Reply To: Is Bitcoin Lining Up for a Major Buy?

The Lazy Trader Forums Lazy Trader Online Trader Community Forex Set-ups Is Bitcoin Lining Up for a Major Buy? Reply To: Is Bitcoin Lining Up for a Major Buy?

#6870
Rob
Participant

Am keeping a watchful eve over this set-up. We have the major ABCD pattern (point D) closing in our anticipated buy zone as detailed in our long-term analysis of Bitcoin here

Furthermore, we had a smaller, more recent ABCD pattern completing in this buy zone, too (fibonacci 1.618 extension).

Today closed as a bullish pin bar reversal on the daily chart – a potential launchpad for a medium/long-term buy?

If you decide to go for it, it makes sense to have your entry just above the high of the pin bar, with stoploss below the low. If the low of the bar is breached (without triggering you into the trade), then the set-up is invalid (orders should, therefore, be deleted). If you are triggered into the trade, the upside potential is enormous. HOWEVER, being a reversal…it carries a far greater level of risk than a trend-based play.

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