BTCUSD: Short, then long
Diupdate
It seems like Bitcoin might take a tumble this month, perhaps caused by the fundamental events to take place during July, but in the longer term, a downtrend would be a buy opportunity if timed correctly.
In this chart, we can see the daily setup, which shows price can take a 26% hit; the 2 week chart, where we have observed the recent uptrend's progress, if analyzed from the 2015 low, which implies price will retrace significantly, since it has exhausted the upside it allowed for in this timeframe; and the 2 month chart, which helps us see the big picture trends in BTCUSD. Currently, the 2m chart target is 3372.99, which might sound crazy but is within the confines of possibility, without being overly optimistic.
I'm currently short, and waiting to cover and flip long once safe. Upside risk is likely 4-5%, and potential downside from here is 25%, so, this gives us a 5R profit if the trade evolves well. Once the short target is hit, we'll look to flip long, risking part of our profit to do so.
Check out my updated track record here: pastebin.com/6CyyqnPT
If interested in my real time whatsapp alerts and swing trading newsletter, or in personal tuition, contact me privately. I'm offering a considerable discount on a packaged course which includes access to my private trading signals list for a year.
Cheers!
Ivan Labrie
Link to Tim West's chatroom: tradingview.com/chat/
We discuss setups like this often there. Feel free to stop by and subscribe to his indicator pack. If you have any questions ask.
Risk disclaimer: My analysis is provided as general market commentary and does not constitute investment advice. I will not accept liability for any loss or damage including, without limitation, to any loss of profit which may arise directly or indirectly from use of or reliance on such information.
In this chart, we can see the daily setup, which shows price can take a 26% hit; the 2 week chart, where we have observed the recent uptrend's progress, if analyzed from the 2015 low, which implies price will retrace significantly, since it has exhausted the upside it allowed for in this timeframe; and the 2 month chart, which helps us see the big picture trends in BTCUSD. Currently, the 2m chart target is 3372.99, which might sound crazy but is within the confines of possibility, without being overly optimistic.
I'm currently short, and waiting to cover and flip long once safe. Upside risk is likely 4-5%, and potential downside from here is 25%, so, this gives us a 5R profit if the trade evolves well. Once the short target is hit, we'll look to flip long, risking part of our profit to do so.
Check out my updated track record here: pastebin.com/6CyyqnPT
If interested in my real time whatsapp alerts and swing trading newsletter, or in personal tuition, contact me privately. I'm offering a considerable discount on a packaged course which includes access to my private trading signals list for a year.
Cheers!
Ivan Labrie
Link to Tim West's chatroom: tradingview.com/chat/
We discuss setups like this often there. Feel free to stop by and subscribe to his indicator pack. If you have any questions ask.
Risk disclaimer: My analysis is provided as general market commentary and does not constitute investment advice. I will not accept liability for any loss or damage including, without limitation, to any loss of profit which may arise directly or indirectly from use of or reliance on such information.
Trade aktif
Nice drop so far, watch these levels.Catatan
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After this low volume rally, I'm standing aside for now, waiting for more clarity, to either short, or simply buy lower.Catatan
It's possible this was a fake out, we're back below the mode here (most frequent price level in all transactions since the start of the downtrend)
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