Bitcoin Analysis

[bigbax699]

Last time i looked at bitcoin i attempted a long. Hit SL but thats ok cant win them all. I didnt really look at the bigger picture. The moving averages are literally horizontal, pure sideways action. But as you can see price is getting squeezed into a tight spot. So is it about to explode? Usually yes we would see a nice impulsive move from these type of setups. Naturally i would like to see it go long like every HODLER out there. Trade the winning direction of the breakout. GLIYF

 

[bigbax699]

Well we got our breakout on Bitcoin . But is it real? Time will only tell us if the bull breakout is real. personally i will enter fresh longs in this retest of the moving averages which have just turned north. Once it retests we really need to see a break above the previous lower high. Remember wait for support found and then buy on the turn. GLIYF

 

[bigbax699]

Well since i last looked at Bitcoin couple of weeks ago before i was on holiday i was shouting a bull move. We had a lto of sideways movement but it was always bullish for me, i gave two buy opportunities for a breakout and we smashed through both of those. Even the second tested the zone it broker for the opportunity to buy again.
Next im looking for a similar price action trade of support buying from the moving averages when they catch up with price. GLIYF

 

[bigbax699]

Back at Bitcoin again today. Which gave us another Intraday trade, i was looking for a deeper retracement in price, but BTC had other ideas. Thats why i gave the two setup ideas for longs. We got a nice rejection on the moving average not once but twice. Entry on that support level of 11.4k and stop loss under previous days low and we still got over 1:2 R:R. TP smashed which is nice

Whats next? Same again? let me know your thoughts, i will always look for deeper retracements in price, but also jump on recently made support zones for buys. GLIYF

 

[bigbax699]

Bitcoin is the flavor today, and were clearly in a bull market. We had a few good trades from the last pop up in price so im looking for the best place to get in before the next push north. i like how this time the bull run is going up in steps like it should. Finding its support levels each stage it grows. My ideal entry would be back down at 10.4K. Its possible we could stay in this little range here before another push, but patience usually pays so lets hope we see a little more downside for us to buy cheaper. GLIYF

 

[bigbax699]

Last time i looked at Bitcoin we got our big breakout to make a new high then i was hoping for a deeper retracement before the next bull move higher. Thats exactly what we have here, price came right down to my circle and held just below around the 50% fib zone.
Looks like its using the previous high's resistance as a support level now. We have had multiple daily wicks wicked out from the bottom so looks to me support is forming at this price level. ill be buying again on another daily wick out. Watch for bullish candles on 1/4H and thats your signal, nice 1:3 R:R on offer. GLIYF

 

[JayJones]

Lots of support here. Could well go on a bull run again soon.

 

[bigbax699]

Looking back at bitcoin today and still in the long trade i placed. We can see price has held above 10K quite well. multiple wicks out from the support zone and now holding the 50% fib level . in profit on open position so will be holding and making risk free on further upwards movement. if the bull is true then we will hit TP with no problems. GLIYF

 

[JayJones]

Looking back at bitcoin today and still in the long trade i placed. We can see price has held above 10K quite well. multiple wicks out from the support zone and now holding the 50% fib level . in profit on open position so will be holding and making risk free on further upwards movement. if the bull is true then we will hit TP with no problems. GLIYF View attachment 57692

Thank You

 

[bigbax699]

Update on Bitcoin today currently 600 pips in profit.
If you followed this one then make sre you move SL to entry or into profits to lock some in. There is some USD FOMC news out later today which could cause some reaction. So best to lock some profits in now whilst we can. It could go either way, hopefully continue in our direction towards TP. GLIYF