BTCCNY: Potential rally to emerge from here
Updated
Using the 1h chart we can study the downtrend's progress here on the recent pullback in BTCCNY. After rebounding from support, and having a strong rally, we started to pull back and dipped below the uptrend mode. This could be bearish if we don't go back above that level around 4300 soon.
The 1h chart gives me some reassurance because we have hit the bottom target of the last 'Time at mode' signal on chart, and it seems that this is the timeframe in control of these developments.
After the target is hit, we can expect price to go back to the mode at 4303, which could lead to a resumption of the uptrend from June 23rd's low.
I'm long from 4100 here, contemplating 14% downside risk, but mostly, not willing to hold short term positions if we get a new low here. I'm aiming for at least 4885 in the near short term.
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Cheers!
Ivan Labrie
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We discuss setups like this often there. Feel free to stop by and subscribe to his indicator pack. If you have any questions ask.
Risk disclaimer: My analysis is provided as general market commentary and does not constitute investment advice. I will not accept liability for any loss or damage including, without limitation, to any loss of profit which may arise directly or indirectly from use of or reliance on such information.
The 1h chart gives me some reassurance because we have hit the bottom target of the last 'Time at mode' signal on chart, and it seems that this is the timeframe in control of these developments.
After the target is hit, we can expect price to go back to the mode at 4303, which could lead to a resumption of the uptrend from June 23rd's low.
I'm long from 4100 here, contemplating 14% downside risk, but mostly, not willing to hold short term positions if we get a new low here. I'm aiming for at least 4885 in the near short term.
Check out my updated track record here: pastebin.com/6CyyqnPT
If interested in my trading signals, or in personal tuition, contact me privately. I'm offering a considerable discount on a packaged course which includes access to my private trading signals list for a year.
Cheers!
Ivan Labrie
Link to Tim West's chatroom: tradingview.com/chat/
We discuss setups like this often there. Feel free to stop by and subscribe to his indicator pack. If you have any questions ask.
Risk disclaimer: My analysis is provided as general market commentary and does not constitute investment advice. I will not accept liability for any loss or damage including, without limitation, to any loss of profit which may arise directly or indirectly from use of or reliance on such information.
Note
Downtrend time expired. Once price moves back above 4144 it will have bigger odds of going up. BTC tends to do these 'double bottom' like type situations where it breaks down before breaking out of the accumulation levels with force.Note
Note
Downtrend mode retested as expected...now if we break up with conviction we might resume the rally in the 4h/daily timeframe, target would be around 4885.Note
Retail traders might be selling after we 'double topped' against the high volume level I labeled on chart. We're approaching the recent uptrend mode again, so we should see support at 4125 to remain bullish.Note
Support apparently found: You may add to longs and trail your stop loss up a bit.
Note
Excellent progress, bulls are clearly involved.Note
There's limited time to hit 4482, if it doesn't, we'll see a minor retracement.
4h chart has a potential signal to be confirmed after the next 4h close.
Note
Target 4887.60
Note
The uptrend has a good pace. Holding long positions for now.Note
We're hitting a weekly resistance here. Once above, we could see BTC rally to retest the highs.
For now, I'm conservative on this long position. You can either trim your position, or trail your stop up to 4200 or so.
Note
Continued in the new thread...but, check the level here, and the original entry:'Once above we can trend up again', and see the relevance of that technical level.
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