I've reviewed the chart and there is a chance to rally to loftier targets, but as I said in my previous publication, fundamentals present a challenge to a stable non volatile uptrend. I don't discard a decline to test support below, and would welcome it with open hands to add to longs. In any event, we will be watching it, and ready to add up to 80% of the crypto account funds to BTC longs, using margin if the opportunity arises.
For the time being, I reccomend holding your long term long positions, preferrably off exchange for the most part, except for some collateral needed to trade at exchanges. The weekly targets are significant, and will be confirmed after today's daily close. In the short term, we can easily test the key level above, but it wouldn't surprise me if we get a drop after doing so. So, better do nothing and watch closely.
Cheers,
Ivan Labrie.
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We still don't have a new 4 day mode, off the recent low, but the weekly triggered a weekly TAM uptrend. I'm holding spot longs. If it drops I would add to longs, but I reduced my exposure up here for now, down to my core long term exposure, since I had bought more at the lows as per my publication calling the recent bottom. Shorter term trends collide, which implies we're possibly seeing a giant sideways pattern, instead of an intermediate term trend currently. The reason of the sideways action is conflicting fundamentals, lack of clear positives to outweigh negatives and create a straight move up.
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There you go...Down already. BTCUSD should find support eventually, but we don't know where or when yet: Fundamentals are dreary for now.
Dang it @IvanLabrie stop being so good with your analysis... it always makes me flip my trades : )!! Now I have to go long BTC vice ETH. Kiddin aside, appreciate the excellent and thorough analysis for the community to read. Cheers.
IvanLabrie
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@ExcitingTechnology, I'm long both...thanks for the kind words, and good luck!
KesterWong
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Thanks for the analysis Ivan. What do you mean target #1 hit? Did you close your position at $1647.89? Or does that mean the next target at $1775.32 is coming?
IvanLabrie
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@KesterWong, I reduced exposure a bit, and hedged with an ETHBT margin long at around 0.057.
I am looking to add back to BTC spot, and also close my margin long in ETHBTC higher naturally.
Next target is likely to get hit.
KesterWong
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@IvanLabrie, I see. It sounds reasonable to hedge on ETH/BTC, since Alphabay started accepting this coin. But don't you think ETH is getting a bit overvalued for the moment?