This is a reversal idea I have for BTC .
On the daily we are forming what looks like a right up to a pretty significant . The is at about 5800 which to me signifies a 100% retracement from the parabolic run up to 20k we had. Weekly and monthly show signs of a in play as well.
Longs seem to be still steadily growing while late to the party shorts are growing rapidly. This to me looks like a good opportunity to finally be in a setup to short squeeze the bears.
Take profit targets
Also use fib lines for (drawn 10k to 5.6k)
If we break 5600 the pattern is invalidated from what I see.
Next support lines for bouncing I see are
----- GOLDEN RULES TO FOLLOW -----
- Set STOPLOSS as soon as you enter. (stop-limit sell)
- Take a % of PROFITS as price crosses recommended targets. I recommend using trailing stop sells. You can wait for higher targets, but it gets more risky and you may be missing out on gains the longer you wait because it may go down before next target. (follow price with a stop-limit sell)
- COST AVERAGE in and out, unless you see a better coin to enter and want to exit trade. (Do not look for the top or bottom to trade 100%. ladder buy and sell only a % at a time. Example if price moonshots 20% you might want to sell 50% of your position, if price only goes up 1-5% maybe only sell 10-20% or your position)
- Always keep your eyes on BTC it could throw off this chart if it moves big. Tighten up stops if Bitcoin sells off
- Stay updated on good or bad market news for positions you are in, they may alter targets. (FA updates like new listings or roadmap achievements can move price unrelated to TA)
- Always play for satoshis, don't worry about your dollar amount unless you are only planning to be in the market for a very short period of time.
- RESPECT STOPLOSSES, if triggered to not buy back in right away unless you are absolutely certain. (You can set a stop-limit buy right above your sell trigger point if you want to protect yourself from a possible bounce)
Comment on the post if you have questions
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