597 on this chart is pretty strong res'. Next res point up is around 606, which may not be reached. If it is reached and punctured then a long is definitely in order. I suspect a slow pullback.. then who knows. Now it's moved out of its previous sideways range I doubt it'll resume it again, but I don't see any big reasons to buy or sell mid term. I currently have a short from this area. I set stops at 607 and 580. Might get stopped out if it pops 600, but the potential profit outweighs the potential loss, so not a bad trade in theory.
tonz_of_gunz
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Seeing now how strong the breakout was 597 has little chance to hold, sure we can have pullbacks but i think around 610 is where big sellers gonna come.
PRPS
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I hear you, but something about this breakout feels a little pumpy. Pressure has been building for a move for over a month, and the longer that went on the greater the move would be, yet it's stalled out quite meekly below 600 on stamp [my preferred chart also]. My general sentiment on btc prior to this break was neutral to bearish, and considering the move seems to have come about on little or no news.. my fundamental view would remain neutral to bearish. Technicals may trip me up, but on no news I see no real reason to be particularly bullish. An XMR rally could be the signal to short btc. We shall see.
P.S. I like your work, you seem to be more right than wrong, which is the general idea here. I take most btc charts with a pinch of salt, as they often seem to be drawn from a heavily biased perspective.
tonz_of_gunz
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Well thank you for your comment, all my analysis is 100% technical. Dont know where its gonna stop, i can only guess but my analysis tell me for now that this particular pattern can even break 800 so trade with care:).
PRPS
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Well it looks like me just saying all that was the kiss of death. I need to review my thoughts and analysis, my short cost me. I was pretty sure it'd retrace after such a seemingly pumped sudden rise on no apparent news. It was a calculated trade with the potential gains outweighing the potential losses, yet it went against me. Maybe sentiment is stronger than I presumed. Is there a reliable way to gauge this? I closed my short and opened a long, which I've now closed again for small profit. Not sure where we're going next. I'm always lagging it seems, so on that basis it'll prolly pump, but gut says pullback
tonz_of_gunz
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Well i did told you that this is gonna happen right?:) Lets see how this evolves.