Bitcoin Long. Where to jump into the train?

3 Sep 2019

For those looking to enter a Long on Bitcoin, here is the idea of the Pullback Continuation Trade Setup. The ideal entry would be entering the long at the now Short-term Support zone which has confluence with the approximately 50-62% retracement of the move. That would be an ideal area to enter long as the stop can be placed pretty tightly behind the zone that would invalidate the whole move if get stopped out. However, moves like that rarely provide good entry point for pullback trades, that's why a more risky entry can be at around 38% retracement around $10,190. I will be expecting a deeper retracement from this area as the price went up a lot and very fast and is exhausted now into the short-term resistance. In addition, short term resistance provides can provide stronger reaction because it confluences with Point of Control of the whole range. Therefore, I will be waiting for a deeper retracement into $9800-9900 and I am totally fine missing this train if it goes up without me. Lets wait for what market will whisper,,,