BTCCNY: Resuming the monthly uptrend? - Minimal downside risk
Updated
Bitcoin has been in a monthly uptrend for some time, but still hasn't reached the target.
Currently the weekly chart had given signs of a potential decline, but said decline is now failing to confirm the downside, giving way to a potential long trade.
I'll be looking to enter longs by the weekly close, aiming for a 58% to 100% upside, risking more or less 20% from my entry. Currently there is a possibility to trigger a weekly time at mode uptrend continuation signal, which would suggest price could reach 3720, or even 5097 in 9 weeks or less.
My group will be entering this and the potential uptrend continuation trades today, and we will continue to exploit this juncture if we get confirmation of monthly uptrend resumption. Currently, price has to move above 2955 to give way for further upside, but I think it's highly likely that this happens in the near short term.
For more information on joining my private trading group or if interested in mentoring, contact me via pm here, skype or QQ.
Good luck!
Ivan Labrie.
Currently the weekly chart had given signs of a potential decline, but said decline is now failing to confirm the downside, giving way to a potential long trade.
I'll be looking to enter longs by the weekly close, aiming for a 58% to 100% upside, risking more or less 20% from my entry. Currently there is a possibility to trigger a weekly time at mode uptrend continuation signal, which would suggest price could reach 3720, or even 5097 in 9 weeks or less.
My group will be entering this and the potential uptrend continuation trades today, and we will continue to exploit this juncture if we get confirmation of monthly uptrend resumption. Currently, price has to move above 2955 to give way for further upside, but I think it's highly likely that this happens in the near short term.
For more information on joining my private trading group or if interested in mentoring, contact me via pm here, skype or QQ.
Good luck!
Ivan Labrie.
Note
We're now above the mode, good progress. I'll add once we get more signs of strength.Note
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Excellent progress!
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It's on!
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I have bought 5% of capital at 2543, and 15% more at 2714.Note
2955 is really close, if crossed above and we see a weekly close over that, we can start considering the monthly uptrend is still in play, and aiming for 5000+.Note
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Momentum validated in the daily, let's see if we hit the monthly targets on time.
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Good progress in Rgmov, in all but Kraken.
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After February's close, we will have a new 12 monthly mode, higher, which indicates an uptrend's forming.I'm expecting more rallying to come next week.
Holding positions.
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Closing the week up would be very nice for BTC.Note
Note that we hit the 'top target for the recent uptrend leg' and retraced, right after the projected time duration for the rally ended (see green box).Then we retraced, and are ready to launch into a new rally soon.
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