It make sense to be bullish, but it's hard to trade in such a volatile market. Isn't the stops won't be hold and all long positions will be flushed out before it can reach the highs?
Not sure what you mean but in general I struggled very much with BTC to find a setup (HL or CLOSE, box size, reversal, etc) which will allow me to
enter a breakout without getting dumped immediately or soon. BTC tends to react with counter moves in the breakouts/breakdowns and usually you can't enter soon in strong ones because of low liquidity (sudden spikes of many dollars length).The solutions I have found are:
1) Using a combination of charts which with my experience complement well each other. It is essential unfortunately that you look the market from many different angles. A very efficient (so far) chart is 2h CLOSE 1x1.
I advised my readers to go long as soon as when we closed 2h at 232.*2) Buying at the very strong supports (or selling/shorting at very strong resistances).
3) Using RSI (4h & 1d) as a complimentary method. (I am actually preparing P&F charts for both - VERY USEFUL tool).
4) Opening at important SRs BOTH positions with a stoploss at when you know the wrong position is invalid anymore.
5) Waiting for a pullback.6) Using other P&F only tools as Trend Oscillator for detecting overbought/oversold conditions (in progress).
EDIT: *
Actually it was a buy since 229 but had resistance there. At 230 it was all clear. Don't remember what I said to my readers back then, have to check. Maybe someone can help.
AFAIK you said buy in the 230-232 region yes, unfortunately I haven't traded in the last couple of weeks.
I'm always in coin tho but I'll definately wait for a small pullback now and do some longs.
Cheers klee!
BTC now is in the resistance zone of 4x3 HL (236-240, breakout 248):
Support 228-232.
Also, the 1x2 CLOSE is at resistance (238-239):Support 234-235.
Sell signals are for 4x3 HL 220, for 2x2 HL 230 (exactly on the support, so maybe 228) and the 1x2 CLOSE at 232$.
So if we hit 230 or lower AND/OR close 232 or lower maybe it is time to sell.
(BTW: When did Klee say to go long on +238)?
