Finally after days of "sideways" movement today it broke up clearly!
This hour candle is the most traded hour in Bitcoins history!
Price broke out of the blue triangle here, and have retraced down to it, testing support and making the green 3. and 4. Elliot wave.
Here is the daily chart, and I have lined up how I think a bull scenario might happen in pink, based off fibonacci levels.
As we can see of the waves the blue E wave of the correction finished in a red abcde followed by the light blue triangle ABCDE.
The breakout has yet to be confirmed by volume, and the blue triangle must hold as support.
If these fail to confirm we may still be in a correction.
These are just my thoughts, not a trading advice.
If you have another view on this post your welcome to discuss and post your charts in the comments.
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These are the kind of impulse increases that I've been talking about. On Bloomberg it said its the highest increase since Dec...these are the kind of headlines it needs to create more FOMO. Although I'm more positive now I'm still going to remain calm and wait. As theres a chance that it could go under and hit/go near that lower blue triangle line before making the next move up.
But of course I'd rather it keeps going up from now...its been a painful quarter....But I've learnt a lot from it and it should help me a lot more for future trades.
I also posted something earlier. I got the pricing part wrong but if today is the true breakout then my date is spot on! :)
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Hey, I feel so lucky today as I closed my leveraged short on Bitmex at $6817 four hours ago.
If the price manage to bounce off the supportive triangle I'll open a long, but now I'm good with my wallet.
Yes you did very well on the date I think :)
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Wow congrats on that!
Yea just be patient...thats one thing I've learnt...don't let FOMO or FUD get to you. For me...if we move sideways for a day or two and then another impulsive move up (say 8-10%) then I'll go long. But one of my strategies for the futures is not to Hodler everything but also not sell everything...right now I have my original 70% investment....so even if it does go up more and I "missed" buying some more at low prices is still "OK".
Fingers crossed that things will start looking up!
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Relying on my feelings for fud and fomo and doing the opposite have proven to be very profitable for sure. Even though it feels bad at the moment :)
When thinking that Bitcoin someday pass 20k again this still feels very low IMO. Better safe than sorry anyhow.
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Bitcoin and almost all crypto broke out!!! I was actually holding Steem, it has gone up over 25%!!! Finally we might be out of the recent bear stretch.
I had my eye on an upcoming breakout, but it came up early!
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Yes, I was pretty sure it would go some days more myself, but the drop earlier today almost reached the yellow triangle support so I decided to finish my short in profit, just in case.
The sun is shining today here too after weeks of cold weather, so this could not be a better day!
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