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Bitcoin trading calls

  • #1,721
  • Jun 26, 8:22am (8 hr ago) Jun 26, 8:22am (8 hr ago)
Quoting MaGiix
{quote} Yes, but on the other hand, as I understand it and read, it's also a massive expiration day, and apparently there are $1.6 billion in leveraged long positions with stops at 58,000 and just below. I don't know what to make of it.
Hi MaGiix
Decisions, Decisions, Decisions.
Still in with a tightened stop and price is going down again
Traders that are long have to sell to take profits or protect their positions.
This leads to selling pressure that is dumped on the market will lead to price moving down with some zest
EDIT:
Added another line to the chart. Price stabbed down but has recovered somewhat.
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If you think you can or cannot do it you are correct
  • #1,722
  • Jun 26, 8:25am (8 hr ago) Jun 26, 8:25am (8 hr ago)
Quoting Olu
{quote} Hi MaGiix Decisions, Decisions, Decisions. Still in with a tightened stop and price is going down again Traders that are long have to sell to take profits or protect their positions. This leads to selling pressure that is dumped on the market will lead to price moving down with some zest EDIT: Added another line to the chart. Price stabbed down but has recovered somewhat. {image}
same
hope momentum kick an another time in
I won't give up.
  • #1,723
  • Jun 26, 9:05am (7 hr ago) Jun 26, 9:05am (7 hr ago)
Wao
Price bounced massively off the additional line I added to the chart.
My short position is closed but I am not long.
I could re-sell at these lofty heights
Amazing comeback though
EDIT:
Added updated chart
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If you think you can or cannot do it you are correct
  • #1,724
  • Jun 26, 9:19am (7 hr ago) Jun 26, 9:19am (7 hr ago)
Quoting MaGiix
{quote} Yes, but on the other hand, as I understand it and read, it's also a massive expiration day, and apparently there are $1.6 billion in leveraged long positions with stops at 58,000 and just below. I don't know what to make of it.
Hi MaGiix,
I agree with you about that 58,000 key level. On my trading plan today, I also noted that the immediate challenge for the bears is to close a 1H candle below 59,000, which is acting as our immediate support floor.
I’m currently flat again at break-even (BE). The previous candle actually took me out after I trailed my stop loss to BE. Normally, a close below the Daily Open (DO) would trigger my short criteria for an entry, but thanks to Olu's insight, I was able to get an early entry right at the 60,700 rejection.

Regardless, that 59,000 support floor was rejected yet again with strong momentum, pushing back above the Daily Pivot (DP) zone I highlighted in my analysis. It looks like the bears are failing to reclaim it; for the fourth time now, buyers are pushing price up with momentum.
Because of this, my long criteria has been triggered again as the bullish candle rejects upwards from the DP zone. If the current candle closes above it, it will confirm the buy order. I’ll wait for this 1H candle to close to decide whether to go long or just call it a day.
*BTC is currently completely sandwiched in a tight congestion zone between 60,700 and 59,000.
There was medium-impact news released at 10 AM NY time.
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  • #1,725
  • Jun 26, 10:21am (6 hr ago) Jun 26, 10:21am (6 hr ago)
Quoting Toboso01
{quote} Hi MaGiix, I agree with you about that 58,000 key level. On my trading plan today, I also noted that the immediate challenge for the bears is to close a 1H candle below 59,000, which is acting as our immediate support floor. I’m currently flat again at break-even (BE). The previous candle actually took me out after I trailed my stop loss to BE. Normally, a close below the Daily Open (DO) would trigger my short criteria for an entry, but thanks to Olu's insight, I was able to get an early entry right at the 60,700 rejection. Regardless, that...
I will call it a day. BTC is in indecision mode, consolidating. I'll wait for a new day for a better setup.
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  • #1,726
  • Jun 26, 10:28am (6 hr ago) Jun 26, 10:28am (6 hr ago)
Quoting Toboso01
{quote} I will call it a day. BTC is in indecision mode, consolidating. I'll wait for a new day for a better setup. {image}
Switch to the 5 min time frame and trade the range.
  • #1,727
  • Jun 26, 10:30am (6 hr ago) Jun 26, 10:30am (6 hr ago)
Quoting Toboso01
{quote} I will call it a day. BTC is in indecision mode, consolidating. I'll wait for a new day for a better setup. {image}
yes and moreover week is ending it's the best to do, i let my short in place and it give what it give
good week-end fellas
I won't give up.
  • #1,728
  • Jun 26, 11:39am (5 hr ago) Jun 26, 11:39am (5 hr ago)
Quoting EhisUbebe
{quote} Switch to the 5 min time frame and trade the range.
Thanks EhisUbebe. I tried the 5-minute and 15-minute timeframes in the past, but I couldn't handle the fast movement—my nerves just couldn't take it.
I've been having much more success and a more relaxed state of mind by finding entries on the 1H chart, using higher timeframes (TF) like the Daily and Weekly as my compass.
  • #1,729
  • Edited 12:13pm Jun 26, 11:47am (5 hr ago) | Edited 12:13pm
Hi guys,
I have to step away from my screen, but before I do, I want to share this analysis to help prepare my next battle plan for next week.
At the NY session close today, the weekly candle will likely close bearish (right chart).

