**UPDATE** - It's already broken the support line and I've gone short. Everything written below is now just background information.
The line I identified in my previous idea has now been conquered by the bears. This is the new support line, and it's firm enough to offer possible low-risk entries to the long or short sides.
I've extended the pattern, showing how it might 'coil up' like a spring, ready to explode. Of course, we don't know whether the pattern really will extend that far. We have to be prepared for the price to possibly breakout to the up or downside earlier than I've indicated.
The support line was created after the successful run-up to 11200 on June 22nd. The price found strong buying pressure just below this level, and the bulls are still defending this area, but the bears are attempting again and again to break through. They may well succeed in which case I will attempt a short-sell, but if they fail and the price breaks out of the pattern I will attempt to establish a long position instead. Either way, this could be a good trading opportunity.
The line I identified in my previous idea has now been conquered by the bears. This is the new support line, and it's firm enough to offer possible low-risk entries to the long or short sides.
I've extended the pattern, showing how it might 'coil up' like a spring, ready to explode. Of course, we don't know whether the pattern really will extend that far. We have to be prepared for the price to possibly breakout to the up or downside earlier than I've indicated.
The support line was created after the successful run-up to 11200 on June 22nd. The price found strong buying pressure just below this level, and the bulls are still defending this area, but the bears are attempting again and again to break through. They may well succeed in which case I will attempt a short-sell, but if they fail and the price breaks out of the pattern I will attempt to establish a long position instead. Either way, this could be a good trading opportunity.
Note
Everything is awesome.Note
Everything is even more awesome.Trade closed manually
The price bounced off 10,000 so I decided to close my short and take the large profit. There may still be further to fall before this downward trend is over, so I will consider shorting opportunities if/when they arise.Trade active
I reopened my short at about 10,200. This may have further to fall...Trade closed manually
Aaaaand closed it again at the same level. No profit, no loss. C'est la vie.I still have my big profit from my short earlier today though, so that's nice then.
THE CRYPTO TRADER: How anyone can make money trading Bitcoin and other cryptocurrencies
Published by Harriman House.
This link should take you to your local Amazon site.
getbook.at/TheCryptoTrader
Published by Harriman House.
This link should take you to your local Amazon site.
getbook.at/TheCryptoTrader
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.
THE CRYPTO TRADER: How anyone can make money trading Bitcoin and other cryptocurrencies
Published by Harriman House.
This link should take you to your local Amazon site.
getbook.at/TheCryptoTrader
Published by Harriman House.
This link should take you to your local Amazon site.
getbook.at/TheCryptoTrader
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.