Long

Updated

Bitcoin - LAST CALL before $10K ?

IF this triangle is valid there should be one more leg down to the bottom of the triangle (Point D) and then prices should climb back out of the top. Is this the setup for $10K plus? Could be. Problem is, I don't know exactly where the bottom of the triangle will hit. We can guess but it's only a guess. If one were to trade this they might try waiting for the break out of the top with a stop back inside the triangle to limit their risk. Or, for the more aggressive, they might go long at what they believe to be the bottom of the triangle and put a stop below the triangle. Of course Bitcoin seems to love eating up stops so it's a tricky game. I'm already long so I won't be playing this setup at all. I'm just posting to see what it does going forward. Is this the "Last Call" before Bitcoin shoots for $10K? Or are we due for more pull back? Anything is possible in crypto-land.

No matter how you play the game, I wish you all the best of luck.

BBS out!

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Could we have already touched point D ?

You'll know if we break out of the top and keep going.....

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The above is a 15 minute view. Many time when we breakout we get a touchback o the top of the triangle Not always but often. This is usually a good time to try a long with a stop inside the triangle. Like I said, I'm not trading it but if I were that might be what I would try.

Not financial advice, just me observations. At this point, literally anything could happen.

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If the price won't breakout now, I'm going back to looking at one more leg down to the bottom of the triangle. Of course this pattern could blow up at any time, but that's trading right? Also why I prefer hodling. lol

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This has to resolve soon. The tension is building...

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They could also be working on some sort of rising wedge. Glad I'm sitting this out.

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Things are getting interesting....

Trade closed: target reached

The Bears are still shorting like crazy. They have been shorting this move for a week now. In the end, somebody has to be wrong.

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This what I hate about triangles. One a 4 hour scale this could play out for quite some time. Where as the smaller scale triangle already looks to be violated but not with significant volume.

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Just as I suspected. Here is a 1 hour look this morning.

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If the price breaks out of the bottom at this point I will just have to call this pattern blown. If we keep moving point D lower then the triangle starts getting retarded and it doesn't work. This is why I'm a hodler of Bitcoin now and not a trader. You have to watch this thing like a hawk all the time if you expect to find the best entries and exits. It can be done, I just don't have that kind of time.

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I mean blown as far as a long entry. Going short, of course, is always an option but what's your target? I don't have one.

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This what I mean by moving point D lower. The tools resizes the triangle and it just gets all out of whack and doesn't even look like a valid triangle. To remain valid, the current bottom line of the triangle needs to hold or only get pierced a very small amount. Or pin through and immediately recover. Otherwise we have to keep moving point D lower and like I said, it just starts making a retarded pattern.

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This thing could also morph into a rising wedge and do something like this after braking out and hitting $10K

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Actually, if I were to try to play this triangle on the long side, which I'm not, I would probably take a position down here with a stop outside of the triangle at minimum or a stop just below point D maximum. If the price falls out of the pattern towards point D the pattern is blown IMO and it would be time to get out.

This is not trading advice, I'm just documenting my thoughts to see how they would have played out.

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I'll call my pretend entry $9,145

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I'll call my pretend stop loss $9,045. An even $100 risked on a whole bitcoin. What the hell. That's about 1%

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OK, here's my fake trade setup. Let's see if it works.

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Here is my current fake setup if the Bears want to go there. I double up around 9085 and move my stop for 2 Bitcoin to 9025 and walk away. That is still about a 1% loss on 2 Bitcoin if the trade fails. (Aprox $182) Not the end of the world. If we do NOT touch the bottom of the triangle again I keep my original trade in place as is.

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OK, we can now assume I just doubled up on my fake position and my new average for 2 bitcoin is $9,115 and my new fake stop for 2 BTC is $9,025. That's about all I'm will to commit to this fake trade because it's making me nervous. Let's see how it goes.

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And it's gone! lol. Now you see why I rather hodl from lower positions that keep trying to play this game?

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I had to give up on that triangle and just with this simple channel.

BitcoinBearSlayer

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BitcoinBearSlayer