I don't know what may happen next but profit is in for now according to previously posted setup. Given the incoming volume, we can surely go higher.
The demand seems to be doing its work. To the Moon!! Volatility incoming!
Leaning towards, and Hoping for the Green Squiggly line to play out but I'm prepared for either.
The question is: How many times can this area provide Demand? Will this nuke like the 6k Support?
Took this trade after shortlisting it yesterday based on Narrow Range and good volume. Details on chart. Good start to the week.
$BTC Short setup, Breaker setup type. Price created high, ventured higher, came down and created new low, and then went back up to Supply marked in Red box. Let's Go!! Details on chart.
That demand has been present there untested (in my 3 days prior posts), its upper limit being at 9123. Price went to 9121.5, Coincidence? A good bounce here though, waiting to see the reaction at 0.5 level for a short somewhere.
Trailed stop was hit at 9320. Total profit booked for this trade is +1.71R. Currently, price is still at Demand zone. Reaction to this zone will decide the direction of my future trades. Follow for more such trades.
A 2R scalp trade using my divergence analysis. Now anyone, including myself who asks you to trade divergence every time will not make money consistently. These occur a number of times across multiple time frames. Deriving rules around these divergences and back testing it, such that you get a positive expectancy is what is required to trade Divergences...
This is how I'm looking to play with BTC for this week. With the previous week's candle closing as a spinning bar and this week's downfall, we should see a retest of the lower trendline @8350-8400 in coming two weeks, unless the current uptrend trendline is respected once again and price reclaims the red line support. My plan next: 1. Bullish case: Price falls...
On XBTUSD Daily chart: 1. Potential ABC wave, targeting 4700 if (C) goes 100% of (A) Still learning EW though, I cannot find good breakdown of (1), (3), (5) into sub 5 waves. If someone can throw more light, I'll be grateful 2. Trendline Support 3. Inverse Head and Shoulders, targeting 5500 if complete height of Head is achieved 4. Bullish Divergence on...