BTCUSD correction called ended - 7,267.24
Hi everyone, I have been away from the desk for few days and will be for few more days, so it is difficult to post the charts at the moment.
However, 7,618.63-7,389.39 was given few days back and we have a reaction. Will it be sufficient, market will tell.
Meanwhile, I got long at 7,380 on the break below purple -3- to get the 5th leg. Stop is still below 7,000. Hope this time is the right.
This is the 4th swing trades taken in the past 3 months, 2 winners and 2 stopped out break even.
While a marginal new low cannot be ruled out just yet (and cycle from 8,590.00 and 9,948.98 would be still ongoing), we should now see higher for at least a 3 waves bounce (protect position above 8,000 mark).
Target will be 11,473.15 (4h target) and 12,286.44 (daily target) - weekly target is 25,586.71 but timeline is a bit far for my trading style as market is not going in a straight line.
Invalidation level to the downside in the very short term is 8,590.00 true level remains 9,948.98 in 1h (I did not buy a bullish sequence in the 1h but the extension in the 4h setup).
Every week, for one particular cryptocurrency, in addition to the charts that I upload on TradingView, I will put the full comments and trade setup for different time frames:
- Daily on Sunday,
- 4h once a day during Asia session and
- 1h twice a day in Asia (post US) and Europe sessions.
No crypto of the week for this week and next week - will resume on 01/06/2018
Disclaimer:
This content is provided for educational purposes only. The Trader's Corner is not registered as an investment adviser and the information shared on the website or any other medium is not meant to be a solicitation or recommendation to buy/sell any instrument. Any trades placed based on our content are at the own risk of the viewer. Trading include risks and loss of capital. Future trading results can never be guaranteed.
However, 7,618.63-7,389.39 was given few days back and we have a reaction. Will it be sufficient, market will tell.
Meanwhile, I got long at 7,380 on the break below purple -3- to get the 5th leg. Stop is still below 7,000. Hope this time is the right.
This is the 4th swing trades taken in the past 3 months, 2 winners and 2 stopped out break even.
While a marginal new low cannot be ruled out just yet (and cycle from 8,590.00 and 9,948.98 would be still ongoing), we should now see higher for at least a 3 waves bounce (protect position above 8,000 mark).
Target will be 11,473.15 (4h target) and 12,286.44 (daily target) - weekly target is 25,586.71 but timeline is a bit far for my trading style as market is not going in a straight line.
Invalidation level to the downside in the very short term is 8,590.00 true level remains 9,948.98 in 1h (I did not buy a bullish sequence in the 1h but the extension in the 4h setup).
Every week, for one particular cryptocurrency, in addition to the charts that I upload on TradingView, I will put the full comments and trade setup for different time frames:
- Daily on Sunday,
- 4h once a day during Asia session and
- 1h twice a day in Asia (post US) and Europe sessions.
No crypto of the week for this week and next week - will resume on 01/06/2018
Disclaimer:
This content is provided for educational purposes only. The Trader's Corner is not registered as an investment adviser and the information shared on the website or any other medium is not meant to be a solicitation or recommendation to buy/sell any instrument. Any trades placed based on our content are at the own risk of the viewer. Trading include risks and loss of capital. Future trading results can never be guaranteed.
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