long positions, banking 1 x risk and giving me the freedom to hold longer term comfortably. I will trail stops to $100 below individual entries on remaining longs, leaving me with half a coin and only $50 profit at risk.
Very pleased with this trade - break from the markets over summer did me some good.
I should hope that your name (bulleth) doesn't imply some kind of confirmation bias? LOL
I'm an ETH bull too, btw ;)
My roots in trading date back to pure pattern plays and we're coming up on one of my old time favorites - the "V-bottom breakout" (right above the purple rectangle on your chart).
Hahaha I was very bullish ETH May/June last year, not so much now. I think EOS will make it completely redundant.
Yeah these "V" or "U" reversals seem to be quite common in crypto and very effective too. I just love charting and trading the stuff, so much easier than forex!
You might be right. I'm expecting good things from EOS and it does seem to do everything that ETH does, only faster and better (?).
Absolutely agree on that last point, too. I don't have a lot of experience trading forex, but I've traded a lot of stocks and ETFs in the past. The crypto market is like a whole year of price action for mid/large cap stocks, condensed to a month or two and patterns seem to be a bit more reliable as well (at least for the top 20~30 cryptos by market cap).
This uber-bull market (since 2015) certainly hasn't hurt with bullish pattern success rates. Here's to hoping that it keeps up 🍻
I think we are going see a measured increase for a while and then a potential moonshot. Bitcoin is going to surpass all previous numbers this year, it is just a matter of if it does it the slow and steady way or the rocket to the moon way!
Yep that's what I'm thinking and I'm in a good position to hold it care-free now: $50 profit at risk with potential gains of $20 000 if we can get to 50K.
I never seem to have enough, but when that $20k comes around I will have a big smile on my face!
Yeah it's tough, there's so many things I want to buy atm, but can't have them all!
I think this post is very informative, if I may want to repost in the form of Indonesian language to be useful for steemian friends in Indonesia, of course I will also include your name as a source. 🙂
Sure buddy, that's fine 🙂
thank you 🙂
Here it is ...
https://steemit.com/bitcoin/@taqdirul94/harga-bitcoin-telah-memecahkan-rekor-selama-3-minggu-terakhir-dan-menjaga-resistensi-kunci-repost-from-bulleth-3925a60d85b54
Nice work - do you do this manually?
Left you a little present 😉
PS I made a calculation error in the original post, can you please change this sentence
to
Oke thank you 🙂
bitcoin looks like it's going to break out
expect a fakeout: https://steemit.com/bitcoin/@tatchcapital/tatch-trading-analysis-btc-quick-pips-long-before-trapping-zone 🤪😎
Let's break through the resistance, BTC go go go!
good Bitcoin
This is not the path to Steemsuccess.
Cool, following you. Whats your current favorite coin/token?
Definitely EOS, just wish I was still holding some from lower down. Can still go 10-20x from here though easy.
Oh and SMART, I think this coin will be huge. It has like every cool feature a coin can possibly have. Fast, cheap, staking, masternodes, mining, privacy, community governance and funding etc etc and still really cheap.
astonishing & brilliant!
Break that trend line you dog!!
Check out Litecoin trying to preempt the Bitcoin breakout.
So keen!!
Good post, I am a photographer, it passes for my blog and sees my content, I hope that it should be of your taste, you have my vote :D greetings