Long

Updated

Ready for fresh entry.

After we broke out of the descending channel TFUEL was in since hitting the high at 15410 sats, we built support at 10400-10800 sats and proceeded to break through resistance at 11200 sats. Secure profits at 0.618, 0.786 and 1.0 fib levels while BTC is stable. Given the volatility in the market, securing profit is essential. Good luck.

Note

Think we might be forming a head and shoulders pattern here? Might want to secure profit at 0.618 fib.

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Shooting star 1H candle after touching the 0.382 fib. Next candle needs to close above 11150 sats else a trend reversal is imminent.

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Undecided 1H candle close above 11150 sats. Might form a double bottom on the 15M chart and then go up. Stop-loss above entry point essential to secure profit.

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Not looking so good on the 15min chart, exiting for now. Might re-enter on trend reversal.

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Need to break out of this descending channel before we re-enter.

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Rising wedge on the 1H. Another bearish indicator.

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We are ready for fresh entry. TP at 0.618 fib.

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Inverse hammer on the 4H.

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Might be forming a 'W' on the 1H but take profit before 12000 sats due to low volume, psychological resistance and trend line rejection.

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How I am seeing this right now. Seeing some resistance at 11800 mark. I am just learning along the way. I am not a trader. I have only been in the markets for a few weeks. Please take these trades at your own risk.

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No need to panic sell, we are only going down because Bitcoin is. We should resume the trend once BTC settles, 1H candle close to confirm if pattern is invalid. I am buying the dip until then.

Trade active

We are back in the pennant. Let's see if this setup helps us earns a neat ~7-9%.

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And break-out. Can enter at retest if you hadn't already.

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Forming a 'W' on the 1H. Target zone marked here. If BTC stays stable, we might meet this target with good volume coming in. Keep securing profits as we go up.

Trade active

This is how I think we are going to reach our final target. Currently in a pennant that will break out to 11800-12000 sats. Consolidate on the 0.5 fib/ 11555 sats, build support and continue upwards to 12800-13000 sats. This trade setup could break down at any point should BTC decide to move. Good luck.

Note

That played out beautifully. Will be buying more as we build support between 11400-11555 sats before leg up to our final target.

Trade closed manually

Price action is in this ascending channel after touching 11784 sats i.e. our immediate target zone below the 11800 sats resistance. Ascending channels are usually bearish and we might need to revise our 'W' break-out target of <12800 sats.

Trade active

Day-trade to 0.618 fib. Let's see if this plays out. Any altcoin trade is a high-risk trade until BTC decides direction. G'luck.

drjimbeam

Related publications

Trendline break. Exiting trade.

by drjimbeam

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