I see a lot of other posts detailing how bitcoin is going to fall back down to this $4500 level right away. But that formation really tells a different story. Could it happen? Absolutely. But check out that formation. I don't see a double top or exhausted sellers, I see slow steady buying slowly pushing higher while the sellers are exhausted. An ascending triangle in a major way. Of course, if we break below $4,800 we will head back down to this 4.2k support. But as of right now, it sure looks like we are going up to the $6,250 area.
RSI is overbought but hasn't really created any type of divergence, while MACD has had zero downside follow through. It appears a move up is in the cards this weekend.
for those of you who are new to my readings. I ladder my positions in crypto. I laddered in buys from 6300 down to 3300 in a martingale fashion. We have an average position of roughly 4300 right now so we are very much in profit. You can check out one of my previous posts where I specifically call out that I bought down at the 3,300 range for my final ladder position. I will outline what i do next once the market decides to move some more.
Happy trading and holding. For this next move, make sure you pick your exit points guys.
-Sherem
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Explaining ladders:
Last idea FYI -
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Wow! Lot of action, really trying to push through this 5400 level
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Boom. Ascending triangle confirmed. Up we go.
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News really rained on BTC's parade, if we can hold this level we still might get our ascending triangle yet.
The other things to consider. If people need to get rid of Tether, those people are going to want to move their's tethers into crypto. If this happens, we would get a massive spike up like we did a few months ago when btc went from 6k to 7.5k rather quickly and back down. Will be interesting to see what happens...
@RedBeard_0x,
Should i max out my creditcard and buy btc, duh yes of course.
Has your beard always been red, or can it turn green one Day?
BitcoinNewb
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Holy hell my stop triggered at 5450 and I'm way in profit. Sherem you are a legend my friend. I think I'm gonna sit back and drink some scotch and wait for a while. If price starts to get aggressive I will maybe fomo back in but i think with this tether shit could go below 1000
pkb6698
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I think the current is similar to the bottom of 2015. What do you think? Please give me a advice.
BitcoinNewb
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So far so good. Gotta get some sleep hopefully I'll wake up tomorrow and be in profit. Thanks again Sherem.
BitcoinNewb
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Sherem we appreciate your work. I speak for everyone its top notch. I am following your advice and going all in here. Hope you are right I dont have a lot of money and a whole lot to lose if it doesnt work out.
While it appears its going up... If you do go all in, make sure you watch it carefully, we still could get a pull back to 4500. My strategy for a new entry would be to go in with 50% of the funds you have allocated for BTC and hold 50% in case you need to buy again at $4,500. That way if it goes up, you make money. Goes down, you have an average buy around 4,900.
seba26-77
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theredbaronZ
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Just change to an ascending channel and it is right on. We still haven't broken the channel yet but are definitely moving in the right direction.