Crypto Analysis Report 5-8-18 BITCOIN...Did You Buy On The Pull Back at $9200???

in #bitcoin6 years ago

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I talked about Bitcoin last on 4/21,

Crypto Analysis Report 4-21-18 BITCOIN...Trend Reversal Has Been Confirmed, Next Stop $12k

In that post I stated, the trend reversal had been confirmed because price took out the sellers at $8500. I gave two level on the 1 hour chart to get in to buy long, but the moment in Bitcoin was too strong and price never came down to those levels. Equally important, I mentioned there were still unfilled sell orders at $10k.

Well, price did react to the unfilled orders at $10k. I also think buyer from the $7k level took some profits also. The pull back that we experienced is giving anyone that wanted to buy Bitcoin, but missed out earlier, to buy Bitcoin still at a discount. Price came within $10 of hitting $10k before pull back.

Price pulled back into a demand zone and was hitting the 21 EMA. This set-up is my bread and butter set-up…a pull back to join the trend with the buyers near the 21 EMA.

Lets zoom in for a closer look on the 4 hr time frame. The buy is at the $9200 level with your stop below $8900.

If price breaches this zone, one of my other set-ups is the bull/bear trap set-up. If this case we have a bear trap set-up at $8600.

Because we are in the middle of the curve (range), but in an uptrend, I anticipate price breaching the $10k level at some point. My 1st target remains $12k. Once price clears $10k, it should be smooth sailing to $11.5k because I don’t see any major stack of sell orders until we approach the weekly supply zone up above.

This post is my personal opinion. I’m not a financial advisor, this isn't financial advise. Do your own research before making investment decisions.

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You make it sound so easy :-)
I was happy when we touched 10K my whole portfolio was on fire, now with the consolidation things are calming down.
Waiting for the action to come back and reach 12K asap!

Trading is easy, we make it hard...it's not man vs man or man vs machine...it's me vs me...this game is all mental and this is the aspect of trading that I work on every day and will for the rest of my trading career.

PS - if $12k is your target great, but you must also have a stop loss as well.

Well 12K is not my target, and i don't need no stop loss since i haven't traded BTC for a while now. My portfolio is 90% altcoins and 10% btc needed for trading altcoins. BTC trading rates has a big impact on altcoins, and a different impact to each coin in my portfolio, so besides everything, i always check what's going on with BTC :-)

Great TA! Pullbacks like this seem to be healthy to create good pivot points but I'm concerned on the dwindling volumes. I wonder if it is less people selling or less interest. Thanks!

Thanks. I have learned to chase price, due to pull backs, because that's what markets do. I haven't looked at the volume, but based on the candles, I think the buyers are exhausted at moment. I think you have some sellers, but price is in the middle of the range, so I think people are holding on to their positions as well. I think once we get an event (negative or positive), the volume will resume.

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