Second Bitcoin Buy Signal Off Support

Since the dramatic sell off to 42K, price action has established some form of stability around the lower 40K area in the form of a double bottom, higher low pattern. This is very compelling for swing trades because this price area has been notable historically for a greater potential of buying activity (see horizontal lines mentioned on the chart).

A new inside bar formation has been established and a new buy signal can unfold from this particular reversal pattern. The thing is, the current corrective structure (lower highs, lower lows) is still in play as well.

This conflict can be confusing and why I would classify this potential signal as aggressive.If the corrective structure beginning at the 69K high stays intact, it is still reasonable for price to test the 42K low again.

Along with the price structure conflict, the Federal Reserve is having their interest rate announcement and press conference around 2 PM EST. While Bitcoin usually does not overly react to such information, it is probably a good idea to not rush into anything until after the event is out of the way. As I always remind my followers, RISK first.

The more conservative thing to do is WAIT for the corrective structure to be compromised. This would be the case when price takes out the lower high established recently at the 50K level. From there, any buy signal off of a higher low would at least offer a greater possibility that momentum is on your side.

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Bitcoin Supports For Potential Longs

While the broader trend is still bullish, the recent structure coming off the 69K high is bearish. In these situations I prefer even more confirmation before justifying any new risk. Here is what I’m looking for going into next week.

Setup 1:

the higher low formation. IF Bitcoin finds support somewhere between the 54 and 56K area, it would be in line to establish a higher low. Usually these formations lead to higher highs which would put price back into the low 60Ks at least. In order to confirm, a bullish reversal candle will have to close in the area, followed by a break of the high. Risk and reward can then be quantified and a new position justified.

Setup 2:

The double bottom formation. IF Bitcoin tests the 53K low AGAIN followed by a bullish reversal candle. As in the previous setup, this can be in the form of a inside bar, pin bar, outside bar, etc. This location offers a high probability of reversal AND an attractive reward/risk.

Keep in mind, that the corrective structure that is in play can also continue to break supports. IF 53,500 is cleared, the 50 to 48K area is likely to follow. While this would be within reason for small time frame bearish strategies, going for a short on the larger time frame is very high risk (you are shorting into high probability bullish reversal areas).

Novice traders usually get too caught up on smaller time frame information and miss the broader context. Having a clear set of rules that facilitate more of a market aligned view rather than an ego aligned view helps to avoid these common herd mentality mistakes.

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Bitcoin Vulnerable To Retest 60K Support

The 68K area is currently showing a bearish pin bar, off of a location where a false breakout is highly likely. These are not attractive levels for new swing trade or position trade longs.

The nearest support is the low 60K area. So one potential scenario for the week would be to see a retest of the 60 to 63K area followed by a bullish reversal. The idea is to be able to risk less than the potential reward. If risk can be maintained around 4K points, that means the nearest resistance should at least offer 1:1 reward potential. Buying into a setup off the low 60Ks offers such potential.

IF the low 60ks are taken out, the next level is the 57K support. Keep in mind at this point it will likely require a significant catalyst to drive price this low.

Another important thing to note: Just because the chart may show a double top or failed high, it does not signal a “trend reversal”. Which means shorting Bitcoin is still an extremely risky and low probability thing to do on this time frame.

At some point, this sector will go out of favor, like everything else BUT the price structure NEEDS to prove this first. For example, a head and shoulders formation can unfold over the next few weeks or months. That would be a more reasonable scenario to consider for shorts compared to the price structure at the moment.

Focus on risk first, not rewards and stop listening to people, pay more attention to the price action relative to the current price structure. The objective is to trying to participate within the trend but from a price that offers attractive reward/risk.

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Bitcoin Retrace Can Lead To New Buy Signal

The first support is between 57 and 60K while the second support is around 50 to 53K. In order to prompt a new swing trade long idea, the price needs to establish a mini reversal pattern like a double bottom, etc. Or it needs to establish a single reversal candle like a bullish pin bar.

The key is WAITING for the formation or candle to develop and then CONFIRM. Jumping in at a level alone is ineffective because of the highly random nature of the market.

Once the formation establishes itself, RISK should be clearly defined. In this environment, it has typically been around 4K points. IF a buy signal can appear around 61 or 62K for example, with 4K points of risk, it should still be within reason to obtain at least a 1:1 reward/risk.

