I will be placing buys for a leverage long position to add on to some of my previous positions. I have staggered orders throughout the pink box shown above, ($14,000-$14,750) BITFINEX:BTCUSDMy stop loss is set at the bottom of the hourly below the Ichimoku Cloud Senkou Span ($13,200)
4 Hour Bitfinex BITFINEX:BTCUSD shows plenty of range to enter into this position, the orange Tenkan-sen (Conversion Line) has crossed bullish over the pink Kijun-sen (Base Line)
4 Hour Bitstamp BITSTAMP:BTCUSD is on a bit of a different wave length riding very low on the cloud, as long as we don't fall below the orange Tenkan-sen (Conversion Line) I will remain in my position.
I am setting such a broad range and loose stop loss because I expect a bit of volatility before we rally out of this. I am an extremely risk-averse trader so if you are not I recommend patience on this trade as some of the higher time frames have not entirely confirmed the timing on this position.
Still a healthy range on the weekly for downward movement, $10,500 is actually still a healthy point for Bitcoin BITSTAMP:BTCUSD regardless of what other parabolic trend twitter celebrities believe. I don't expect anything near that as I have always said we will stay above 10k once we cross solidly. We will not break a trend that is over 2 years old when BTC is at a moment of euphoria with market sentiment. traders that think otherwise don't quite understand the type of analysis needed for these new markets.
Once our rally begins and crosses $20,000 BITFINEX:BTCUSD I expect the FOMO from institutions and general public to push this in a rapid rally to the top price point shown on the weekly.
Remember ₿ITCOIN is still king. Don't doubt it.
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Where you patient? Did you fill in the range above? I hope so.... Moving my stop loss up into profits, then riding this long for a while.
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Second position for a bounce is 15300 (Senkou) if Tenkan-sen (orange conversion line) doesnt hold
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Watching volume here as we approach the hourly conversion, we have almost completed a 1-9 td on the hourly generally signaling a trend reversal on the downward trend, there are few mixed signals showing but as we approach resistance once again volume will be my go to indicator.
Thank you! By the way, do you mean you are a risk averse trader or you are a risk-taking trader?
Nick_Core
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@cupfish, oops good catch, I started a sentence and then changed the way I worded it without deleting that. I meant a risky trader. Thank you
cupfish
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@crypto_core, No worries, I just wanted to make sure I was on the same page as you. Thank you for sharing the idea! 20K and beyond here we come!
Ecua_Trader
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Got rekt lol
CholericApricot
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@ChartsOnTime, lol... YEAH..
didnt he say in 2019 that he predicted (back in 2017) 20K target :-D...? Because going through his old trading view stuff it really doesnt look so... THe BTC corrected 50% to 10K and he was still bullish... lol...
cupfish
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Hey do you mind sharing your Ichi Cloud settings? Thank you!