Hi all, I am back with new chart which is extension to my last chart. So as mentioned in my last chart BTC headed towards 11k and we got good correction to get in again after correction from 9950s. As stated in the subject the resistance at 9200s is becoming our support.
Trade setup for those who didn't got in my last chart at 8400s: Buy < 9400 Target > 10800 stop loss < 8950
Best, Budha
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on 30 mins we can even see 9150s but don't panic and take it as opportunity to load if you haven't. Just focus on daily chart at this point.
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price action from here should be fun
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Hi all, There were some misunderstandings about stops which I want to clarify. I mentioned SL < 8950 so have any sl under 8950. So now if price under 8950 your stop hit and you are not in position but again price less than 9400 and above 8950 buy with similar SL less than 8950. Idea is not to stay long under 8950 and open long positions under 9400s. I usually update the idea if I feel it is not tradable. So please follow my updates
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This is the support region as I mentioned in the subject, so even if it dipped it shall bounce back in this region. I made some tiny mistake of not mentioning about the stop hunt which could act aggressive here. That is the reason I am strongly suggesting to trade the trend which is up from here
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Hi all, here is the clear picture I want o project about setting the stop:
Why to set the stop ? -> We must set the stop to prevent the huge loss When not to set the stop ? -> We should avoid the stop when there are clear signs of stop hunting aggression where to set the stop ? -> Always have the stop loss 100-200$ down the retracement zone how to set the stop ? -> Always use ATR or psar to determine the retracement zones.
In my above update I mentioned stop < 8950 means your stop should always lesser than 8950 but you shouldn't have that stop when aggressive stop hunting is going on. How to know that? We can know it when price is aggressively dipping on lower time frames when higher time frames are providing huge support.
With these tiny updates I am providing this new chart layout on how and where you can have your stops. Coming to this idea we had tiny aggressive dip on smaller time frame which got huge support on higher time frame hence we can wait but when we notice that higher time frame also losing the support we could continue using our stop and get out of this position. Here from my experience I am very confident price will bounce back so please wait and watch for new updates from me.
Best, Budha
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this is how price will bounce when price dipped on lower time frames when it got huge support on longer time frames. If we are lucky we will have good push soon else with patience we can still win
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we may or may not retrace here however smaller time frames looking dull due to lack of days volume. We need lot of patience here and should be brave without panicking in these conditions
Trade closed: stop reached
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Hi all, I am still extremely bullish I believe it will bounce on daily support and rise back to 11ks but closing this chart as I can take a opportunity to publish a new chart with better entry than this .
Best, Budha
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I have come up with this new chart which is same as this but with better entry:
Daily chart is looking exceptionally scary at this point.. are you sure you are buying at the right point now.. everything is pointing towards mid to low 7k range... from TA to fundamentals
UnknownUnicorn6209745
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@doctorkesh, 7k :) okay friend may be I will comment after a week or more I don't ask people trade on tiny moves and my trade setup is clear even now. Stop Loss < 8950 if stop triggered as long as I keep this chart open idea is to buy < 9400, I will mention this point from next chart.. I usually update and close the chart if I feel it needs to be closed
UnknownUnicorn995432
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It has already hit the stop loss on this one buddy...
UnknownUnicorn6209745
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@doctorkesh, not mine friend, read it I said it is 1) extension chart and 2) for those who havent seen my last chart sl < 8950 and did you see my updates ? I am updating it regularly and there is no need to panic at all. I am very much confident price will boost high from here with little fluctuation
UnknownUnicorn995432
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@TradingBudha, USD price has hit sub 8950 on several exchanges my friend.
Be careful here.. not looking good for now. At least not for leveraged positions at this time. Buying and holding is okay, price will bounce back up hopefully, but leveraged positions will likely get liquidated now. Too many long positions from 4-5k ranges.
UnknownUnicorn6209745
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@doctorkesh, Thank you doctor
J-J-
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Thanks for your idea. I did not read your previous ideas so please allow me one question, even when you might gave an answer in previous ideas: what are the signs that its really staying as a support and not repeating the same like on Feb. 18th when support changed to resistance? Thanks.
UnknownUnicorn6209745
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@J-J-, Signs are People were selling at this price during feb month and now they are buying. Also my familiarity and experience with this market suggests it as support but lets see how it plays :)
J-J-
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@TradingBudha, thanks a lot for this explenation. Much appriciated to get nice answers here even when I'm a noob :-)