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So You Want To Catch A Falling Kinfe Part 2

Diupdate

Hi Fellow BTC Bulls.

This is a continuation of my idea here:
If you have been following me, we have been trying to catch this knife and we are still up.

So You Want to Know how to Catch A Falling Knife.

We are still waiting for a good long entry point in Bitcoin.
We are currently in a falling wedge AND a long term support AND a double bottom - this gives us a lot of support.
We have one more down move, get ready to load up!.

Plan:

1. Buy half the position the next time it hits the bottom of the falling wedge.
2. Buy the other half of the position once it breaks the upper wedge, if price breaks below the bottom wedge, this is because of too much pannic - you can load the other half on the long term trendline.

3. set stops at 5900 INITIALLY. Follow my plan because we will be moving the stops higher as the price structure reveals itself, so we can lock in profits and limit losses.

trade with care.

Catatan

There's the downturn from touching the upper resistance of the wedge.
I'm surprised that it did not touch the wedge line, so there may be another retest before touching the bottom support of the wedge.

Catatan

Get ready to buy around 7337 area it will touch the.bottom of the wedge.

Catatan

Buy half now

Catatan

Lol ridiculous how accurate that was.

Set stop at 7225 for now. We are looking to break the upper wedge resistance.

Catatan

Buy the second half on the retest of the wedge. Buy now.

Catatan

this is starting to look corrective guys. We need to see more strength if we are going to break on the upside.

I would sell half of the position with a profit right now and hold the other half with the stop loss at 7500. This guarantees that you have a profit in the trade.

if this breakout fails we will do a re-entry at lower prices

This ensures that you

Catatan

I don't know why the text got cutoff on my last message.

I meant to say it ensures that you have profits locked in :) half of trading is risk management. you manage your risk, you will always live another day to trade.

anyways, for the update.
The structure developed into a triangle which shows the indecision of bitcoin.
since the last impulse before the triangle was an up move, this is bullish. That is it is more likely to break on the upside than the down side.
you can buy the breakout on the upside of this.

Catatan

Like i said buy the breakout (using stop buy order).
if you didn't buy already, just let it be, it's too late by now.
You still have half the position from 7337.

move your stop loss to 8000.
We are still in the woods - I am weary that there is one more down wave going to the 6000s.

trade with care.

Catatan

BTC is showing its strength.
We are heading to our first major resistance around the 9300 -9500 levels.
Expect a pullback from these levels down to 8300 level.

You can cash out a portion now at 9200 and try to buy back in the pullback. I myself will just hold and keep the position.

Catatan

This is the possible correction I'm mentioning

Catatan

this is the correction we have been waiting for, it looks like a normal bull correction but don't let your guard down (have the stops set) if the flag structure shown below is broken we could head to a deep correction.

I'm getting a lot of request on how to enter the trade if you missed the first two entries. We currently have the bottom support of the flag. You can buy when it touches this or near this line and set stop below this line.

picture below

Catatan

It broke the flag structure we are heading lower.

Money management wise you should set stop at 8000. The next buy point is 8300 area.

Trade with care

Catatan

if you haven't bought yet now is a good time.

Catatan

Part 3 is Out

So You Want to Catch A Falling Knife Part 3

Remind

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