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BTCGBP trade ideas

my first bitcoin chart and attempt at analysisHello! I have made a very fresh attempt at drawing some sort of BTC:GBP chart. I'm sharing it to hopefully receive some constructive / corrective feedback. I'd be very grateful for any help, Thanks! What I think I've done is: ->Use a 200 EMA (don't know technically why to use EMA over SMA etc, apart from mentioned in some good trading videos). I think this can show long term support and can help indicate trends? We've tested it and tested it and finally recently broken it when the market corrected after parabolic moves. We have popped right back above it so would suggest correction may me over soon, if not already. However, if we go back below it and stay below it we may enter a bear market. ->Use a 20 SMA (I think this one's a bit fancy and goes orange when price is below and blue when above. Again, not sure why SMA technically but picked it up from same video as 200 EMA. To clarify i know how it's worked out but unsure why to specifically use SMA rather than EMA). We are below the 20 SMA suggesting we're in a downtrend (even if a short one). Every other time we've broken it we've popped back over it fairly soon, but this one has been a bit longer again supporting being in a downtrend. ->Use a Fibonacci retracement for the most recent upswing. This shows me where the price action might bounce between - short term support and resistance. I drew from the low feb 6'th to the high feb 20'th. Not quite sure what else I can tell from this apart from if we break the top of the fib's on strong volume (and confirmation from MCAD / RSI etc) this could confirm an uptrend. ->Use a parallel channel by finding the three highs and connecting them, and then a bit of trouble working out where to put the low. I can't really see where two lows both meet the channel so I left it here. So, even though we broke the channel, we've come back in and have again respected the high (long-term?) resistance. If we stay in this channel (RSI is pointing down and under 50) then we can assume downtrend is continuing, if we break on high volume with confirmation from MCAD (switching over, and not listed on chart) and RSI (pointing up and would cross above 50%), and breaking top fib channel then we can look for an uptrend. I would also try to use this channel to scale out at the top of the channel and scale in nearer the bottom (I can't short so i can sell and re-buy to increase my bitcoin position), and reverse for uptrend: scale in at bottom of channel and scale out near top. Current Hypothetical Conclusion (I am HODLing and am saving up some fiat to put in for trades): We are liekly in a downtrend, even if it's the tail end of it. Consider scaling out to re-buy lower, but wait for next candle to two to form to see if 0.382 retracement holds. If it bounces consider a buy in, with a target of 0.232 to start scaling out and if 0 fib is broken with all signals mentioned above then hold rest of position and consider opening more long positions, with stop loss somewhere between 0 and .232 retracements. So if you made it this far through the sticky-tape, cereal boxes and yogurt pots; thanks for reading and thanks in advance for any feedback. Gav.
by daytrippermc
Potential Long Entry - BTC bouncing on the 0.236 fibWe're currently about to touch on the 0.236 fib line with what seems to potentially be the end of a short parabolic bearish trend that began on the 17th of December (orange), with RSI also indicating that BTC is currently oversold, meaning a rally is likely - The overall long term parabolic bull trend is still intact (purple) - BTC dropping into a nice little buy area, may be a good opportunity to fill your boots in preparation for the next bull run. Keep it simple, don't go overboard with indicators, don't sell the dip, don't feed the bears. The best time to buy is when there's blood in the streets, BTFD!
Long
by Aeonxiii
1
#BTC £25k a theory. Next bull run will be huge. Patience & Strong hands needed. i mapped out on a fib extension of each bull cycle since BTC was $100. Its easy to notice each bull gets more powerful as time goes on and adoption increases. recently each step of the bull has created new highs in between the 1.618 & 2.618 of the previous step. As shown by the light blue arrows. Therefore one can assume if we are following the pattern and once the current Bear cycle comes to an end i think £25,000 is possible by the end of 2018. And this will happen even quicker if we were to have another financial event such as 2008/9 credit crisis. May 18th is my target based on astrology that BTC will pump again!!!! right i must get back to work. Ciao for now. Aaron
by acdmbe
GARTLEY RIALZISTA SU BITCOIN/STERLINAGartley ancora in fase di eventuale completamento, il punto B per pochissimo non invalida il pattern con il ritraccimento ma comunque come da regola sta dentro il 61,8 di Fibonacci, stesso discorso per il punto C che sta dentro 61.8 con una discreta distanza dal 78.6 che lo invaliderebbe e che quindi rende valido anche il punto C. Bisognerà attendere per vedere se il prezzo andrà a validare anche il punto più importante per il completamente del Pattern ovvero D, allora a quel punto avremo tra le mani un Gartley Rialzista pronto a darci nuovamente l'idea di un Bitcoin in salita!!
Long
by asmin