Long

What to do about Bitcoin

Updated

I'm publishing this idea not to set up a trade but rather I'm going to do some market analysis for the next while.

I have been off with my readings with bitcoin - there has been some bear and bull traps over the last few days.
Normally when I'm not trading well, I reduce my position size and I try to get in sync with the markets again through analysis.

This idea is to record my analyses.

I just quickly put together the next patter that seems to be showing itself. More to comment tomorrow, it's just late at night and work was busy - I want to start with a fresh mind tomorrow :D

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this is also another possibility.

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We experienced a DEEP pullback from the breakout of the daily wedge (in orange).
This has not been violated - this is short term bullish.

BTC looks like it's forming a triangle.

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note that if this triangle breaks in the down side, i can see a big drop.

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A ton of buyers were waiting to buy that breakout of the triangle. We extremely likely to keep going up. Buy the dip on this break

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the breakout looks healthy so far.

look to buy in the lower range of the structure.

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If you entered at the price above around the 7600 to 7700 area this is a good time to take some profits. There is a h&s in the hourly.

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still bullish as long as we stay above the blue support area.

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sell if it breaks the upper structure

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hope you guys sold when this structure broke

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