Bitcoin Reloading?

bax699

Well-known member
450 88
Well it looks as though Bitcoin has turned bearish . We have broke structure on the Daily time frame creating our second lower low and we also have our lower high. But where will it find its support? Obviously the cheaper the better for us, but can we trust it to pump so high again? Ive marked out the levels that I would be interested in buying from. I would need to see a daily doji candle on one of these levels before I would take a buy. But the good thing with crypto is we can also hold physical in these low areas as well as trading. I will be stacking at each level we hit going down. Let me know your thoughts below. GLIYF
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bax699

Well-known member
450 88
Who's selling Bitcoin? Clearly looks like a bearish market as stated previously. So let's take a sell if it presents itself. I have marked out the area just under 50K where I would like to see price make another lower high in this bearish movement. If we get one then see resistance then I will jump on the sell. That's what trading is about making money up and down. Mark your area's out and get ready to take the trade. GLIYF
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bax699

Well-known member
450 88
Good evening all, hope everyone had a good weekend. Forex markets open later but the Crypto never stops. Is it time to buy Bitcoin yet? Well this is now in my first real area of interest. To the left is a very strong weekly demand zone where we had a double bottom and then the rise. In the recent flash crash on 19th May we saw price move down very quickly only to wick out from the 30K demand area, which shows it to be a strong area, For which we are now around. I will most likely place a buy here for 2% account risk just to test the water incase we do find some good support. If its not the case then the next zone below I would like to buy from. GLIYF

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bax699

Well-known member
450 88
Good morning all, back to Bitcoin today and I think we have our temporary bottom here. I placed buys here at this entry point, we are at a strong weekly demand zone , we look to of formed a bottom here, each daily candle closing higher than the last since the first impulsive bearish candle to wick from the demand zone . If you followed then make sure to move SL to break even when in profits as with crypto you never know if its the real bottom or not. GLIYF
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bax699

Well-known member
450 88
Good morning all, keeping a close eye on Bitcoin lately. I took the buy from the 34.6K price level below and currently in some small profits. But which direction will we take now? From a technical stand point it looks like its forming a bearish flag here which could signal a further drop. But will it follow technical or will we see some fundamental influence that makes it turn back bullish? Certainly one to watch over the near future for sure. Let me know your thoughts on where you think its going below. GLIYF
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bax699

Well-known member
450 88
Good morning all, checking back on Bitcoin today. Few small bearish candles on the lower timeframes and its panic stations across the board. Last time out I drew what looked to be a bearish flag . Technically it was to drop further, which is what we got. But what I am taking from this bearish time in BTC is the strong weekly demand zone we cant push through. Three times now its being tested and each time its higher than the last. I am holding my buy until at least this weekly demand zone is broken. I believe this is the bottom, but I could be wrong. GLIYF
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bax699

Well-known member
450 88
Good evening all. Been a little while since we looked at Bitcoin . Was I right in calling it the bottom last time we checked in on our buy position? Time will only tell, but it certainly is giving us some hope. We have what looks to be the low and a higher high and a higher low. I am not counting any chickens yet until we break back above the moving average s it could just as easily come back down. But all ok so far, in profits by 5892 pips the most since we bought. Fingers crossed this is the stat of the next push upwards. GLIYF
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bax699

Well-known member
450 88
Looking back in on Bitcoin today. My last buy position was stopped out in profits. This is the best way to tackle the current Bitcoin chart. I see a lot of people calling it the end for crypto etc etc just because we have a small bearish run lol. Crazy talk, for me until we break this low I have marked out I am looking for buys. The first initial bear drop created the low and we still haven't visited that price again since. I am always willing to risk 1% of my account on a stop loss here at these positions for the potential huge possible returns. Trading is only scary and risk if you over leverage your position. Be sensible and take the positioned risk. GLIYF
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bax699

Well-known member
450 88
Good afternoon all. Keeping a close eye on Bitcoin lately and this very strong demand zone we have bounced from multiple times over the past few weeks. I have entered a buy on the bullish candle close from the rejection of the demand area. Technically we broke the zone with price ever so slightly breaking below. But we saw what we have previously with the bulls fighting back and making price reject the 30k support area . So for me its enough to enter a buy position on the prospect of a good return if the big bull comes alive again. 2% risked on this position, I will move my stop loss into break even if we beak above 36.2K. Fairly easy trade to take this one guys GLIYF
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bax699

Well-known member
450 88
Hope everyone's having a good weekend. The crypto markets never close and this weekend I thought my SL was going to be hit. But yet again this demand zone is holding strong. I would like price to break through this secondary trend line now to be confident in a move upwards. Again I say my opinion is this is the bottom. I could be wrong but if I am correct then we get rewarded. even if we drop through we just get to buy at cheaper prices. Let me know your thoughts below. GLIYF
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bax699

Well-known member
450 88
Good morning all, hope your trading week has gone well. Just updating quickly today on the Bitcoin buy position I took. Price is currently hovering above my entry area. Is the current price action another signal to buy with the break and retest? Only time will tell. One thing we can see is that the current demand zone has been tested multiple times and held strong. I'm holding strong on my thoughts we have seen the bottom. Hold for now if you took it. GLIYF
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