I go into detail in this one regarding some possible scenarios for Bitcoin should this pull back continue. While working through the market I also find a nice little booster on ETHUSD worth considering for sure. There are still options to make money out there guys, direction has just changed. This is where the experienced traders know what to do.
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Good evening everybody, hope you are well. Thursday afternoon, and it’s an interesting Thursday, because markets pulling back, another day of pullbacks. So I wanted to talk to you about what I’m seeing, what could become of this pullback? Will we see it extend? Where can it get to? And what will I be doing? Because I think it’s pretty important. So I’m just having a look at Bitcoin right now. What I’m seeing is quite simply, high, higher, low, higher, high. But here’s the big but, where to next? Okay, now we are back into the cradles. I mean, there’s no doubt about it, we could very easily see a bullish candle and off we go again, in which case that would be a bullish sign. But we haven’t got that yet. So we need to play out all potential scenarios we need to play devil’s advocate. And whatever the opposite of devil’s advocate is, God’s I don’t know, something or other? Because you know, what, my main concern, I’ll show it to you on the XBT here, and on the weekly because this is where I did all the writing. We haven’t had any of these pullbacks yet, all right? So I’ve spoken about it before, the pullback is an average of 35.25%. The average run to the upside is an average of 207 or thereabouts, okay? We haven’t had a single 35% pullback, but we have 340% move up, it’s a big move without a breath. It needs a pull back, it’s as simple as that, we need something like this. Now, I’m not saying that we can’t go higher before we get a pullback. But here’s a big but, we need to be aware that a pullback is imminent, it will happen. So where could this pullback come back to? Well, we’re talking about that 30% or sorry, 35% to 40. But 35 gets a smack bang, really right around where I want to be 8,900. Why do I want to be there? Well, let’s come back and remind ourselves of what that level actually stands for 80, I said 8,800, didn’t I? Roughly in through here, okay? That’s the all high, yeah? Or roughly, it’s been a resistance. It’s not an exact level of resistance. But it was definitely a point at which the market did, you know, hit a few times, right? Then we pushed on from this, we could get back to there without too many problems. Now that I’ve drawn that into my daily that also gets us back into the cradle zone. Now, of course, don’t get me wrong, we can still see a dip or pull back, we could go below it, we could certainly see that, you know? We haven’t seen a pullback into the 20 yet, all right? I’d love to see the pullback, trading after the pullback gives me so much more confidence to be layering positions and letting runners go. At the moment, for the last couple of weeks, I’ve just been in and out, in and out, in and out, taking little chunks of the market where I see the opportunity setting up. And I’m going to be sticking with that for the time being but I’m waiting for the big pullback. So where to from here, what are we seeing here? Well, this could be potentially be a lower-high.
It could be, it’s not yet, it won’t be a lower-high until this is confirmed, at least ’til it breaks down through here, then we’ll have a bit of a choppy chart. We may consolidate it for a while. But I’m thinking more along the lines of that pullback. It’s been a long move to the upside. It’s happened fairly quickly. And we haven’t seen that pullback. So what does it mean, what am I doing? And you know, how can I play this out? Well, there are a number of ways to play this out. It’s obviously had a very good move, a couple of thousand dollars. So let’s move these lower timeframes and have a quick little sneaky peak here because you can see it sort of cascading. a pullback here, once, but there was no opportunity there for me, it’s likely that I’ll stick to the lower timeframes as I have been for quite some time now. Let’s have a little couple of levels around here. Okay, what do we got in the way of? I guess? There’s nothing to as a little bit of support running through there. Let me throw in some Fibonacci and just see if there’s anything of importance there? There’s nothing on there. Nothing on date. And hows about here? I don’t think so, no. All right, well, there’s nothing there at this stage as far as a booster goes. Now, if I look at this MACD it is a little bit diverted, it’s kind of flat to divergent, I pullback into the cradles and I might say, I might be interested there, but probably let’s look at there’s nothing there right now that really tickles my fancy. The 30 minute pulling back in possibly, that mind you is a little bit divergent, in the one hour here. Maybe, but it’s little bit extended. I’m really happy just to be watching for the time being in all honesty, guys, if a little flat level was to form up here, sitting up in this space, oh hell, that’d be great. There are other ways that we can look to trade this market, though. Case and point, let’s have a look here at Ethereum. What I like here is that we’ve actually gone down through 280. we’ve seen this resistance, resistance, resistance, support, support, support, support, boom! We’re down, we’re through. So naturally, 280 will be the point at which I’ll be looking to sell from. So let’s see if I’ve got anything that lines up here because this is what I’m looking at. Okay, 280 is up there. So it’s unlikely we’re going to see anything here. ♪ Dat, da-dat, da-dat, da-dat, da-dat, da-dat ♪ ♪ Do, do, do, do, do, do ♪ 280 is up there. So okay, it’s not going to be on this timeframe, so I’m actually going to do it to this because it’s the higher time. I’m not gonna look at the 15 there. Probably going to have to go higher to the one hour.
That’s perfect. Okay, good. All right, let me do this. Going to rock and roll this in on 280, all right. Back that right up to the daily. Then I’m going to extend that line out and you’re going to see why, again, why this is significant, oops. Oh my God, they’re so much harder to do on the big time frames! There we go. Somethng around there, right. So I now have a lower-high and a lower-low. Dailies in a downtrend let’s work down through the time frames. 16 looks fine, just been pushing lower. 12, as we go lower, we see this cascade it’s just sold off pretty hard, pretty fast. So the one hour back into 280. I might actually, actually, I might actually go on and write an order on that. Now in fact because the one hour to the two hour, good convergence, really nice looking chart. 180’s the point 61.8% FIB, get my stock where it needs to be based on the Fibonacci booster strategy. And I really like that. So that’s one that I’m definitely going to be keeping an eye on this evening. The other thing I wanted to show you, just quickly is the Bitcoin top 10. These are offered in margin trading pairs. Now if I show you Lightcoin right here now, I’m not sure that it’s done so much today. Here we go, its spiked down and back up. These are really fantastic trends. Look at this back in the cradle zone whoosh, go! Really good move I was keeping an eye on it on the two hour here didn’t take that, was hoping to see a little bit of a consolidation set up a trade, one to two, broke down. But it’s looking against these Bitcoin currency’s Well, look at the numbers. Look at the trend. The trends are good, all right? Those are good trends, these are very tradable. This is where my attention has been. Again, look look at this two hour. There’s a little opportunity there that could have been taken. We are seeing, I mention, in other parts of the market, I’m liking what I’m seeing. It is very tradable out there, guys. That’s what I wanted to get out. Ad I found a trading idea, excellent. Guys have a fantastic day and a great weekend. And look if you are considering Sydney or Brisbane, or Melbourne, they’re the ones that are filling up extremely quickly. I think we might actually be very close to capacity for Sydney, but if you haven’t got your spot you need to get it, guys. Get across to the website and secure. Have a great weekend. Bye for now.
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This post was written by Trader Cobb