ok let's make an update.
the coming chart as well as the above are all from Bitfinex, so they might look a lil different from yours.
as you may know, i got screwed with my last short position
lost 4% ,i entered a long position @4160$ ( after the weekly close above 20sma) and i had to sell at flat 5000$ despite the fact the we still have a room to go up, i couldn't resist 20% profit especially after having a terrible loss on my last short.
now let's get a bit realistic with what to expect ?
i did mention that
This means , if we don't drop below 3850$ before Sunday (weekly candle close)we could very likely enter a mini-rally and see sub 5000$-5600$ in a few weeks.
we went to as high as 5108$ , do we still have more room to the upside ?
yes ! , should i wait for exactly 5600$ before taking profit ?
NO.
above is a daily chart, let's dig.
what do we have to worry about
1- 1 year old trend line from Feb 2018 ( very very powerful)
2- 200sma on the daily ( very powerful)
the bigger picture on the weekly suggest that we would still move higher, but the daily suggest other wise, for this rally to keep up and actually does touch 5.4k/5.5k/5.6k we need to see a daily candle close above both points mentioned above.
I don't how to explain this to you, but these are meant for day traders, if you are buying for long term investment, then you should not bother about all my TAs, but if you are a day trader then you should take the above 2 points very seriously.
as long as we are trading below those points, we are likely going to have a correction to the downside, the moment we break them we should see another huge candle.
if you entered at the weekly close then you are now at decent profit, move your SL to break even, and start taking profits slowly.
we can very likely test 5600$ but i would exist all long positions and probably enter short positions at 5450$.
will try to keep this thread updated.