The market bounced from the support zone and moves higher. If you opened long trades at 2000.00 level, now you must be in good profit. For new trades we have to wait for new trade opportunities. If price reaches and reverses from 2700.00 level, we'll have a sell signal. Open short trades after getting confirmation from RSI with stop above the local swing high and profit target at the uptrend line. As for long trades, you should buy if price drops to the uptrend line and you have price reversal.
hi:) i dont know if i can imagine bouncing from your trendline at this point.
I guess one could either believe
1. it would really hurry back on the parabolic hype cycle trend and reach 4000 or something - just to turn back the same day and crash
or
2. it would simply turn soon and correct below your trendline when (besides hype) noone is confident in >2000 yet.
what do you think? thanks
DLavrov
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@fineregex, thanks for your comment! Price will be able to drop to the uptrend line. You can see on the chart, 1 week ago price droped from 2700.00 level. We had price reversal from the support level and the uptrend line. Why not?
fineregex
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thanks, my logic was if it turns at 2500 then people will be more negative and test below that line - or if it goes up much more soon, then it needs to go down much too.
If it was 2060 now, then i would have a hard time deciding long or short.
fineregex
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@fineregex, or bitcoin is crazy and makes us (me) crazy too:)
DLavrov
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@fineregex, yes, bitcoin is rather interesting financial instrument )
I guess one could either believe
1. it would really hurry back on the parabolic hype cycle trend and reach 4000 or something - just to turn back the same day and crash
or
2. it would simply turn soon and correct below your trendline when (besides hype) noone is confident in >2000 yet.
what do you think? thanks