- Chart starts from JUNE 02 2017
3 Fib retracements
Moving Average 30,60,120
In order to know where something is going you need to know where it came from. So here goes....
Time Line -
08/05/17 - Initial Breakout Took 26 Days & Gained 68% In Value
09/02/17 - Chine Released FUD Causing Market To Reject High's And Rebound Back For A Retest Of The Lows
09/15/17 - Bitcoin Found Support @ Moving Average 120 ($3,200) Divergence & Continuation Back To The Highs
10/12/17 - 27 Days To Reach The Target Of $5,000 Steadily Following The MA60
10/13/17 - Breakout Of $5,000
11/05/17 - 24 Days & 51% Increase To The $7,600 Highs
11/07/17 - In Anticipation Of BTC Split Segwit2x Hardfork Market Continues In An Uptrend
11/08/17 - Segwit2x Hardfork Canceled Market Spikes To $7,800 Then Selloff lasted 4 days
Now, Here is where something interesting happened. The market has left a gap between previous break out of $5,000 and in any healthy market its always good for these levels to be revisited prior to moving higher. Reason for this is that if and when these levels get retested it leaves a potential break down below these levels, and since charts go in waves it may be a similar correction into the downside. This may or may not send us into a bear trend for a few months. and a possible long term until the market is able to revisits the highs again.
Now My Trading View At The Current Moment 11/22/17 -> I am currently bitcoin and full disclosure I am currently only holding core positions and trading only intra-day or daily. My initial short was after Segwit2x news @ $7,400 and I covered at the break of $6000 which was a 3 day 20% profit trade with very little risk. I then flipped sides and took BTC long from $5,500 and partialed out @ $7000.
Current Trading Plan - BE Advised This trading plan may be a bit late to enter
These trades are potentially supposed to call where BTC is topping out and reverse to retest the purple .
Trade #1 Circle ( Yellow )
50-60% Increase From The Previous Low (Considering this is a newly formed breakout)
Stop Loss Should Be Below $5k (Potential $500 Loss per coin)
Partial Target Should Be @ $7,800 (Potential $2000+ profit per coin)
Potential Re-Entry @ The Break Of $8,000
Target Anywhere Between $8,800 - Break Of $9k Sell @ First Sign Of Reversal
Trade #2 Circle ( Orange )
In the case that we calculate the new "Breakout" Not from My Entry Levels of $5,500 but from the level of $7,800 (previous breakout)
Which In My opinion is not the correct place to calculate this new breakout. But as i like to say opinions are like assholes... anyway you get the point.
Trade plan #2 will top us out at somewhere above $10,000
Partial Target @ $10,000
Target Between $11,000-$11,500
Now, Here is the juice -> Juice -> Juice
Within the next two days we should have what we call a 'Count down sell signal'
This means that there will be a potential 4-9 day pull back after this signal. And we are only a few days out.
TRADE - SHORT
Short BTC - At The Break Of $8,000
STOP LOSS -> $8,500
For questions, comments or concerns please feel free to drop notes. I will update the chart as we go.
Thank you for following.