Bitcoin has been giving bullish signals, i have had many different indicatiors giving me confidence in this long position.
i have actually been bullish since closing my short at 593-595 range, just wanted confirmation on different time frames.
Taking fundimintals into consideration makes this position solid. the ongoing global economic slowdown, continuing US dollar weakness and focus on cash conservation by investors should create new demand, bitcoin remains attractive as a store of wealth.
more importantly there is a 120,000btc missing from the supply chain, that is a substantial amount & with the halving effect starting to be felt by the market now, its been months since daily supply has halved & with those 120k coins missing its all producing pressure to push the price with low supply.
i have opened a long at 598$ ( 3990Yuan) expecting some quick movement to 620 with the ultimate target of 635+ for this position.
major support 590
Resistance 615
take profits
Tp1 615 - TP2 630 - TP3 640
stoploss - 587 ( 3915 yuan)
i do expect price over the longer time period to be very bullish. we should see 700+ again in 2016 with targets of 1000$ + for Q2-Q3 of 2017.
i have actually been bullish since closing my short at 593-595 range, just wanted confirmation on different time frames.
Taking fundimintals into consideration makes this position solid. the ongoing global economic slowdown, continuing US dollar weakness and focus on cash conservation by investors should create new demand, bitcoin remains attractive as a store of wealth.
more importantly there is a 120,000btc missing from the supply chain, that is a substantial amount & with the halving effect starting to be felt by the market now, its been months since daily supply has halved & with those 120k coins missing its all producing pressure to push the price with low supply.
i have opened a long at 598$ ( 3990Yuan) expecting some quick movement to 620 with the ultimate target of 635+ for this position.
major support 590
Resistance 615
take profits
Tp1 615 - TP2 630 - TP3 640
stoploss - 587 ( 3915 yuan)
i do expect price over the longer time period to be very bullish. we should see 700+ again in 2016 with targets of 1000$ + for Q2-Q3 of 2017.
交易進行:
Closed position temporarily due to Huobi bTC trading engine being down for almost 4 hours now..
took profits at 603.50, was not worth the risk as not clear what kind of news will come out..
small chance of bad news, maybe some technical issues but not worth the risk, if things clear up & everything is ok & trading resumes will look for another entry on the upside..
will update..
took profits at 603.50, was not worth the risk as not clear what kind of news will come out..
small chance of bad news, maybe some technical issues but not worth the risk, if things clear up & everything is ok & trading resumes will look for another entry on the upside..
will update..
交易結束：目標達成:
longed the bottom of the dip after .. same targets & same setup.
longed 598.. exact same targets & same setup.
longed 598.. exact same targets & same setup.
手動結束交易:
closed the second long & took profits at 605.50...
the momentum has died down a bit & 4050 has been rejected a few times so rather take the profits on a fairly big position.
will now wait for breakout of 4050 before considering another long.
the momentum has died down a bit & 4050 has been rejected a few times so rather take the profits on a fairly big position.
will now wait for breakout of 4050 before considering another long.
交易進行:
had a long from breakout level, closed now at 614.50 + ..
best to wait to see if this previous resistance will turn support on longer time frames.
best to wait to see if this previous resistance will turn support on longer time frames.