A lot of the selling in the cryptomarket has been due to bad publicity recently, be it the BTC/BCH Coinbase issue or LTC founder selling his stake, on and on. For those of us that at least marginally understand the technology and the potential we see these declines as an opportunity to trade long from a more advantageous level.
Coming back from the holidays the topic that would have occupied family dinner tables are Bitcoin? Crypto-what? Wait you made how much!?
What happens after is people will at least "try" to dip their toe into the water if they haven't already and which currency remains the brand for the cryptocurrency? BTC.
Whatever your views on BTC and BCH and such I will not stimulate that discussion here, we are here to trade and when I see something that looks like a trading opportunity I sure as hell want to jump on it. Having the risks and rewards in mind obviously.
The BTC broke out of the ascending triangle at the 14,500 level and I see two main price targets in the short term, namely, 15,500 and 16,000.
Surely you might think a 3-5% price target is boring really, in fact, those are really short-term targets that if broken will set the stage for the new larger uptrend. Meaning if you have already established your position here, ahead of the breakout, you will have the advantage of 3-5% margin of safety and benefit from the buy on breakout upswing to follow.
I won't speculate on that unless we've seen those two main short-term resistance being broken and will update again when they are.
Please comment and let me know what you think. Thanks people!
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By the time I was done writing the BTCUSD has risen from 15,100 to essentially my first target 15,500. Sorry guys, will try to be faster next time.
Trade closed: target reached
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Both 15,500 and 16,000 target reached. Be sure to follow and see my new post on what I think could be next from here. Thanks for all the support guys!
looks like all your chart prediction worked.. but weird that after 16K it may get some dips
cryptokorn
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@MarkUs.kelvin I just try to make unbiased predictions based on the technicals. For this post I reckon I have reached my target. I'm going to create a new post on what's next from here so please support and give me your thoughts on that. Thanks Markus ;-)
custom_drake
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@cryptokorn, thanks, will wait for your new charts. meanwhile yours are most accurate to what happened recently, looks like great knowledge in TA and cryptomarket!
cryptokorn
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@MarkUs.kelvin, Wow. Means a lot Markus. I have put out a new piece on BTC, please let me know what you think about that idea.
custom_drake
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hmm looks like it broke 15,6K and going up
custom_drake
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on GDAX BTC broke 15600 level
custom_drake
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why you think BTC should go down when reaches 15,5K level?
cryptokorn
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@MarkUs.kelvin, I think before the year-end trading would remain relatively light as people aren't really as active in the market. Lacking significant flow to push, its really a matter of short-term trading game for people participating, so we'll see people taking profits at resistance levels, rather than hold on and push right through multiple resistance levels.