Ive been saying for a long time that i thought that we would pump with the futures (at least initially) on the basis that more people will have access to a bull market. (ref; twitter)
Looking at the prior consolidations an extension similar to the last move will take us to c.22k. This target is found via several different methods.
Entries around the $15200 and on the breakout make sense to me.
Good luck all - we continue exploration and its exciting times.
Follow me on twitter @BAKS3Y for more frequent updates.
Best
FILBFILB
Kommentar
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Ok so yesterday we had a strong breakout and a throwback of sorts. Kinda predictable.. breakout and backtest also happened in the fractal and is usually a result of profit taking and wanting to rebuy lower.. there wasnt enough shorts or fomo to sustain the break. We now need the bulls to decide how low they want to go, wether there is enough support to go higher from here, or if we need to go and test the fib levels as described above at just above $15,000. Again, orders at this level or for the breakout are prudent. I don’t think we will need a third attempt.
Thanks for the analysis. Do you think it is likely BTC will drop to 15K though? Seems that may not happen?
filbfilb
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@bullbear1000, its the most conservative path to the target, but im a bull so im prepared for a breakout all the time!
kingretep
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Do you have a Sell order filbfilb, and then a buy slightly lower? If so where would you put them, sell at 14K and buy at 15k?
filbfilb
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@kingretep, Hi, no thas not how im trading at the moment. I tend to have a policy of make a mid term target based on market structure, then add to the position as the pattern develops. I dont have time to micro manage my positions at the moment and i find that it leads to frustration if the market goes against me on a micro level. <y stops are always based on the fractal levels on the timeframe i used to decide my initial trade. Entries are usually on breakouts or fib retracement levels.
kingretep
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@filbfilb, Sounds like a good approach, I recently moved from micromanaging to holding longer term trades. In fact, since the btc dips have become less significant in terms of overall price percentage, I find it's actually been counterproductive to try and time the market on that micro level. Cheers for the analysis and explanation