Image generated with Fooocus AI
Well its been another what? 10 days since I have put up a trade, well that is intentionally as I try to be effective and not get carry away by the market sentiment but sometimes that disconnection becomes too big and I just miss opportunities like that pump to $73k, I got to admit the strategy did give me entry around $67k it was screaming get the fuck in and I never did because I was not paying attention but still that helps me to control emotions, “out of sight, out of mind”, this really help me to stay away from the market since then, I just kept watching the price go up and yes I do have some small positions on spot but men it would have been a great trade or probably I would only do my classic 10%-15% and got out, who knows but still.
Bitcoin Trade #010
Before I get into what I think the price is going to do I want to get my current trade out of the way, this trade I don’t have much hope because I think this might be a bear trap so there is some speculation into it specially with the US elections on the way.
- Entry: $68,312.58
- Exit: $70,456.73
- Stop: $66,169.73
The trade is on this single screen, price does a BIG wick to mid $66k and breaks the POC at mids $67k, potentially there is a bullish divergence, probably my first time on this trading experiment where I open a trade based on this divergence that has not fully form yet but if we look at the ADX its in a positive direction meaning it has force and the same goes for the +DI going up to potentially cross with -DI in the next 24 – 48 hours. The SQZ indicator is not a factor here because it has been going back and forward from green to red and that is just indecision and I have learn that its the lease indicator to consider but still counts. Target? well this is tricky because I’m shooting for a 15% (5x leverage trade shooting for 3%) before Friday, the reason before Friday is the daily chart but that’s for latter. I would give this trade a 70/30 opportunity but a lot of it will have to do with elections and IF Trump wins tbh since the guy been saying he is “pro crypto” although to me its irrelevant for the future but counts for the present, this trade.
Bitcoin 1D
https://inleo.io/@ftrekt/bitcoin-trade-008-and-009-so-far-6-out-of-9--ar?referral=ftrekt
On my previous article I mention how the price could get to $63k and I still believe it is a possibility although the market decided to go 0 – 100 real quick and tingle with ATH again to then drop $7k from $73k to $66k, reason why I’m not practicing or pretending to short any market, I don’t have the experience and I find it way harder than going long. The daily is another reason why I took that long position at this point in time, EMA are NOT SUPPORT but if we look at the 55 EMA (orange-ish) is going to meet the price soon and probably $65k will be the bottom of that move so the price can give it another try to ATH, my current stop is at a very low $66k so I’m not out of risk.
The price as you can tell already touch $65k on its previous move and bounce from there, question is, will that happen again? well I think for my 4hr trade I’m safe in the short term but if during the next 48 hours all we do is a sideways with no bounce then I’m stepping out because then we going lower, when I say I step out I mean I’m going to be moving my stop loss higher as the trade turns green to avoid any losses at all but it is very likely we go $65k or worst case $63k.
If we look at the price without any candles, I think nothing significant happen, if we look at it there has not been any significant volume, price went back to March 2024 this entire time has been a sideways that is probably killing a lot of people out there. In my opinion since there has not been a large amount of volume but price has been going up and up since September, getting closer to the end of the year this is probably the time when price start to leave people behind and attempt to break ATH when people are sending straight to $60k, after all for me this is just another short term trade that I hope to win, I really want to make it 4 out of 4 trades.