Dump Aint Over, Where Next Bounce?
Updated
Whoa!
My stop got hit and thank god it did right before the crash. That's why i always use a stop loss along with my beloved TOTT indicator. BOTH has saved me from this crash for different positions.
Remember when TOTT first fired the sell signal? It was 6 days ago at 63.152 when the first sign of weakness occured. It also triggered during this dump, so the dump isn't over and patience pays off with TOTT.
Now, it's time to move on with the next trade. We have a downward channel and the demand trend line intersects with the previous mega neck line of the head and shoulders, which gave us hard time as resistance, now it will flip in to our support at 57k.
So, i've setup my buy, sell and stop alerts and will patiently wait for price to meet my targets.
Don't forget, we are in a downtrend and long positions are counter trading to the trend, therefore manage your risk properly and know what will you loose if your stop gets hit and be comfortable with it.
As always, trade safe!
My stop got hit and thank god it did right before the crash. That's why i always use a stop loss along with my beloved TOTT indicator. BOTH has saved me from this crash for different positions.
Remember when TOTT first fired the sell signal? It was 6 days ago at 63.152 when the first sign of weakness occured. It also triggered during this dump, so the dump isn't over and patience pays off with TOTT.
Now, it's time to move on with the next trade. We have a downward channel and the demand trend line intersects with the previous mega neck line of the head and shoulders, which gave us hard time as resistance, now it will flip in to our support at 57k.
So, i've setup my buy, sell and stop alerts and will patiently wait for price to meet my targets.
Don't forget, we are in a downtrend and long positions are counter trading to the trend, therefore manage your risk properly and know what will you loose if your stop gets hit and be comfortable with it.
As always, trade safe!
Note
Found some more bearishness based on the bear flag height.55.750 would be a dream buy!
Note
Things can get really ugly guys. Imagine 3 dumps to 53k in a snap.Possible.
Note
Oh, here's an even more scary scenario. What if we re-test 49k?Order cancelled
Changed my mind, won't bother longing bounces. Instead, i'll enjoy my profits :)If you're in profit, take it and pay yourself.
If you're in loss, take it and wait for the next fearful market to buy the dip.
Enjoy!
Note
I'm expecting a shakeout before breakout and I've set my limit buy orders between 49-56.500 as the fib retracement levels suggest. If prices goes above 64.270 and i get a buy signal from TOTT, I'll buy.
Until then, i'm in cash (since 63.152)
Note
We have a new sign of strength, confirming a re-accumulation rather than a distribution. I'm raising my limit orders to the re-test of 64k.
Protect your Bitcoin investment with our realtime alerts and fully automate your trading. No more sleepless nights, black swans, rug pulls, whale pump & dumps or getting sidelined.
Related publications
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.