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XBTZ17

Hectic 2 Weeks of Trading Bitcoin [Educational]This is an educational technical analysis of the past 10 days based on the trading I have been doing recently from patterns I have been noticing during price movement starting with our outbreak into the $5000+ pricing. - By creating a trend line it gives us an idea of when an outbreak or a downfall may occur I have done so using swing lows since the dip last month. After we failed to pass 4940, we can create a resistance line, using Volume Profile we can also create a support line based on where volume falls off. To be safe we can also set our stop loss at the swing low (the lowest price on breakout) - With visible higher lows and higher highs I am able to tell this will be a larger move. We can create a resistance and support based off of this and expect consolidation when momentum slows down. During this frantic move we have several options. 1. We can take profit at the two short consolidations on the way up where we see the resistance lines. 2. We can add to our position and raise the leverage we are using and expect the liquidation price to move up just a little bit around the entry price. 3. We can prepare a hedge and short if we are feeling bearish about this strong movement while holding our long position. Before our bounce at around 5125 we can already see that as a potential area for a bounce by creating a support trend line from the bottom of our 3k bounce on 9/15. We can do this by using the low of that candle and finding a correlating candle that has also had a low that matches with the dip we had. Also marks a cross section on the uptrend and downtrend fibonacci channels I had drawn that matched the exact candle open area. We also see what can be basically noted as a inverted head and shoulders or V bottom. Setting our swing low on the right shoulder as a stop loss and buying the breakout to minimize risk, and maximize profits We are now in a consolidation marked with the rectangle, we can break out down which we would potentially want to short or bounce off and go higher creating an opportunity to open long. If we break below we can look at the fibonnaci retracements as potential areas for bouncing but should also pay attention to volume profile for indication of which price we may meet resistance or supports at. -- I have made 1600% just this week trading Bitcoin Futures (Quarterlies & Perpetuals) from trading this what I have shown on this chart. It would have been higher but I accidentally closed 2 trades from my long position on the recent bounce. Feel free to checkout BitMex in my signature for trading Bitcoin Futures and joining my community for Public Help. All feedback is welcome.
BITFINEX:BTCUSD
by mumbojam
3
$500 move is coming (XBTZ17)We are currently in a pretty wide rectangle pattern. Once we break out of it I am expecting a big move - more than $500. Buy long on a break over the short horizontal line with the target indicated by the big horizontal line. Enter short on a break under the short horizontal line with the target indicated by the big horizontal line. Good luck and trade safe! Will let you chose your own stop on this one as it is hard to pick a good stop with the wide range.
X
by CryptoAddict77
2