Bitcoin Rising Wedge

COINBASE:BTCUSD   Bitcoin / Dollar
Until something changes, this is my trading plan. Looking for a long entry in the next 4-8 hours. Target around 16500.

Then looking for a short entry at around 16500 with some sort a reversal pattern to suggest this is as high as we're going. Target around 6500.
Kommentar: Entered a little short @ 15000 down to 14250.
Kommentar: Not happy this hasn't fallen yet. It's bouncing around at the 15000 mark. It looks a lot more like a continuation than a reversal here. Which means we missed our nice 14250 entry around 12 hours ago. Will close this short for a small loss to be on the safe side.
Kommentar: 6 hours at around 15000. My initial idea seems correct. Price will climax at 15250 then fall to 14250 then start the main move to 16500.

This climax could happen within the next 1 hour. Will consider re-shorting but again it's counter trend and risky.
Kommentar: Back to bed. In a couple of hours if price is at 15250. I will consider re-shorting. If it's at 14250-13750, I'll definitely be jumping in long.
Kommentar: As I suspected before, we missed the 14250 entry 12 hours ago.

Bought 15700. Target 16500
Kommentar: +800 pips reached.

Should have been +2000 but missed the entry.
Kommentar: Entered Short @ 16494. Target 6700.

If this trade is looking good next week, I will look for additional short entries and build my position.

P.S. Sorry for anyone who invested their life savings into BTC hoping it will go to the moon overnight. Markets go up, markets go down. I believe BTC will go to the moon eventually, but we're talking months and years not days and weeks.
Kommentar: Should this short fail, the next scenario is point D on the chart below. I don't particularly want this to happen. Why would the market forces allow sellers to short from a better position? Nevertheless, it good to know the other scenarios.

Kommentar: P.S. Above continuation to point D idea is not mine, author credit goes @99nines. I thought Trading View would show the name when posting trader's charts.
Kommentar: Short closed for -200.

I got in prematurely without bearish confirmation i.e. a reversal pattern.

Will wait now.
Kommentar: Trade is cancelled. I'm strongly leaning towards 18500 as the new target to short from. Tentative target if it reaches that will still be 6700.

Have a great weekend all!
Waiting too.
---------------------------------- "BITCOIN" --------------- "BITCOIN" ------------------------
"Bulls" -- and -- "Bears" --- "Good Luck" -- and -- "Good Trading" -- To Everyone.
"YOU" -- have entered the -- "War Zone" -- Above -- $16,480.52
----------- "Please" do not let -- "Bitcoin" -- get the best of -- "YOU"

"Good Luck"
"One Eye Jim"
following this cuz I like people who think differently. +1
+1 Antworten
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ForexDreams KamilKurek
@KamilKurek, Don't attack others just because you don't like what you see. Everyone is entitled to their opinions and ideas. As for technical analysis, all my trades are based on W.D. Gann and a correction down to $7K is inevitable. For what it's worth, I do believe BTC will rebound to around 60K from this low. In fact $7K is the lowest we'll ever see in my opinion.
ForexDreams ForexDreams
@ForexDreams, *Roughly $7K, ideally I would like $5K, but we'll see how it plays out.
KamilKurek ForexDreams
@ForexDreams, i didnt mind to haras you. It is just completely impossible chart for me right now and ppl may lose a lot of many coz of that.

ForexDreams Sidney-CWB
@Sidney-CWB, No, it needs to fall first. If I'm right, it should start to fall in the next 1-3 hours.
+1 Antworten
ForexDreams ForexDreams
@ForexDreams, My ideal long entry would be around 14250, but not sure how low the market will go so we might not get that. We'll see.
+1 Antworten
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