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Bitcoin 2018 Bull Trend - $34,000 price target?!?!My favorite chart pattern to trade are trend lines and/or pitchforks. I am always on the lookout for the next trend. Once one is established I use it as the primary indicator of overbought and oversold conditions. Knife catching the bottom of a trend provides the best risk:reward entries that I know how to find. Furthermore, I can confidently profit take once the price approaches the top end. Unfortunately there has not been a discernible long term trend since 4/12 when we broke out of the bear market. Today I charted a trend that I expect to hold up over the next 3+ months. Furthermore I have used fractals to project the price action and have provided two options for what August could look like. We are currently looking at a bear flag, which I expect to be rejected by support at either $8,500 or $7,800. That would confirm the $10,500 retest before the end of May. That is when everyone will be calling for the moon and it will be time to sell. If we pull back down to $8,300 from there then it could cause some panic to set back in for the skittish bulls. Tone Vays will be calling for $1,000 and the uncertainty will be abundant. That is when I will be putting on my working gloves and looking for a knife to catch. We would have a cluster of support (trend/horizontal) and it would provide the best risk:reward ratio that I have seen in months. From there I expect a strong rally to take us back up to the top of the trend by the end of July. That is when it would be time to take profit and watch from the sidelines. Obviously I am going to be rooting for the green line and would love to reenter on the breakout. That would have us retesting $20,000 by August 1st and would likely form a very nice cup & handle with a target of $34,000! The other option has us retesting $9,000 during the first week of August and that wouldn’t be nearly as much fun. Nevertheless, I will be prepared for both options and hopefully this will help you to be as well! Comment if you have something to say, smash the like if you found this helpful and definitely finger that follow!

BTC:USD 4 hour chart DAILY UPDATE (day 79)Yesterday I warned against buying into resistance at $8,800. As expected we pulled back off of the horizontal and trend lines. We are currently finding support at $8,475 and if that holds it would mark the third higher low, to match with three higher highs. I really like that the pullback has yet to fall through the developing trend support (green dotted). Furthermore there is still an unfilled gap from $8,800 - $9,000 and there is a high probability that we retest that range. I have opened a small position at $8,500. The stop loss is set at $8,249 and the target is $9,000 - $9,200. Keep an eye out for another post coming this afternoon which will take a look at the bigger picture. Happy trading and go bulls!

BTC:USD 4 hour chart DAILY UPDATE (Day 78)Yesterday I was concerned about upcoming resistance at $8,600 - $8,800 and I was keeping a very tight stop loss on my long. I got out at $8,569 right as the price was falling through support. There was decent volume behind the selloff and when I went to bed I was expecting to wake up to sub $8,000 Bitcoin. To my surprise we found support for a second time at $8,200 and reversed even more sharply that we fell. That was one hell of a long squeeze and unfortunately I got caught in it. However, the risk was managed properly and I barely lost anything on the deal. I am happy to lose small so that I can win big. As it stands right now I am viewing $8,800 - $9,200 as a no trade zone. If not in a position I would advise against going long right now. $8,800 is strong resistance and there will be a much better entry in the coming days. Happy trading and remember that following is free!

BTC:USD 4 hour chart DAILY UPDATE (day 75)This morning we broke out of my no trade zone. Unfortunately it was to the downside! Breaking through $9,000 support has changed me from bullish to neutral. Nevertheless I strongly expect a bounce in the next 12- 24 hours. We fell $400 (4.44%) in four hours and $700 (7.5%) in the last sixteen hours. Furthermore we have not see the price this far below the 12 & 26 day EMA’s since the $5900 bottom on 2-6. Being that far out of equilibrium could provide a good opportunity to take a scalp. I am long from $8,600 with a target of $8,950. If I was bullish then I would be looking for a higher target. Since my overall position is neutral I will be exiting at the first level of resistance. Happy trading and let’s go bulls!

BTC:USD 4 hour chart DAILY UPDATE (day 69)Yesterday I was fully bullish and laid out a couple potential entries. I am very happy to see the most bullish scenario shaping up. We were able to breakthrough the 0.618 fib and $9,800 resistance much quicker than I expected. That also broke the neckline of the inverse h&s and provided an opportunity to buy the breakout. I started with entering 20% of my position at $9,853 and then waited for further confirmation. The volume is the one of the last reasons for hesitation imo. I was expected much more volume on the breakout and so far it has been fairly unimpressive. The OBV makes me feel better as it continues to make local highs and follow the price without any major divergences. I left an open order at $9,550 before going to sleep and to my surprise I got the fill! Now I have entered 50% of my overall position and have two open orders on the books. One order is to buy the breakout of $10,000. It is set to trigger once the price gets above $10,176. I set it a little higher than $10,000 to try and avoid any bull trap. The other order is set at $9,751 in case there is another quick pull back. The stop loss is still a shade under $9,000. The profit target for the h&s is $12,750 which is also where we will see resistance from the 0.786 fib. Happy trading and go bulls!

BTC:USD 4 hour chart DAILY UPDATE (day 68)Yesterday I was very happy to see Bitcoin break out of the triangle in convincing fashion. I updated the post in the afternoon and said that I expected resistance from $9,700 - $9,800 where the 0.618 fib line was waiting. I exited my margin long and am currently looking to re enter. I just drew the blue dotted trendline, and that illustrates one of the two options that I am planning for. The most bullish would be continued support above $9,500 and a sideways move towards the blue dotted line. The slightly less bullish option would be a healthy pullback to $9,200. That would retest the triangle that we broke out of as well as turning prior resistance into support. I have orders set to buy in both of those areas and will be sticking with a stop loss just shy of $9,000. If we breakthrough $9,800 before drawing down to the target entries then buying the breakout is valid. That would confirm the longer term cup & handle and/or inverse head and shoulders that has been forming since March. Price target for c&h is $12,825. Happy trading and smash the follow...it’s free!

BTC:USD 4 hour chart DAILY UPDATE (day 61)On April 26th I drew the dotted line down to $9,000 and explained that I need that area to prove itself as support before I would consider entering another long. Yesterday we saw the price dip down to $8,900 before quickly reversing. At that point I saw two options: Range for 3-5 days from $8,900 - $9,300 Create a higher high, and go for a $9,650 retest We are currently breaking through resistance and are on track for option B. That is great news and has put me on red alert for the next entry. Right now my gameplan is to wait and see how this rally plays out.I would like to see us break through $9,300 in a convincing manner and then create another higher low. I expect the current rally to take us back up to $9,650 - $9,750 where resistance will be waiting and then I expect a pullback. If that pullback finds support above prior resistance and creates a higher low then it will be time to build a long. If all goes according to plan then I will be entering from $9,300 to $9,500. With the price currently trading at $9,300 you may be wondering why not enter right now… My trading style is not concerned with getting the best price, all that matters to me is taking on the least amount of risk. More confirmations and patience almost always add up to less risk. Comment if you have something to say. Smash the like if this was helpful and definitely finger that follow!