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BTCCNY: PBOC key level, and daily buy signal
We have an interesting key level where price might gravitate around for a while, at 7498.90.
I would expect this to be the bottom, and if we don't go any lower, but instead, make a new daily high today, or in the next few days, we'll get a bullish continuation signal in the daily timeframe.
Since the timeframe in control is mostly the weekly, I won't use the tight stop loss this setup offers, but instead use my position sizing algorithm to determine how many coins to own at any given time, without using a stop.
The only time I'd reccomend using a stop loss is if you want the market to take you out, at least with part of your positions, if, for instance you expect some kind of retracement but aren't sure when it can happen. This advice will prove specially useful with Bitcoin and Ethereum, since they are quite volatile. Tight stops will never work in these markets.
I'm long with 65% of my capital, and I'll be adding the final 15% position today.
Good luck,
Ivan Labrie.
I would expect this to be the bottom, and if we don't go any lower, but instead, make a new daily high today, or in the next few days, we'll get a bullish continuation signal in the daily timeframe.
Since the timeframe in control is mostly the weekly, I won't use the tight stop loss this setup offers, but instead use my position sizing algorithm to determine how many coins to own at any given time, without using a stop.
The only time I'd reccomend using a stop loss is if you want the market to take you out, at least with part of your positions, if, for instance you expect some kind of retracement but aren't sure when it can happen. This advice will prove specially useful with Bitcoin and Ethereum, since they are quite volatile. Tight stops will never work in these markets.
I'm long with 65% of my capital, and I'll be adding the final 15% position today.
Good luck,
Ivan Labrie.
ノート
Acting well, it should hold here and move higher soon.
ノート
This daily signal isn't valid anymore, so, refer to my weekly chart.
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