Hey guys,
If you’ve been reading the blog, you’ll know I’ve been watching the way that Bitcoin has formed what looks to be a sort of basing pattern, and therefore gotten long as a result.
From that blog last week, I’ve extracted the following daily chart and excerpt which shows the way support is holding quite nicely:
BTC/USD Daily
This chart just highlights the key higher time frame support/resistance zone that’s been tested in both directions since way back. It’s a highly significant level and shows why price is having a hard time breaking through.
My strstegy is all about trying to buck the every day retail trader’s mindset where they have to keep winning no matter what. No, you don’t have to keep winning, you just have to make the most of the times that you do by adding into winning positions.
It’s not about having a high win rate, it’s just about having big winners and small losers. It doesn’t matter how many of each.
So I took my first long entry off the following level from the initial blog I’ve linked to at the top:
BTC/USD Hourly
The hourly chart shows another retest of short term resistance turned support and this is our entry signal. With price holding above the higher time frame level, things have lined up for another long entry.
Bitcoin then ripped higher until hitting the Fibonacci resistance that I talked about and pulling back. Pulling back to a nice area of previous short term resistance that if we are still bullish (and I am as price is still above higher time frame support), I’ll look to now use as support to add into my longs.
Take a look at the updated hourly chart here:
Let’s see if it holds...
Peace ✌🏻.
@forexbrokr | Steemit BlogForex and Crypto Market Musings.
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