This is a continuation of the falling knife series - last episode here: 
As usual Part 1 is the big picture perspective. As we are get closer to the entry point, we start to look at the smaller time frame to prepare to buy in Part 2.
We were here:
We are now here:
As usual Part 1 is the big picture perspective. As we are get closer to the entry point, we start to look at the smaller time frame to prepare to buy in Part 2.
We were here:
We are now here:
Nota
Buying opportunity is going to come in the next couple of days.Current entry target is 6200 area. get ready to lock and load.
I'm going to put full position in all at once.
This entry point can change (can get lower) it really depends when it tries to touch the bottom of the wedge. Lets give it 200 dollar room below entry point for our stops.
Nota
Looking good, the corrective structure broke down and we are heading to the bottom of the wedge.Lowering buy limit order to 6150.
Nota
upon closer analysis I'm moving my buy a little higher to 6180...it will probably dip a little lower than this, but I'm setting it higher so there is less likely to miss the trade if it occurs.
Nota
BTC is not dropping fast enough im worried its showing strength that it will reverse before the bottom of the wedge. I want to see a strong breakdown to the bottom. The plan is the same for now however...
If it reverses early on the upside we will enter the trade on the breakout (upper wedge) instead of a pullback. Its not ideal because the reward/risk is not as high but we will take what the market gives us. Stay tuned...
Nota
there it is... half an hour after my last post about the upside breakout.can't say I like this upside breakout but hey the market is always right.
Nota
I got a question if it's safe to enter.Personally I will not enter this. This could be part of a bigger corrective structure (see below).
I would only enter if it breaks above the wedge.
Nota
Okay as promised for the breakout play (plan B). We will buy the breakout when the upper wedge is penetrated (using a stop buy order).
We will set a stop right inside the wedge.
Nota
If the price fails to break the wedge... this is what I'll be looking for...
Nota
and if the price fails to even get to the upper wedge...the plan is simple...
we either buy the breakout from the upper wedge
or buy the drop to the bottom of the wedge.
Nota
looks like we had a failed break on the smaller time frames.note this is only 15 min chart, do not hold too much weight on it, but this price action is showing weakness.
Nota
This rally is weakening, I don't see this breaking the upper wedge...But just in case it moves up overnight, the current stop buy is 7050 with a stop at 6800 (initially).
Keep in mind the stop buy order get lower over time because it's a descending upper trend line, but for tonight this value is good.
Nota
Nota
sorry typo. the stop buy tonight is at 7150 not 7050 for the breakout play.Nota
It's always good to look at the bigger picture. This is what I would like to see.
Nota
Nota
it's trying to break the upper wedge.stop buy order ready, buy this breakout. Set at 7105
Nota
it's struggling to break the upside...Nota
looks like down unless buyers is able to push it back into the structure which now acts as resistance.Nota
there it's trying get back in but the wedge is acting as a resistance now...Nota
This is a good short with a stop above the wedge. I will not focus on the short in this idea stream however.Nota
Aren't you guys glad you didn't buy or fomo into that.This is why it's nice to use stop buys on breakouts, you wait for the price to prove itself before you get in the trade.
This thing got as high as 7080.... our stop buy was at a TIGHT 7150.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.
Penafian
Maklumat dan penerbitan adalah tidak dimaksudkan untuk menjadi, dan tidak membentuk, nasihat untuk kewangan, pelaburan, perdagangan dan jenis-jenis lain atau cadangan yang dibekalkan atau disahkan oleh TradingView. Baca dengan lebih lanjut di Terma Penggunaan.