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Bitcoin Price Market Update: Another lesson the token has taught us

Bitcoin is doing some exciting things for traders and non-traders alike. In this, we offer trading advice on the major token.

Written by Bobby Atkins Published on

Ideally any pullbacks in Bitcoin we want to see the 61.8% Fibonacci extension hold ($3,800).
Potential buy-in zones would be $3,600-$3,700, however, never have blind orders sitting on the order book. You ideally want to wait for a daily candle close to confirm supports when buying pullbacks.


Feb 23rd – Bitcoin Daily Market Update – another lesson learned by WolfpackCrypto on TradingView.com

Display patience and let the market move. If you bought in with me again near the $3,800-$3,900 level you can now move your stops just below the 61.8% Fib or no more than 2% capital loss on your account (you will need to do the math). It’s ideal to be trading for free, but you want to make sure your stop loss isn’t so close that it gets triggeredIdeally any pullbacks in Bitcoin we want to see the 61.8% Fibonacci extension hold ($3,800).
Potential buy-in zones would be $3,600-$3,700, however, never have blind orders sitting on the order book. You ideally want to wait for a daily candle close to confirm supports when buying pullbacks. by a lower shadow wick, but at the same time, you have to protect your capital. So the way to do it is to locate those critical supports that you want to see Bitcoin hold. Or the general rule of thumb no more than 2% capital loss. This is where you will learn how to position size into trades so that you have the flexibility to never lose more than 2%, but also keeping your stop’s far away enough not to be triggered by a lower shadow wick.

Positive takeaways: If you watch the video this Bitcoin bull recovery in 2019 has shaped up to be different in structure than we’ve seen all of 2018. It is something to be positive about, but we are not in the clear until Bitcoin confirms the 200 Day MA as support for a period of time. The 200 Day MA is currently around $5,200. We feel a confirmation above this long-term moving average would be enough validation that the absolute bottom is in. Let’s see how the next week unfolds.

Bitcoin Market Updates will be published every two days.

Summary:

  • The ascending triangle bull pattern has played to our advantage and now testing the pattern target at $4,100.
  • Expect there to be resistance between the 78.6% Fib ($4,140) to 100% Fib ($4,400).

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Written by

14 years experience across UBS Asset Management, Principal Global Investors and Factset Research Systems. In 2017 I left the centralized system to become a full time crypto-currency trader, researcher and internet publisher.@wolfpackcrypto

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