A short-term long looking for a repetitive pattern. We are looking for buying target (green label), were price should rebound on 34 EMA & trendline , while RSI should retest new low. Our targets are red-labeled and are not a "hard number", and should be adjusted to market conditions, same for buying point. Stoploss under trend line , not too tight.
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Buying targets reached. I'm trading this in bitfinex and okcoin quarterlies. buying points: okcoin futures: 980. Margin x4. Stop loss ~955 (potential loss ~10%). Take profit 1050 and 1100 (potential profit ~40%). bitfinex: 935. Margin x2. No stop loss (just added to my core long), at least not a short-term stop-loss. Take profit 1020 and 1040 (potential profit ~20%)
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This charting nailed it so far.
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Another chart in different timeframe with more similarities to prior shakeout+breakout (those not signaled in the above chart)
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Target 1 reached in okcoin quarterlies. 50% of position closed at 1050 (+28% profit)
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Playing out great, we need one more push up to reach all targets.
Check this rsi analysis. Daily candles. I labeled prices of bitcoin on each significant point.
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Added stops on profits okcoin quarterlies: 1035 (~5% higher than buying point, 20% profit after margin) bitfinex: 980 (~5% higher than buying point, 10% profit after margin)
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Target 1 in bitfinex reached. 50% of position closed at 1020.
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Target reached in okcoin, closed manually in bitfinex.