XDN Update: yes it's still bullish...

XDN was well on it’s way to testing the the daily 38.2% fib and beyond.
However, BTC decided it needed to taunt 2 fools after liquidating their margin accounts.
What could be worse?… the spike to liquidate your short position or the sudden drop afterwards
that seemingly acts as a smack in face and a size 10K boot to your ass sending you tumbling!!
Well, this is what apparently happened to 2 traders. Moral of the story…
Don’t bite off more than you can chew, I don’t care how big you THINK you are!

trustnodes.com/2018/05/05/largest-liquidation-okex-history-sees-120-million-bitcoin-short-get-called

Now on to the chart…

So when Bitcoin decides the market will go down. The market Listens!!
We now have a nice Double Bottom reversal. I bought more here.
I zoomed into the 1hr timeframe to show the bouncing off the 68.1% fib on the retrace.

This is an already active trade, with BOOKED profits.

Trade active

Great bounce off the Double Bottom for a 13% gain. It sold back down right under the 23.6% retrace. These are normal Fibonacci reactionary moves.

Here's a quiz for you... there is a key hour of reversal pattern that xdn adheres to. Do you know what hour it is?

Trade active

We have this wonderful, wonderful... very wonderful,
Did I say wonderful?
Ascending Triangle...

Trade active

Bitcoin once again took the market down. It's fine.
I BOUGHT MORE!!
Bought @ .00000155 and sold them at @ .00000165
+6.55%

Trade still active.

Note

If you press the play button on the original chart above you can see the bounce off the Double Bottom right up to the 23.6% fib, which has been resistance. This was good for a 13% gain. It began to consolidate there. Today Bitcoin adjusted the market downwards. So you have to recalibrate and continue to look for trade biases. XDN sold all the way down to that rising trend line. Once I saw the trend line holding support on a 1HR high volume candle (Selling Climax), I knew it was a great opportunity to buy, for at minimum a short term trade. See how it literally bounces of those trend lines?
I put the sell order for that trade slightly above the 78.6 fib line as it's a natural pivot point and always an area of consolidation and decision making. It's a good area to take some profits in a trade.

streetgainer

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.

streetgainer