XBTUSD - Possible LONG opportunity

22 mar 2018

Dear crypto lovers!

Here comes a brief view into the future of bitcoin price:

Chart: XBTUSD
Time Frame: Daily, 4hr, 1hr
Predicted Direction: LONG

LONG-TERM VIEW

• In the 1D chart you can see two very important lines. Shall the XBTUSD break the support, it will go down to at least 6k. However, shall it break the resistence, 11.5k, 17k & 20k will be the long term targets.
  

CURRENT TRADE IDEA

• You can see that XBTUSD touched the support (17/3) and bounced upwards from it.
  
• As of now, XBTUSD is unable to break above the daily 200EMA. This also happened afterXBTUSD touched the support on 5/2.
  
• I now expect a pullback to 38.2 Fib prior to the upward movement will continue.
  

TRADE WOULD BE VALID IF

• pullback to 38.2 Fib
  
• daily 200EMA will hold as a strong resistance
  
• other indicators give positive outlook
  

ESTIMATED TARGET

• The estimated target is right below the resistance, approximately $9400 - $9500. Will be specified later.
  

Updates will be available in the comments section below.

Thank you very much!

22 mar 2018

Nota

Price has broken 1hr 200EMA (hour candle just closed below), which should now act as a resistance. If it holds, it should be possible to retrace to daily 38.2 Fib (around $8480).

22 mar 2018

Nota

Price is quickly approaching the daily 38.2% Fib (current low $8487); however, it did not touch it yet. Let's wait if the 38.2% and if it does, trade will be opened.

22 mar 2018

Nota

*Let's wait if the 38.2% HOLDS and if it does, trade will be opened.

22 mar 2018

Nota

Price got to the low of $8487, which is slightly above the daily 38.2% Fib - $8469; however, it quickly recovered back to the $8600 level. Personally I would wait until the price breaks above the 1h 200EMA prior to the LONG position.

22 mar 2018

Nota

So, bitcoin seems to find a bottom for now just slightly above the daily 38.2% Fib and now is fighting the 1h 200EMA, which seems to be quite strong resistence. Let's see if it can break through it so we can open a long position, or whether there will be a retracement below the daily 38.2% fib to the daily 50% fib.

22 mar 2018

Operación activa

So we have just broken above the 1h 200EMA.

TRADE ACTIVE @ $8680
STOP LOSS @ $8480{/b]
{b]TAKE PROFIT @ $9100 as of now - will discuss in a post later

23 mar 2018

Nota

So the price broke down the daily 38.2% Fib last night and the position was closed by the stop-loss order. Recently the price touched daily 50% Fib (@ $8247) and bounced up to the level of $8400. I am looking to reopening the position a little bit later.

23 mar 2018

Operación cerrada: precio stop alcanzado

Stop-loss was triggered last night.