LONG | Current: $10,324.00
LONG Entry: $10,300 | Target: $10,900 | Stop Loss: $10,225
Wait before making a trade! BTC is expected to be volatile - don’t buy or sell before we reach an entry price!
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We were liquidated overnight with our stop triggering at 10,250 as Bitcoin dropped to $10,066. However that decline has since been bought up and frames Bitcoin within very tight 12-hour bollinger bands (big move incoming). The macro picture is a large vertical price movement into $10,900. If price declines below $10,225 again, we will look to short the market as we expect it to continue the decline. We think this may be the final movement as the last decline into $10k could have been used to accumulate shares for cheap to pump the price higher for the bigger whales.
LONG | Current: $10,335.50
LONG Entry: $10,310 | Target: $10,600 | Stop Loss: $10,250
We’ve been long since $10,350 but if you’re not already, here’s your chance. Bitcoin price shook out late longs yesterday overnight and is ready to pump. The 3 hour bollinger bands are getting tight indicating a large move.
LONG (already triggered) | Current: $10,379.00
LONG Entry: $10,350 | Target: $10,600 | Stop Loss: $10,250
There’s a clear and obvious trend in Bitcoin. Let’s follow it into our initial target!
LONG | Current: $10,351.50
Let’s go long! We are trading against resistance and believe there will soon be a pop into the free zone above. Ideally we will short at 10565 and 10590 but we will reevaluate when we get there.
SHORT | Current: $10,229.50
SHORT Entry: $10,400 (read analysis if not already short) | Target: $10,150 | Stop Loss: $10,500
Bitcoin price has since sold off since our initial short. It will likely bounce from here into resistance then decline further. Stochastics that were positive are now turned negative and the momentum is to the downside. If you aren’t short from our original entry here’s four places to spread your bids to short again.
$10,305 - 1/2 unit
$10,335 - 1/4 unit
$10,360 - 1/4 unit
$10,405 - 1/3 unit
SHORT | Current: $10,305
SHORT Entry: $10,400 | Target: $9,925 | Stop Loss: $10,500
We’ve been long since $10,055 and it’s time to look to close this short. Our first target is the nearest high volume point under diagonal trend resistance. We are shorting $10,400 with a tight stop, because if that get’s invalidated prices will increase to 10525-10625 which aligns with the next diagonal resistance then 10680-10730. We will likely short at $10,590 if Bitcoin passes through $10,500.
LONG | Current: $10,055
LONG Entry: $10,055 | Target: $10,400 | Stop Loss: $9,925
Bitcoin price has been slowly declining as many are expecting further selling. During this time it would be opportune for market makers to pump bitcoin to the resistance above to liquidate the longs. From there they may drop Bitcoin deep into our first target as the macro trend continues to suggest a large decline.
If Bitcoin triggers out stop order at $9,925 let’s short this into our initial target.
Here are our long target zones.
From a 12 hour time frame, we can see that price is sitting on top of the bottom bollinger band, and price is to pump into the 20sma. Adding this level of agreement into our charting on a large time frame shows a big price movement may be coming.
SHORT | Current: $10,047
SHORT Entry: $10,145 | Target: $9,300 | Stop Loss: $10,210
We took a short from $10,100 and will be adding .5 position size at $10,145. We will be closing this position between $9,000 and $9,300. Our short target is determined by the confluence of several factors. Our target is at the bottom edge of a high volume zone, typically where price slows its trend. Our target is also below the four previous market structures used as support which would give us the bearish stance from a macro perspective. Finally, our target is the diagonal support that has been tested by the third green support block. We expect price to recover from this price and start a new trend.
HOLD (SHORT BIASED) | Current: $10,194
SHORT Entry: $10,100| Target: $9,750 | Stop Loss: $10,210
LONG Entry: $10,600 | Target: $10,900 | Stop Loss: $10,500
Price is likely to break to the downside after it’s current period of accumulation. We are waiting for a break of Bitcoins current range between $10,200 and $10,600, as that will initiate a trending market compared to ranging.
There have been two periods (circled in blue) of Bitcoin price action that have been similar to the current trend. These events occurred under diagonal resistance as the stochastics were turning over to the downside. We think this trend is likely to repeat for a third time resulting in a decline.
If price breaks above $10,600 we will long to $10,900 where price can either increase to $11,300 or rapidly decline back into the larger triangle.