Bitcoin Reloading?

bax699

Well-known member
269 57
Well Bitcoin yet again doesn't surprise us with a very strong bullish move. I think we have Elon Musk to thank for that, one post by him on twitter and it went mad. All is well though as we banked 3500 pips, if you were clever and was watching price you could of taken profit on that double bottom , but I wasn't watching so just left my SL in place in profit. What's next for Bitcoin? Back to buy's? Id like price to pullback to the secondary trend line and line up with my 53EMA for a buy to make a new ATH . Let me know your thoughts below. GLIYF
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bax699

Well-known member
269 57
Last time on Bitcoin i changed my bias back to bullish after Elon Musk put Bitcoin as his only word in his bio, we instantly got a big push north. Since then we had some sideways movement but we have broke out of the flag in a bullish direction. If you took the trade on the upside breakout then you should be in some profits of about 2500 pips. This is not my ideal way to take a trade but i know some like to take it this way. For me id like to see a pullback to re test the break or trend before entering. If you did then set SL to BE and let it run, if we get a pullback get ready to enter. GLIYF

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bax699

Well-known member
269 57
Back to Bitcoin today, and look what we have here, a nice big bull. The bullish flag was real. We got the breakout and we have continued on our bull trend. But where will it top out? Will it hit the magic 50k mark? We are not far off the ATH so anything is possible. Currently 6.5K pips in profit on the buy setup i posted. Make sure you lock in and secure profits with your SL, dont give back to the markets. GLIYF

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bax699

Well-known member
269 57
Well Bitcoin yet again surpasses to an all time high today. It's peaked so far at 44.9K. Will that be the new ATH or will we reach 50k? Currently 10K pips in profit on the entry zone i marked out previously. That's why its good day trading and being able to change bias from shorts to buys in an instance. Keep holding for now and keep moving SL into more profits, just to secure the bag for when we see our next drop. GLIYF
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bax699

Well-known member
269 57
Checking back in on our Bitcoin trade today and as we can see we have had a lovely run of late. Price today touched 49.7K and we are currently sitting on 14.2k pips profit on this position so I am going to call the closure of the trade here. Always nice to bank as much profits as possible. But also could be a possibility we could see price turn here from the 50K threshold. You could even just close half of your position and just let the rest run as it would be no surprise if BTC just pushed right past this zone, keep moving SL more into profit the higher it moves. Will update in a couple of days on my idea for the next trade. GLIYF
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bax699

Well-known member
269 57
Wow would you take a look at Bitcoin , currently trading at over 51K. Our last position hit TP and now it looks certain the new institutional money is here to stay with BTC . How can we trade it? Well I certainly don't like to just jump in and buy. We could try selling but who is to know where the top could be for now. We recently took out the small supply zone created easily enough. So i'm looking at a couple of demand area's that haven't been tested yet. 42-39K could possibly be an area where we could see to buy in. My preferred option would be between 32-28K. Keep watching for the moment no need to jump in. GLIYF
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bax699

Well-known member
269 57
It was only Thursday night when i last had a look at Bitcoin , and i just happened to check it again and had to post. Lol yet once again we have a new ATH . Price was only in 51k in the last post, now its over 57K. The moves are crazy, I really hope some of you are holding longs. There's a little demand area between 46-43k that look ripe for a long when we get a pullback i missed last time. Let me know your thoughts for longs below
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bax699

Well-known member
269 57
Looks like we are finally seeing a correction in Bitcoin . It had to come sooner rather than later, the parabolic movement was huge. Where is it going? We're approaching the first demand area for a possible buy back in, price is pushing hard though so what would be better for us is for price to push lower so we can buy at a cheaper price. Mark out your zones and keep watching for now. Wait for support to form and demand to come back in for the buys. GLIYF
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bax699

Well-known member
269 57
Bitcoin takes a little dive and all the FOMO people are going stir crazy. But for the traders amongst us its something were looking for so we can buy back in. Price came down to that daily demand area and we saw an instant rejection. Maybe if you was watching you could of entered and grabbed some pips. It still looks like its falling currently and wasn't my ideal entry zone so I didn't take this one. I'm looking at the zone below at least where the daily demand is that broke the recent supply and trend line . Wait for the best setups and you'll be rewarded. GLIYF


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bax699

Well-known member
269 57
Bitcoin is moving pretty slow of late considering the recent bullish movement. We could just be consolidating and collecting demand on the weekly charts. You could of entered on that reaction to that demand area we just invalidated. But for me that's not the trade to take just yet. If you were in and out then that's all good for an intraday trade. I'm looking at the bold setup in the chart as my ideal area to buy in around 40K. I do think we will see another 3rd impulsive move upwards, but would like to get in a buy in this area. Hopefully price comes down to or close to this zone to buy in. Keep watching for now and be ready. GLIYF



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