BTCCNY has a longer term uptrend, but here I'm looking at the daily linear regression channels we can draw on each swing. If you extend the lines, after a high pivot happens, you can see where price can bounce, to maintain the uptrend progress. The pink arrows show this, and the channel changes with any high pivot that is broken on retest.
I think we have a chance to get action like the green pathway implies, but I'm open to a larger consolidation or even a pullback lower, so I'll react to whatever happens next. For the time being I know where to place my stop if I get a buy agains the support zone between 4953 and 5102: 4805.26. This is a weekly level though, and we also need to wait for one more week to determine if the uptrend speed is sufficient to keep this pace, else we'll see a correction for some time.
Good luck,
Ivan Labrie.
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Holding support.
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Ok, we're taking off...2 days before I estimated but still on track to follow that green pathway.
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I'd rather reduce exposure now and only hold 15% of the account in BTC.
I notice you have not yet shouted the immortal words "margin long!"; I guess that comes after around 5500?
IvanLabrie
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@dub00, I only favor that when we can get a tight enough stop on dips...there was no significant dip here, so simply holding the core long term position, worth 15% of the portfolio.
@IvanLabrie, I have been in a good while already. I refer to your charts to assist in my thinking. So when I sought reassurance around 5100 you provided part of it.
IvanLabrie
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@dub00, cool, glad to help.
You can buy more on dips and sell on rallies, but never sell the long term position. That's my trading plan for it.
Khawaja
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Nice entries.Nice idea.
Good luck to you.
I am following
UnknownUnicorn396945
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Thanks for the update Ivan :)
Do you think we will hit the target at your time ?
IvanLabrie
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@AhmedAlif8, I think so. Holding longs.
UnknownUnicorn396945
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@IvanLabrie, Your odds are much higher my friend now, right ?