Longs Triggered @ Short Target 3 of $6,550 at midnight the night of 11/24/2019.
s3.amazonaws.com/tradingview/snapshots/b/BH0o7bUh.png
My initial short targets were based on the 50, 100, and 200 EMA's and although they have changed since my original call back in July; we have (locally) bottomed within $20 of my $6,550 final short target.
(Link to previous Bitcoin Short Idea 14k -> 6.5k: tradingview.com/chart/BTCUSD/y8jvIaS3-Bitcoin-Short-to-50-100-and-200-EMA/)
My new initial targets for this long based on trend lines in the chart given are:
Target 1: Target 2: Target 3:
~$7,100 ~$7,700 ~$8,250
We have already gained +11% and reached Target 1 in less than 12 hours on this move! Although it could continue to rally in the coming hours; I have just taken profit on the majority of my margin longs from $6,500-$6,600 @ $7,200-$7,300 before writing this and am on the side lines awaiting a potential short-term retrace in the coming hours to get back in. The Daily Tenkan is marked in orange and Kijun in white on my chart; with the Kijun sitting right around ~$8,000 at the time of writing 11/25/2019. In my experience
BTC tends to fairly dependably come back and touch the Daily Kijun.
Best of luck and happy trading!
Meteorite777
s3.amazonaws.com/tradingview/snapshots/b/BH0o7bUh.png
My initial short targets were based on the 50, 100, and 200 EMA's and although they have changed since my original call back in July; we have (locally) bottomed within $20 of my $6,550 final short target.
(Link to previous Bitcoin Short Idea 14k -> 6.5k: tradingview.com/chart/BTCUSD/y8jvIaS3-Bitcoin-Short-to-50-100-and-200-EMA/)
My new initial targets for this long based on trend lines in the chart given are:
Target 1: Target 2: Target 3:
~$7,100 ~$7,700 ~$8,250
We have already gained +11% and reached Target 1 in less than 12 hours on this move! Although it could continue to rally in the coming hours; I have just taken profit on the majority of my margin longs from $6,500-$6,600 @ $7,200-$7,300 before writing this and am on the side lines awaiting a potential short-term retrace in the coming hours to get back in. The Daily Tenkan is marked in orange and Kijun in white on my chart; with the Kijun sitting right around ~$8,000 at the time of writing 11/25/2019. In my experience
BTC tends to fairly dependably come back and touch the Daily Kijun.Best of luck and happy trading!
Meteorite777
Trade closed manually
Target 2 of $7,700 reached! s3.amazonaws.com/tradingview/snapshots/z/ZYqGKCcb.png
We came to a high of $7,870 on Coinbase; just a bit over my T2 target of $7,700 and just shy my Daily Kijun call which sat at $7,997.
Either way if you followed my long call and took proportionate profits at T1 and T2 with healthy stops you should have made out with a healthy ~4.5-17.5% profit (depending on whether you entered $6,550 or $6,800 and whether you exited $7,100 or $7,700).
It seems Bitcoin is attempting to print a head and shoulders reversal pattern to the upside on the hourly chart. We have broken out on this rally to $7,700 and this fall to $7,250 would be the attempt at re-testing the neckline and downtrend lines we broke out from.
I will look to re-enter a small to medium sized long on these areas of support potentially with a pretty tight stops if it breaks below this range.
Best of luck and happy trading!
-Meteorite777
Note
s3.amazonaws.com/tradingview/snapshots/j/Jh2mrynH.pngWe peaked @ $7,870 on Nov 30th when I closed the trade manually; however failed to actually touch the Daily Kijun at that time.
In post-mortem; we tapped the Daily Kijun in white (~$7,600) on December 9th and proceeded to fall sharply shortly after.
Current price resides at $6,700. I would place bids at the bottom of this channel in the $6,000-$6,300 for the short-term relief rally.
Trade closed manually
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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.