Looking at the grid.. seems it unless it fails to shoulder, we have about 48 hours to go before we can make any solid suppositions about what will happen .. will it turn into a bull flag or crash?
Guess I'll set my stop loss 50 bones below my open and assume if it triggers the market is going to flip.
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Today racked up a solid reversal HA candle on the 1D chart.. I think that spells doom on a Monday.
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6612.7 it is.
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Took profits & re-positioned, next target 9450.
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Here comes the next level up!
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Danger time! BTC chewing at the 200 MA, cracking it could crack a whale sale back to the 50 MA! Set your stop loss below it if you have the margin and balls of steel, or high & tight if not. But don't keep opening bad trades! Wait until the order book is clear on one side or the other!!
Im confused, you were stating mass destruction of entire market place few days ago but only seeing some selling in equities. Now your bullish instead of bearish short term?
lazytrade
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@Cedgyman, Trends change, providing new evidence. BTC almost collapsed and was saved by exchanges raping their customers. It is not out of the woods until it closes 3 days at least above the 200 MA.
So yes, in the short term, I am swing trading the trend. Swing traders go with the market and it was definitely bear territory last week.
IF the alt coins had not pumped so hard, BTC would have collapsed while battling this 200 MA.. but bringing them all down with it since they were all just barely crossing theirs. However, since BTC has been able to survive long enough for the alts to secure themselves - they will provide BTC & ETH the crutches they both desperately need right now.
So.. until about May 15.. I'll be with the bulls, mostly.
Good inquiry.
Cedgyman
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@arthax0r, thanks for the great follow-up!
lazytrade
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EOBD bull run! Purchase target moved up to 9400!
lazytrade
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Tango down. Next buy target 9350, take profit target 6500!