Posted this on my other STIA trading account, but need to move over to this one for the long term.
Nice pattern formation. Lines up with the resistance points from the IH&S of January's big dump and recovery.
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After a bit of chop, it seems the price is ready to continue on upward. Once the 4h SAR's are broken, there shouldn't be much resistance to stop further climbs to the next target of 1120.
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A close outside the 4h bands will happen in a few minutes. From there the next point of resistance will be 1120, followed by the 1150-1170 area over the next few days.
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Updated chart:
Wouldn't short it just yet though, momentum on the daily view has just turned green and I think that will push us on to 1200-1250.
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If you look on the 1 day view, the BB is close and if we close on a daily candle outside the bands... we will probably go to new all time highs.
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This trade has been going well, though I think we are looking quite bullish and the 1D candle is going to close outside of the bollinger bands potentially even tomorrow. This would break the H&S pattern which I've drawn up, and will set us up for a big bull run that makes new all time highs. Keep an eye on it. If the 4h SARs switch on Bitfinex we will go down to 1030-1040.
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4h SAR swapped, we should be going down to about 1030 Finex now, assuming it plays out. Momentum needs to turn red and then reset before heading back up, on both 2h and 4h time frames.
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Target 1030 finex. Pink line only a rough indication of the path we will follow.
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Closed my short off once I realised this thing was turning around, just before the daily candle closed. Subsequently went long at 1090 OkCoin Quarterlies and now waiting for the pump up which leads to a close outside the 1D bands; locking in a bull run that will hopefully take us up to 1250 and new ATH's.
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Nearly at the top.
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SegWit activation on Litecoin pulled everyone over and I closed my trade. This is pretty done and we are in for a drop unless it miraculously bounces off the finex neckline.
Looks like we hit the top of this triangle we are in and have bounced back. I took profit near the top, shorted, and am now looking for a lower support to close and go back in long.
Looks like we hit the top of this triangle we are in and have bounced back. I took profit near the top, shorted, and am now looking for a lower support to close and go back in long.