Long
BTGUSD: Back in the next Buy Zone on next pull-back
BTGUSD Update Buy on next Pull-Back
Not a good last call here. BTG did bounce from that old
parallel but it only reached 313, well short of target at 320
before failing - badly. Stops were tight here so small loss,
thankfully. Imagine if no stop...how bad would you be feeling
now? With a stop we have at least avoided the pain that goes
with a position that's sliding away from you, stops you from
playing other Alts and wastes emotional energy and drains the
spirit. Bad call, but it could have been REALLY bad. Look at that
failure - once it loses the parallel it does that thing...comes
back looking for support at the top of the nearest structure to
its left. If cannot find it, it then comes back to the bottom of
that same structure. Which brings us back to now...BTG is
now a speccy buy at 254-248 range - better if it stops at 254
but could spike to 248. Stops on buys at 254 need to stay
either very tight under 252 or under 248. Initial resistance lies
at 269...needs to clamber back above here and hold for a
move back to 282..it's bouncing now as this is written...and is
already back at 269 (up 15 points or 5% in 10 minutes!
Damn...watch to see if it holds up off 261 now
on the next pull-back and then go long here -
stops below 254 for move to 281where it becomes a sell again
Not a good last call here. BTG did bounce from that old
parallel but it only reached 313, well short of target at 320
before failing - badly. Stops were tight here so small loss,
thankfully. Imagine if no stop...how bad would you be feeling
now? With a stop we have at least avoided the pain that goes
with a position that's sliding away from you, stops you from
playing other Alts and wastes emotional energy and drains the
spirit. Bad call, but it could have been REALLY bad. Look at that
failure - once it loses the parallel it does that thing...comes
back looking for support at the top of the nearest structure to
its left. If cannot find it, it then comes back to the bottom of
that same structure. Which brings us back to now...BTG is
now a speccy buy at 254-248 range - better if it stops at 254
but could spike to 248. Stops on buys at 254 need to stay
either very tight under 252 or under 248. Initial resistance lies
at 269...needs to clamber back above here and hold for a
move back to 282..it's bouncing now as this is written...and is
already back at 269 (up 15 points or 5% in 10 minutes!
Damn...watch to see if it holds up off 261 now
on the next pull-back and then go long here -
stops below 254 for move to 281where it becomes a sell again
Note
BTG This has come back and should find support at 262 and just above...a buy with stops under 260 for smallish losss if wrong...be ready tobuy again or set order at 255 in case it spikes down again...that spike off the lows is good looking thoough so far...Note
BTG Right, hunting gear on...spot that pattern...so similar to the elipse on left.Can buy off the low...place order on blue line/just above and can also buy on break above the upper little parallel...just has a little while to play out now before it gets a boost. stops below the lowest blue line for small loss if wrong from here
Note
For clarity, low at 261 to 262 as it shouldn't really come much ower than that but with stops under 253 as it can spend another few hours duplicating the time it took building the left hand shoulder (of a sloping complex inverted head and shoulders pattern in essence) to build the sloping right hand shoulder, and so forcing price temporarily to spike lower to 254 potentially...but you get the picture here...it should hold up at 254 in all events but can also just spike below 262 for moments and hen get bought up again. Long story short: It will likely bottom between 262 and 254 in a few hours' time, perhaps taking up until around 5pm est to finsih the process before rallying well. Look to buy these dips and put an order in at 255 just in case it strikes with stops below 253. First target is 281, then the dynamic resistance line waiting above itNote
Don't like this now...shouldn't have lost the lower parallel...look to close out as close 260 as possible ...sorry bad signal now....will come back to 254 most likely...can buy again there with stop below 253 and also be ready to reverse if 253 fails for big fall to 216...buy back and go long again if we see this develop...it should hold at 254 but doesn't have to ....we need to be psychologically prepared for both situations here so we don't freeze at the moment of action...we follow the chart. Not vice versa.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.