* The ultimate goal for the bulls: They need the Daily candles to reclaim this week's open around ~63,250 and engulf it, preferably closing above the weekly high of ~65,600. (Engulfing this in a single day will require significant volume, news, and institutional power behind it).

* The ultimate goal for the bears: They want to keep pushing lower to reclaim 59,000 and secure a full-body daily candle close below 58,000, opening the path to slide much lower.

Do you think the bears are losing momentum, and the bulls are preparing the ground for a big impulsive move? Personally, I am leaning toward a bullish bias unless the bears manage to break below 58,000.

I’ve spotted several Areas of Interest (AOIs) where the bulls could find Support/Resistance (S/R) to bounce. Do you agree with these areas for next week? Should we include them in the next battle plan?

Let me know your thoughts!
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  • #1,730
  • Edited 1:15pm Jun 26, 12:34pm (4 hr ago) | Edited 1:15pm
Quoting Toboso01
Hi guys, I have to step away from my screen, but before I do, I want to share this analysis to help prepare my next battle plan for next week. At the NY session close today, the weekly candle will likely close bearish (right chart). * The ultimate goal for the bulls: They need the Daily candles to reclaim this week's open around ~63,250 and engulf it, preferably closing above the weekly high of ~65,600. (Engulfing this in a single day will require significant volume, news, and institutional power behind it). * The ultimate goal for the bears: They...
eventually its just a test of February low and the mosts recents?
and if we close below is this sufficient to say we are bearish?
edit: add an other chart
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I won't give up.
  • #1,731
  • Jun 26, 1:31pm (3 hr ago) Jun 26, 1:31pm (3 hr ago)
Hi all
Price is locked in a wedge pattern and we are at the top of the wedge
I laid on a small short. Will it survive the weekend? We'll see.
Calling it a day here. It has been a good week with BTC prices behaving predictable (EW friendly)
I do poke my head in now and again over the weekend so it could be a while I contribute to any comments.
Thanks everyone for all your contributions. Have a great weekend.
EDIT:
Added ETH chart just as a bookmark
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If you think you can or cannot do it you are correct
  • #1,732
  • Jun 26, 1:35pm (3 hr ago) Jun 26, 1:35pm (3 hr ago)
Quoting EhisUbebe
{quote} Switch to the 5 min time frame and trade the range.
Hi EhisUbebe,
thanks for your comment and welcome to the thread.
Can I ask how do you handle the rapid price movements.
I tend to overtrade and overmanage on smaller TFs.
If you think you can or cannot do it you are correct
  • #1,733
  • Edited 2:12pm Jun 26, 2:00pm (2 hr 50 min ago) | Edited 2:12pm
Trade update
Priced has moved down away from the upper border where I got short.
Stop moved to B/E. Perhaps we can get a stab to the lower border
EDIT:
Trade closed. I have successfully scalped BTC
Check out the NAS100.
These days BTC price correlates well.
Of course the extent of per point moves are different.
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If you think you can or cannot do it you are correct
  • #1,734
  • Last Post: Jun 26, 2:24pm (2 hr 26 min ago) Jun 26, 2:24pm (2 hr 26 min ago)
Just wondering aloud.
The reversal without price getting to the bottom of the wedge hints of internal strength and the possibility of a breakout.
Not doing anything anymore for today.
I also like selling channel tops etc.
I feel like the downside is still in play though
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If you think you can or cannot do it you are correct
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