1. We're about to see a reversal pattern today. It should print in the next 5-7 hours. Price should retest the high at 17200. 2. Price should then fall to the 61.8% retracement of the bullish part of the correction. 3. Look for a reversal pattern at this level. 4. Price rises to 21300 (inverse fib -0.618). People who bought at December's peak should be happy. They can actually get out for a profit if this plays out. 5. Look for a reversal pattern here. 6. Price falls to an old support line at exactly 5000. 7. Buy as much as your risk tolerance allows.
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P.S. Trading isn't a get rich scheme. It shouldn't be treated as a casino. It should entail proper risk and money management. It also requires you to be adaptable. If you're not comfortable that your trade will be profitable, exit, take a small loss if required and wait for more confirmation. Follow my charts at your own risk. I may change my mind as more "information" becomes available. If you make money with my ideas, feel free to send me a tip, then PM me so I can thank you. Good luck.
BTC: 1YFdkAdhnFhbjvjAJzUHvsgGGknJ4KuEo
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The pattern forming at this top green line is bullish. The likely reason for this is price wants to invalidate the line by closing above it.
The question now is will price reverse after just closing above it slightly or will it continue upwards up until 18K or even 19K.
Still waiting for more information.
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Price looks like its reversing as originally planned. It did take it's time up there which made me question my reversal idea, which is not actually a bad thing. It's always good to consider alternate scenarios.
Question now is where do is it fall too.
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does*
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So my initial short was placed at 16791. I'm now looking for second entry on this pullback.
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However if price pulls back to above 16700, I will strongly consider closing my first position and re-evaluating.
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Short Entry #2 at 16350.
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Trade 1 Closed: +783 Trade 2 Closed: +343
Price does look like it can reverse so I decided to bank the profits and hit the sack. Will find a new entry tomorrow.
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Looking for a reversal pattern to indicate a pullback probably to around 16000.
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Got in late - Short Entry #3 14905. Target 14655
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Short Entry #4 14733.
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Both Targets moved to 14000
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Both targets reached.
Trade 3 Closed: +905 Trade 4 Closed: +733
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Long Entry #1 4744 - Target 16000
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14744*
It does look like there could be a pullback to 16000 and if so this would be a great place to short. We'll see.
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Two options here - back up to 16000 or continue down to 13400. I may close out Long position for a loss and wait for more information. Not sure.
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Quite premature on my long entry. Should have got in lower at 14200-14400, but was taking a nap. Nearly got stopped out, but if price continues back above 15000, we should be okay for 16000 target.
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Not happy with the Long trade and closed it a small loss. Where as there is a screwed up reversal pattern there, I would have liked price to close below 14000 on the hourly, that hasn't happened. I'm going to wait for more confirmation.
Long #1 Closed: -177
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Long #2 Entry: 14900. Target 16000.
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Received a signal that price could reverse.
Long Trade #2 closed: -262
No more trades unless BTC hits 16000 or 13250
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I'm not trading this but it looks like it's going to fall to 13300.
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Someone gave me the idea that price could fall from here down to $5-7K instead of going back up to 20K+. I think it's definitely possible. So if a reversal pattern prints, we need to carefully observe that it is definitely a reversal and not a fake reversal/continuation.
Honestly, I am thinking of the same thing....Double top pattern is no joke. Its about to be interesting. Do you think this time the whole market will correct or just BTC?
CptGucci
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I saw that pattern just now. Im trying to see someone saw that too.
kaimay
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so far bouncing down off the trend line perfectly...