DLavrov

Bitcoin Trading Idea

BITSTAMP:BTCUSD   Bitcoin / Dolar
Based on the 1H chart we have range market conditions. We can try to trade in the horizontal channel buying from the support level and selling from the resistance level . Stop orders for such trades must be placed outside the channel. Profit targets for trades based on reversal signals must be inside the channel near the resistance and the support levels. Also we can try to catch a breakout, if market moves outside the channel. For such trading we have to place buy-stop orders above 2700.00 and sell-stop orders below 2430.00 level. Stop orders for trades based on breakout signals must be placed inside the channel. Profit targets should be near the possible reversal zones - for buy trades it's near 2900.00 level and for sell trades it's near 2200.00 level.

P.S. If you think this information can be useful, please, like it and share. Also I will be glad to read your comments )

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thanks man...your ideas help a lot!
Balas
We have similar thoughts! Nice chart!
Balas
@DLavrov New resistance line at 2800, correct? Are you thinking there will be some consolidation/retrace at the current level (2750) before another push or do you think it has run out of steam?
Balas
Finally broke out. Thank you very much for sharing your ideas here!
Balas
DLavrov TOP javiergra
@javiergra, thanks! But you have to look at volume. It can be a good confirmation for breakouts. If volume rises, a breakout can be real. But if volume does not rise, probably a such breakout is fake.
+4 Balas
on the 10mins chart its looking now like a brakout down
snapshot

Balas
Appears to be news about Segwit2x going around, may wreck T/A for a bit. FYI https://medium.com/@jimmysong/segwit2x-what-you-need-to-know-b747e6326266
Balas
Could this be an inverse H&S, or are there factors that disqualify this formation for behaving accordingly? I see how the neckline is wonky, but it still looks suspicious. Also, thank you for continuously publishing your ideas, they are very instructive!
Balas
DLavrov TOP drecksgrieche
@drecksgrieche, no, it's not H&S. Because this chart pattern must be in the bottom of down movement. This chart pattern looks like H&S but it's on the top.
Balas
@DLavrov, Hi, may i ask you how you get support and resistance levels here on Tradeview charts? Im getting it on EIKON...but dont know how to activate it here.
Balas
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