Disclaimer: This is not meant as financial advice and is for entertainment purposes only.
Once again it did not take me long to find an entry. After the price hit my target for the cup and handle (see Watchtower in Day 63) I was looking at one of two options:
Option 1: Breakthrough down trend that started on May 6th (red line)
Option 2: Pull back for $8,500 retest
I entered 50% of my position after seeing option 2 develop. I have elaborated on the entry in the BTC:USD 4 hour chart DAILY UPDATE.
I have set the stop loss at $8,249 and have prepared for two bullish options moving forward
Option 1: Sell if we get a pump to $8,749
Option 2: Hold if we take a more sustainable path and actively manage stop
Watchtower
These are trade ideas and/or open positions that I am keeping my eye on. They may or may not pan out the way I see. I am not recommending anyone else follow these trades.
(1) ETH:USD breakout of channel | pulling back for re test | Want to see if support above $685
(2) ETH:BTC Cup and Handle | 0.0929 target
(3) SPX cloud flip
(4) Gold last line of support
Soon after entering my long I realized that there was a better opportunity on the table.
Since the beginning of April Ethereum has been leading the recovery. It will generally pump before Bitcoin and it has been steadily gaining on the ETH:BTC ratio.
The ETH:BTC chart is in a much stronger fundamental posture than BTC:USD. It is in a strong bull trend. The cloud is fully bullish with a recent TK cross, price above a green cloud and the lagging span is above the price and cloud.
Furthermore it is forming a cup and handle.
Since I only entered 50% of my position I am going to consider using the rest to long between 0.082 - 0.083.
Lifestyle
For better or worse my lifestyle is likely going to be seeing some changes after last night. I took the afternoon off to go rafting down the river and then had too much fun at the bar afterwards.
It was the highest the river has run all year and we referred to it as our powder day! The water was freezing and I was ready to get the fuck out of there after getting drenched by the class 4 rapids.
We went to the bar afterwards “to get some food”. That quickly turned into more shots than I care to count and too many drugs (the bad kind). Without the drugs I would have been home before midnight, like the good boy I am.
Instead I partied way to hard and really paid for it this morning. As my head was in the toilet and the sweat was pouring down my forehead and arms I thought to myself:
“I should probably quit doing drugs (the bad kind)”
Surprisingly I have still been very productive today. My habits are so well ingrained at this point I couldn’t help myself from getting right to work. Then I got a 60 minute massage and hit up the hot tub. Now I feel great and am so thankful for the life that I have!
Tweet of the Day
Bingo!
Homework
Write articles for the following:
Bill Williams Fractals Brand New
Intro to Ichimoku Clouds
Chaikin Money Flow
Comment if you have something to say. Smash the like if you are still reading and definitely finger that follow!
Want even more?
Check out the Brand New Projections for the Bitcoin 2018 Bull Trend - $34,000 Target
Click here for yesterday’s post!
Here the BTC:USD 4 hour chart DAILY UPDATE!
And you definitely don’t want to miss the next Gold Bubble!
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