Bitcoin (BTCUSD)

BTC briefly broke above my sell order important price level @33800 without reaching 35200, then fell/based below the first.
Looking forward to hold on my order, SL will be if price reached 35200 and bases above and TP in 27000-29000 range if price falls there in a soon time while if days advance to week end and price approach there, I might change my TP for more down levels like around 25000.

Will keep you updated..

2longs closed.
One more runnin.

Done for this week

Now on my way.

This thread is not for showing off with false info!
For you and others, kindly don't post useless comments as yours above..
Want to share your trading? Post your entries with TP and SL beforehand.

Market price moved as expected from week start, even the big retrace today was expected "around 38300" that was just a perfect opportunity for fresh shorts.
Price fell back all the way to the critical major conflict level 33800.
Next week that will also be a new month open..will post my analysis and trade idea for the whole week and month too..on Sunday/Monday.

so far so good.
today is only for bears.

BTC/USD is mainly looking for a retrace downward this month starting with around 30500, a base below is to around 28000 then comes around 25500 and 22500 should mainly hold the pair from falling.

While on weekly, the game on upside is resistance around 36000 then just below 39000, only a base above 40300 might mean breaking previous high.
Support starts around 32300 then back to around 29000 and monthly supports mentioned above take over from here...

Will keep you updated on daily/weekly price levels that might give hints further on as time pass...

BTC is nearing good resistance at 38500 where a sell order will be waiting for it and another sell at 39800 if reaches there...

First order executed at 38500, TP way down to be seen later..

The from nowhere unexpected buy of Tesla 1.5 Billion Bitcoin and accepting it as a payment made this pair fly upward.

Automatically the support turned now to just above 40000 and 42000 is an advanced support.

Resistance is nowhere to expect other than 50000

With this pair always use clear not wide stop loss, like I had 2 sell orders at 38500 and 39800, expecting a retrace down as said in my previous posts but the unexpected fly up took my stop loss located at 40500 that's just above the major known support of 40000
Not a big deal for me, I look on long term profits that had been very good from this pair as you can also see part of it from the start of this thread trades..

Now looking to sell near 50000 with tight sl just above it, on downside will look to buy around 42000 with sl just below 40000

Otherwise, will prefer waiting for weekly close for more clear picture on better entries and TP/SL

Looks like a Tesla pump and dump if you ask me.

Massive diversion on the Daily. Now, watch it come down!

Sell order executed at 49000 betting on a retrace correction, Tp target to be decided later but initially around 42000 and SL is at a base above 50000

You got balls my friend.

Thanks dude

My trading basket is wide range not dependable on btc.

Greetings traders,

I wanted to offer a few thoughts about bitcoin. I'm a Forex trader, I have been for over 10 years, and I prefer trading currency pairs over cryptocurrencies. However, bitcoin has a lot of exposure and anyone interested in investing would benefit from at least considering bitcoin and what it is doing. In my opinion, the internet is the biggest thing the world has seen since its invention. It has revolutionized the globe and the way we interact.....the way we think, act and feel. So what about bitcoin? I think it has the potential to change the global financial landscape, the very fabric of how the field of finance is viewed and how it operates. Does that mean you should dump all your money into bitcoin? No, but smart investors know bitcoin offers high returns and it is uncorrelated to so many other investments that have their own correlations. This makes bitcoin highly lucrative. The Forex market, just like any other market, is based in many ways on human sentiment, which we can measure naturally. Bitcoin is no different in that respect, but it defies traditional investment logic. It does whatever it wants to do, although there is fundamental and technical analysis to guide your trade decisions. I will avoid starting a huge debate here.....so I will just say I have a small investment in bitcoin and it has been very profitable. As a Forex trader, I saw this coming long ago, but bitcoin does not operate like other investments, so we have to approach it from a different angle. To anyone interested in investing in bitcoin, especially on here, I would say don't get caught up in all the news hype. Read a book or do some online research about what Bitcoin actually is, how it was created, and how it works. I'm a software engineer by trade, so bitcoin comes naturally to me, and I've even considered creating my own cryptocurrency in the future. Okay, final thought: What do I think about bitcoin, near term future? Because I am a software engineer and I understand the subtleties of how bitcoin was created and how it works on a micro level, I believe its going up, maybe for a long time. This is new territory, and even billion dollar investment firms and finance experts are unable to accurately predict bitcoin every time. This is simply revolutionary territory bitcoin has entered. If you can handle the possible large corrections, I say BUY.......and if you have a decent portfolio already and can handle the exposure....I say BUY BIG :-). Happy trading!

This is a Metatrader 4 view of Bitcoin on the daily chart when the Forex market closed on Friday. Notice the volatility. In situations like this, many technical analysis indicators will not work properly. The volatility is so high that it defies Elliot wave price points, which is one of the main indicators I use. This chart shows an external retracement of a Wave 2, which blows well past the 161.8 level. The 161.8 level is for a Wave 3 target, which in a trending market would typically retrace at 161.8. You will notice it DID retrace at that exact level, but then it kept going towards the 261.8 level. This is highly unusual, but like I said bitcoin defies traditional logic. If you are short here as a scalper or day trader, you can probably make a small profit, but you need to constantly monitor the price action. If you are long on a leveraged trade, use a stop loss and a take profit target. Buying and holding doesn't profit enough. Because most of my chart indicators won't work properly among such volatility, I'm looking for a movement up to around 70000 or 75000, before another market pause. Today the price corrected down from 57000 to 54000, but that is normal for bitcoin. Something very odd would have to happen for the price to tank, or serious market manipulation to the downside. Too many mainstream investors are getting involved now. I have been skeptical of bitcoin for years with small investments, and I only turned bullish recently. But you can only deny the reality of bitcoin's surge for so long. Then all you can do is sit back and watch it go by. If you're a swing trader like me, you might just watch as the price and your profit goes up and you don't need to do anything. For day traders here, you are in risky territory, and you must be willing to lose ALL your investments, even in a bull market. Major corrections are inevitable. Anyone who needs help understanding bitcoin can follow me here, and I happy to help any new traders. Thanks for creating this thread ChiForex!

happy buying!
buy silver - BUY BIG

You trade Silver on Forex? I haven't done that one yet. How profitable is it right now?