Don't FOMO into BUYING BTC right now!
Updated
Don't FOMO in right now! We have had a clear break of this neckline at this 8.9-9k area. Now BTC is coming back up to this RESISTANCE POINT and should move down again. Even though MACD is crossing up on this 6hr and 4 hr keep in mind they are both in NEGATIVE territory. MACD on the Daily has crossed DOWN. The weekly is still moving DOWN.
The way I trade is looking for something I don't have to stress about and has a really high probability of bouncing at least 10-15% for a SWING play. Which is why I like the 7k area, if it hits there it should bounce to 8k or maybe higher.
Here are some higher risk trades you can look for:
SHORT at 8.9k-9k for a move down to 8k. (I will not be shorting it with the conference thing coming up next week)
BUY at 8k for a bounce to 8.4k
Things to be mindful of:
IF we break above 9k SIGNIFICANTLY, we will want to watch for a further move up.
IF we go sideways from here OR start moving down, it's just a matter of it continuing.
Happy Trading,
-Sherem
The way I trade is looking for something I don't have to stress about and has a really high probability of bouncing at least 10-15% for a SWING play. Which is why I like the 7k area, if it hits there it should bounce to 8k or maybe higher.
Here are some higher risk trades you can look for:
SHORT at 8.9k-9k for a move down to 8k. (I will not be shorting it with the conference thing coming up next week)
BUY at 8k for a bounce to 8.4k
Things to be mindful of:
IF we break above 9k SIGNIFICANTLY, we will want to watch for a further move up.
IF we go sideways from here OR start moving down, it's just a matter of it continuing.
Happy Trading,
-Sherem
Note
Well BTC dashed any hopes of an ascending triangle formation very quickly with this last move down. I will NOT be taking the high risk trade at 8k i mentioned, if it goes there it could happen while I sleep and since it's higher risk, I don't want to have to deal with it! Plus if we break 8300, a continuation move of the distance of the channel is likely, so we could go to 7800. Note
For anyone just coming here, my target is 7k, here is my other idea where I started targetting that area - 
Note
Really interesting price movement this morning... It's hard to say whether this is sustained buying like some fund, or short squeeze. I really don't like playing a breakout call with this type of whip saw price action, but if it does break up, we want to wait for confirmation of a breakout of this neckline. CRITICAL we wait for confirmation. We have a trendline, resistance point and these recent highs all converging right here. Plus with the whip saw action we don't want to get ahead of ourselves.
Note
What caused most of this crazy movement. Looks like it was this: reuters.com/article/new-york-cryptocurrency-gemini-winklevos/new-york-lets-winklevoss-firm-offer-new-cryptocurrency-services-idUSL2N1SL0NQZCash on gemini. Private coin on a regulated market, kinda defeats the purpose of a private coin doesn't it? Hmmmmm....
Note
Chart update: 
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