The support zone 1 still holds the market. If the price bounces from it, we should be ready to catch a new upward movement. The safe entry can be done based on a breakout above the downtrend line and the previous swing high. We can place pending orders for buy at 15300.00 level with stop orders below the previous swing low at 11500.00 level. The main profit target is 20000.00 level. As for long term trading, the profit can be fixed at 25000.00 level.
Alternative variant: if the price breaks the 1st support zone, new trading opportunities should be at 10000.00 level.
This is desperate idea for wanting to go long. There really is no good long trade right now.
Cradlethebomb
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@TheChasm, nope, but 10k level will create sideways up and down. Bears will be riding on the bulls backs. Have you ever seen those videos of Grizzly attacks? For a bull to survive that, it would have to be able to run really fast. ;)
nginx
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@TheChasm, He did say to wait for the break above the downtrend line and not enter now. It's clear from the chart that the support zone at 11.7k is still holding which means formation of a higher high from this bounce point would signal a bullish shift in momentum. Alternatively, a descending triangle could form with the failure to break the downtrend line. We have to keep both options open and trade accordingly.
TheChasm
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@nginx, Yeah I can read the chart. Even if we break above I wouldn't trade it. It's a bad trade. So many better trades in altcoins available. Stay away from Bitcoin scalping.
mkhaytman
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@DLavrov, I've noticed we are locked in to the same pattern as bear market from this past June. Please have a look at my idea:
Do you think it's reasonable or normal for btc to follow such a close pattern? Am I imagining it? Thank you as always!
@mkhaytman, Nice analysis. Actually slot of patterns resemble the past this year. Even the Ripple pump and BTC dropping in dominance. If anything we could see a huge run up in ETH when the Proof of Stake hype settles in. I'm not loading up just yet, since it would be better to have low valuations on January 1 in terms of taxes.
Heinzz
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@DLavrov Why are you willing to risk buying at $15,300 with a stop at $11,500? That's a 24.83% loss if the market went against you. Protecting your money is the most basic rule in trading. While I know trading cryptos requires a bigger stop loss than trading in the stock markets, but being willing to take a 25% loss seems like a bad idea to me.
Derium
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I hate how big of price differences there are on exchanges. Because since I'm so use to using coinbase, I have literally no idea what "$15,300" is on coinbase, it could be $14,700 to $16,300. How do people not exploit this by buying in on the low exchange, sending it to a higher priced one, rinse and repeat? The only reason I haven't tried that is because I'd assume if it was just that simple, almost everyone would be doing/talking about it.
mkhaytman
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@Derium, it's called arbitrage trading, there's definitely even bots out there that can do this for you. Usually you have to account for all the various fees to move and trade coins between exchanges, but I agree there must be people making a killing right now if they're set up to trade on multiple exchanges.