BTC took an exciting turn today showing multiple signs of future upwards movement if you look at the technical analysis side of things, however, market manipulation is still in play so to call this a buy right now is hard to say.
Technically its all showing signs up up up up!
We can see on the chart below a wedge formation which has now hit its third and most commonly FINAL touch on the bottom side of the wedge.
Fibonacci Shows $8000 as just below the 61.8% retrace level and with $8000 being an extremely strong level of support.
Id take a good bet that we will see at least a move up into the upper side of the wedge pattern into the $12000 level if not through the wedge to continue its way back up into highs!
Finally the volume spike into 61.8% Fibonacci and the bottom of the wedge also shows a sign of a final push to the down side shaking out the rest of the big institutional sell-off.
I like BTC for a buy around this level for the short term and see how price reacts when we see $12000 for a potential continuation breakthrough, We wont sell at $12000 but we will watch volume and price action up into this level and update a new post when we see that level. For now im buying more and HODL on my current position.
Buying at this lower level also averages down your overall position price which has proven to be an extremely effective, but sometimes risky trade management technique. When used with extreme patience and a clear, emotionless trading perspective it can see incredible results in helping to manage a loss from the dump and also doubling up on potential profits.
Institutions will be doing this exact same thing. Follow the Whales, learn their techniques and manage your trades as the smart money is!
FIG.1 The wedge, the 61.8% ($8000 mark) the 3 taps on the bottom of the wedge, the volume spike and also notice that the range between the touches on the wedge shortening, showing sellers becoming less active!
Hi @cryptobrwould what treading platform would you recommend for low price treading as well as high? I am using IG at the moment which on do you use?
Im using various ones. Mostly Binance as its best for analysis. CoinIGY is also top for analysis but they i use some really small, less reliable, slower, overall shitter platforms as they offer the really tiny value coins that havent hit big markets yet. Get in nice and early like our LINDA and ECC trades :)
I look forward to crypto's integrating to the Meta-trader MT4/MT5 platforms. They're fantastic for Tech Analysis. Also Ninja Trader I've heard has some good data sources for large and small Crypto's but Ninja Trader is a paid for platform so unless you really know what your doing on the tech and analysis side of trading its not worth paying for the more professional tools!
Thank you for sharing your analysis, I love that you note the importance of maintaining an "emotionless trading perspective". Looking forward to enjoying our ride to the moon!;0)
Good to have you along for the ride mate :) Ill keep it coming but im going to hold back sharing too much tech analysis until BTC has confirmed a direction. Right now its technical speculation but the market movers are playing the manipulation game behind the curtains so im unsure if, fundamentally the coin could move against technical signals. Ill keep an eye on it and soon we will get a confirmation. It could hit the top of the wedge and hit $5000 or if it does follow Tech signals its going to pop the wedge to the high side at around $12k and at that point we will see highs and beyond :)
Ill keep you all posted!
Looking forward to your updates, thanks again!
https://ninjatrader.com/
https://www.metaquotes.net/en/metatrader4
https://www.coinigy.com/
https://www.binance.com/?ref=15621587
Congratulations! This post has been upvoted from the communal account, @minnowsupport, by Crypto-moon from the Minnow Support Project. It's a witness project run by aggroed, ausbitbank, teamsteem, theprophet0, someguy123, neoxian, followbtcnews, and netuoso. The goal is to help Steemit grow by supporting Minnows. Please find us at the Peace, Abundance, and Liberty Network (PALnet) Discord Channel. It's a completely public and open space to all members of the Steemit community who voluntarily choose to be there.
If you would like to delegate to the Minnow Support Project you can do so by clicking on the following links: 50SP, 100SP, 250SP, 500SP, 1000SP, 5000SP.
Be sure to leave at least 50SP undelegated on your account.