BTCUSD I continue to hold my LONG position. Not much has changed since the last analysis. My analysis shows that bitcoin is moving in a regular accumulation range. The width of this is D1ATR. Which means the value of the daily average movement, taking the last 14 days into account. You can see that it has been in this range for almost two weeks. The red square in the chart is the "spike area", which means that price movement can be spiked symmetrically below and above in this range. The basic rule of the ATR strategy is to allow spiking, but not a sustained close out. Accordingly, I have set a STOP LOSS level below which I will permanently close my long position in BTCUSD. This level is : 27400.80 usd. As for the target price, it remains unchanged. It is included in my previous analysis. In short: I remain in a LONG position. My assumption is that the price movement will break out from the accumulation range to the upside. If the red SL level is reached I will close.
Good stop-loss. BTC will probably hit 100,000 but that may take some time. The deep dive into a trench is what many buyers will be looking for.
The killzone could be 16,000 to 20,000 - if it gets there.
meszaros
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@Captain_Walker, Great analysis. Thanks for sharing. A great deal of patience is required now with bitcoin. But it has to bend in the right direction sooner or later. So now I expect the current rising wave to be decided in session. In case it continues to sideways, I will close my bitcoin position.
HugueTrades
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Same, check out my last analysis
wrakeim
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Could it possibly get down to 26k?
meszaros
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@lazybaron, My last three analyses have used a fractal mathematical approach. So far the analysis is working. In the event that no further movement would follow my analysis, it is certainly possible to reach 26000 usd. But much lower levels than that, even the 7-8000 usd level is possible. That is why I wrote in my analysis, if bitcoin continues to weaken, I will not look for a long position for a long time.
The killzone could be 16,000 to 20,000 - if it gets there.