Next stop should be 616$,but wouldnt buy there either. Wait for 605$, which will bring price to 580-590$ area. There i would be hard buying.
- #4,602
- Edited 7:41am Oct 21, 2016 7:13am | Edited 7:41am
- Joined Jul 2011 | Status: good | 4,295 Posts
Next stop should be 616$
Anything below $615 will have to get below that 4hr 200MA and its overlap with 1day and 3day support between $600 and $610. That's tough long-term support.
Why I believe decline below $600 is unlikely at this time is because it will pull the larger timeframe charts (1day to 1week) into bearish bias. This may be feasible after retesting $680 resistance, but if price establishes above $700 - and based on the bullish 1day and 1week charts - we're probably seeing $1000 before the end of the year.
Looking at XAU/USD signaling in the 1day and 1week charts, it is likely that bitcoin price will exceed the price of gold for a few days in December 2016. That should spark a lot of media attention but also generate the peak bullish sentiment that accompanies a market top.
Bitstamp 4hr candle chart
cryptocurrency everytime
- #4,603
- Oct 21, 2016 7:36am Oct 21, 2016 7:36am
- Joined Jun 2011 | Status: Swing trader using Market Cycles | 2,152 Posts
{quote} Update : we were stopped out with profits locked. Looking for another buy as long as the bullish trend remain intact. If buyers will join @ $627 pshicological Support wich coincide with prior resistance now support, then this would be the ideal entry : {image}
Update:
Only if the price remain above $627 and will show aggresive buyers, a long should be taken in consideration. If the price fall
below $627 setup is nulified .
Money moves the market, not an indicator.
- #4,606
- Oct 24, 2016 5:55am Oct 24, 2016 5:55am
- Joined Jul 2011 | Status: good | 4,295 Posts
cryptocurrency everytime
- #4,607
- Oct 24, 2016 10:29am Oct 24, 2016 10:29am
- Joined Jun 2011 | Status: Swing trader using Market Cycles | 2,152 Posts
{quote} Update: Only if the price remain above $627 and will show aggresive buyers, a long should be taken in consideration. If the price fall below $627 setup is nulified . {image}
Update : trade triggered with first scenario (second scenario was in case a higher low would be created) buyers took control of the trend again. Good move .
Money moves the market, not an indicator.
- #4,608
- Oct 24, 2016 1:43pm Oct 24, 2016 1:43pm
- Joined Aug 2007 | Status: The Bitcoiner | 20,231 Posts
The Chonchy
- #4,610
- Oct 25, 2016 5:28am Oct 25, 2016 5:28am
- Joined Jun 2011 | Status: Swing trader using Market Cycles | 2,152 Posts
Everyting seem to be ok chonky . Hope you are doing well.
Update : time to protect profit. New SL level :
{quote} Update : trade triggered with first scenario (second scenario was in case a higher low would be created) buyers took control of the trend again. Good move . {image}
Money moves the market, not an indicator.
- #4,612
- Oct 25, 2016 7:11am Oct 25, 2016 7:11am
- Joined Jun 2011 | Status: Swing trader using Market Cycles | 2,152 Posts
{quote} Not saying it will happen for sure, but watch for the fake out which may take you out prematurely. {image}
If you look closely you will see a difference between fakeouts you are saying and this last one. I have designed for you .
Of course, it may drop as you say, we should take in consideration every scenario and that's why I'm going with aggresive trailing stop because I want be there as close as possible when momentum will wane. If it is a strong move, then we should follow momentum, if not then it will prove that by dropping and stopping us out with profits. Later if momentum renew , we will look again to join the winners .
Money moves the market, not an indicator.
- #4,613
- Oct 25, 2016 7:35pm Oct 25, 2016 7:35pm
- Joined Jul 2011 | Status: good | 4,295 Posts
cryptocurrency everytime
- #4,618
- Oct 27, 2016 2:13am Oct 27, 2016 2:13am
- Joined Jun 2011 | Status: Swing trader using Market Cycles | 2,152 Posts
{quote} Update : time to protect profit. New SL level : {image}
Money moves the market, not an indicator.
