Looking at BTC's previous corrections from all time highs, it usually takes around 72 hours for the correction to end and a bounce / market switch to set in. In this case, 72 hours from now will be Monday morning in Shanghai. So let's see if time frames can be of any help in BTC. Will update on entry and stop if I do go in.
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18h left til market switch
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Double bottom at 6450, if it breaks we could be heading down to 6kNote
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There it goes. Now waiting for 5900-6000 to buyNote
Patiently waiting on this, entry at 5930-6000 area, stop at 5832Note
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Edging closer and closerNote
bounce and retesting 6450'sshould be a bit of resistance here, and then down to our entry - we hope
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If we head above 6550, we might have to re think getting in at 6k. We're still okay now, price is currently 6430Note
there's the 6450 resistance after the restestNote
Price came a lot lower than expected, did not open the tradeNote
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So, in conclusion, our time analysis was correct, the only problem was, the buy area was set too tight. With less leverage, a wider stop, and more patience when scaling into the position, this trade would have done well. Until next time
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waited on the pullback after the bounce, got in a small position around 6040stop at 5982, if we break into the 5900's again i believe we're heading back to 5k. Im intending for 6k support to hold here
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situation on BitMexNote
Hoping to hold 6k support here until Asia wakes up in ~4 hours
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Stopped out minutes later. These guys are market dumping hard. Good luck out thereNote
At least the time analysis worked, even though I missed the dipsNote
wow, looser stop next time. Would have been an epic ride from 5800 to hereNote
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.