When did it become cool to be bearish?
I have remained bullish on Bitcoin (and altcoins) throughout these massive swings.
Though massive it is, we have a classic bull flag playing out (big run up, and then parallel channel travel straight, or downward)
I understand that these big swings are scary, but it's important to remain calm and look at the bigger picture.
Fundamentally, and technically, I see very little reason to be bearish on bitcoin right now.
"But Ecoinamist, CME Futures contracts expire tomorrow!"
Well, that's in about 12 hours from time of posting this. I believe we would have already started to see the dumping.
Regardless, my sentiment does not determine market sentiment.
So I have a plan for either scenario (as good traders should).
Bullish:
I really like the idea of using this resistance at the pink line to indicate bullish movement.
Breaking this resistance could mean a run back up to top of channel (~$15,000)
If this happens I will probably begin to enter some coins that have had some nice corrections already.
Alts have been trending with Bitcoin lately, rather than inversely trending. I will trade according to this.
I believe this outcome could lead to a nice little altcoin party.
Bearish:
Bearish movement to me will be indicated by breaking the pink line support.
Even then, I still think we'd bounce bottom of channel.
However, bottom of channel is below $10k, which is where people seem to freak out the most. It's actually mid $8k down there.
That would probably lead to some pretty big corrections on our favorite alts.
So a support break would cause me to start exiting my more pumped positions (not 100%)
Either scenario should play out within a couple days.
Hope this helps some of you traders! As always, feel free to ask questions and give any feedback you see fit.
I have remained bullish on Bitcoin (and altcoins) throughout these massive swings.
Though massive it is, we have a classic bull flag playing out (big run up, and then parallel channel travel straight, or downward)
I understand that these big swings are scary, but it's important to remain calm and look at the bigger picture.
Fundamentally, and technically, I see very little reason to be bearish on bitcoin right now.
"But Ecoinamist, CME Futures contracts expire tomorrow!"
Well, that's in about 12 hours from time of posting this. I believe we would have already started to see the dumping.
Regardless, my sentiment does not determine market sentiment.
So I have a plan for either scenario (as good traders should).
Bullish:
I really like the idea of using this resistance at the pink line to indicate bullish movement.
Breaking this resistance could mean a run back up to top of channel (~$15,000)
If this happens I will probably begin to enter some coins that have had some nice corrections already.
Alts have been trending with Bitcoin lately, rather than inversely trending. I will trade according to this.
I believe this outcome could lead to a nice little altcoin party.
Bearish:
Bearish movement to me will be indicated by breaking the pink line support.
Even then, I still think we'd bounce bottom of channel.
However, bottom of channel is below $10k, which is where people seem to freak out the most. It's actually mid $8k down there.
That would probably lead to some pretty big corrections on our favorite alts.
So a support break would cause me to start exiting my more pumped positions (not 100%)
Either scenario should play out within a couple days.
Hope this helps some of you traders! As always, feel free to ask questions and give any feedback you see fit.
Trade ist aktiv:
That does not look natural. Big red dump at key resistance point smells like whale manipulation.
Anyways, I wouldn't panic just yet. Support line was tested and has held up so far.
I actually went long (10.4k) on Bitcoin with some modest leverage and a stop loss ($9.8k).
Anyways, I wouldn't panic just yet. Support line was tested and has held up so far.
I actually went long (10.4k) on Bitcoin with some modest leverage and a stop loss ($9.8k).
Trade ist aktiv:
And we broke resistance!
I fully expect us to travel back to the top of our channel here (around $14,500)
Watch for a retest of support, or support break for a change in trajectory.
I will be starting a new long here ~$11,450
With a stop loss of $10,950
I fully expect us to travel back to the top of our channel here (around $14,500)
Watch for a retest of support, or support break for a change in trajectory.
I will be starting a new long here ~$11,450
With a stop loss of $10,950
#TAdoesntWork
My leveraged long is looking pretty here, still holding my position.
Going to take some profits near resistance, but hoping to hold my long to top of channel.