MarcPMarkets
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BTCUSD: Bullish Engulfing Candle Confirms Long Trigger.

BITFINEX:BTCUSD   Bitcoin / Đô la
BTCUSD             update: Higher low is established off of the 8271 level which was basically the reaction I was anticipating off of the 8412 support. With the outside bar on the 12 hour, this market has triggered a swing trade long signal which is now in play.

In previous reports, I have been writing about the 8412 support level (.382 of recent bullish structure). This was the area to look for a bullish reversal pattern which appeared today which is the bullish engulfing candle also known as an outside bar. 8721 was the trigger, and I missed this entry because I was in the middle of a live presentation in the Lakewood Ranch area of Florida (What a great audience). There is still a chance to get long, but I will include the trade details on this report but on the SC             site.

With that being said, as far as the potential goes, the first resistance that this market needs to take out in order to prove that the buyers are back in control is the 9414 level which is a minor reversal zone boundary relevant to the 9177 peak. IF this market is going to produce a false breakout, that area is the most likely location which means prices above the 9177 peak are not the best place to initiate new positions.

IF price can break above 9177 and close strong, that would open the door to the 9998 to 10696 resistance zone (.618 area relevant to the recent bearish structure). That is a good idea to consider locking in some profits, especially for people holding inventory from much lower prices.

In summary, my goal for this brief report is to offer a heads up that a trade trigger has gone off and even if you missed it like me, there is still opportunity for those who understand how to quantify the risk at this level, especially for a swing trade. Check out SC             for more on this.

Special Thank You to the participants of the Lakewood meetup earlier today. And very special thanks to @Troybrave and his friends for the warm welcome and the extremely generous gift. I was overwhelmed with the warmth and reception of this audience.



Marc Principato, CMT |Author: Analyze Any Financial Market Like The Pros Using Price Action| http://www.Priceactiontraders.net | Cofounder http://www.seekingcryptos.com (S.C.)





How about a BTC price that is stable, traded side way, no big pump or dump.. Just like a major fiat currency. BTC growth slowly as total market cap increase and more fiat capital flowing into crypto...That way altcoins can be traded at it's own value in stead of swing with BTC up and down... Let pick a price! I suggest 15%-20% above fair value of BTC price publish at alfaquotes.com
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EW failure again? BTC going back to the choppy trade side way for rest of the day/night, eventurely consolidation to $8704. The final moment of true will be decided there with a big break up/down move. I hope it's break to the up side. From there on we will have a complete reborn BTC with a new life cycle. If break to the down side, we will have to retest $8200, $7200 or $6600..

Break out time 10-12 hrs from now!
This is not a financial advice... It purely a magic ball prediction.
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Out of curiosity, how do you get your charts to look like this? I'm a newb to TA and TV, so I'm curious if you could help me out!
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ertha013 mc_peewee
@mc_peewee, go to big cog on the top left, select 'style' tab. All customization on chart appearances should be there.
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What is SC?
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Narrowing of the triangle
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@MarcPMarkets Great to see ya my friend! The confirmation we were looking for.
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Thanks for your analysis. What presentation were you giving (if you don't mind me asking!)?
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satertrading JoshThomas04
@JoshThomas04, MarcP and Goldbug1 spoke at a crypto meetup in Florida yesterday. I have been told that an audio of it will be available on http://www.seekingcryptos.com.
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@MarcPMarkets why not just enter at 8.9, if not from 8.7k? still 500 profit at worst right? Also the SC link isn't taking us to a site.
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