Keep in mind, IF price clears these supports, then it would be a good idea to step aside and wait until a more favorable structure appears. All markets are highly random and the focus should be about managing risk, not chasing the rewards.

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Bitcoin 58K Resistance Tough Spot For New Longs

The scenario I am WAITING for in order to consider a new swing trade long is a retrace back to the 48 to 50K support. That was a previous resistance and now more likely to attract buying activity within the context of the current bullish structure.

What I need to see is price test the support and provide a confirmation. This can come in a variety of forms, but the more common would be a bullish pin bar. This is important to recognize because it will define the risk in terms of the market. Typical risk on Bitcoin has been around 4K points recently.

If price breaks the 48 to 50K support, (anything is possible) the next area to consider is the 44 to 46K area (previous minor resistance).

Keep in mind, Bitcoin may not retest 50K. IF this more aggressive scenario unfolds (price breaks the high of the current red candle), it will have to run to at least the low 60K area to justify the risk. Since there is a lot of resistance between 60 and 62K, I anticipate that the probability of such a move is lower and not worth the attention and monitoring required to manage the position after a breakout attempt.

Only you can determine which scenario is more appropriate for your risk tolerance. Taking trades or reacting to movements for the purpose of chasing rewards is not effective in this game. Focus on RISK first.

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Bitcoin 40K Attractive Location For Bullish Reversal?

Currently, the price is testing 40K for a second time which qualifies as a potential double bottom structure. IF price can hold and establish a reversal candle off this support area, an aggressive swing trade long signal can come into effect.

Keep in mind, this signal would be “aggressive” because it is against the recent bearish structure (series of lower highs coming off of 52K). The bearish structure favors a break of the 40K support, BUT do not lose sight of the broader trend (like so many novices). IF 40K holds, it would be a broader higher low relative to the swing from 30K to 52K. Confirmation of this would be the minor resistance around 45 to 46K gets taken out.

The bearish argument goes along the lines of the corrective structure continuing lower and a decisive break of 40K will confirm this. The next support is 37K and after that 35K.

It is important to keep in mind, stepping in front of such levels with limit orders without an kind of confirmation is ineffective because the levels by themselves are highly random.

A more conservative choice would be to WAIT for price to compromise the bearish structure and then retrace to a minor support. For example, price would break 46K first, then look for the next higher low. This process can take a week or two and requires lots of patience.

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Bitcoin Retrace: Focus On Levels, Not Hype.

If you want to be prepared for the next quality opportunity, and make better decisions, it would serve you well to stop listening to people, and start focusing on what the market is saying: the price action around particular support levels.

I have been pointing out the 44K and 41K support levels for weeks while everyone was hyping about “alt season”. It’s not about knowing “when” the market will reach a level, it is all about being prepared IF it reaches a level. 44K was showing some support and has been compromised which brings us to the 41K AREA.

Levels by themselves are highly random and require further evaluation before taking any action. With a lower high established off of the 48K area, structure favors a lower low which can lead to a retest of the 37K support over the next few days. Even in the face of the “bear” market as hyped by your favorite fake gurus, I am interested in a swing trade long.

Stepping in front of bearish momentum is a high risk thing to do so instead, I want to see price stability develop first in the form of a double bottom formation, a higher low etc. A single candle reversal is not enough when the broader structure is not favorable.

Keep in mind this type of stability can take a few days or even a week to unfold. Patience, sticking to your rules and not reacting to the obvious is key in these situations. The broader trend is still bullish, while the shorter term structure is still in a larger consolidation. This is NOT a bear market yet.

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Bitcoin Reversal Aggressive Long, Watch For Fake Out

Bitcoin has been consolidating around the 44K support and so far refuses to break lower. The push above 47K is a buy signal, but it is important to accept the elevated risk that comes along with this break out attempt.

From a swing trade perspective, buying just above 47K means RISK is defined from 43K. Putting a stop any tighter dramatically increases the chance of getting stopped out on any random price noise.

What makes this risk “elevated” is the potential for a fake out just above 47K. The 50K area is still a notable resistance which can reassert itself again. IF a bearish reversal appears in this area upon taking a position, an adjustment is warranted. This means you can exit early for a small loss, gain, adjust your stop, etc.

Also keep in mind IF a lower high is established somewhere between 47 and 52K, then a retest of 44K will be very likely. If 44K breaks, then 41K is the next major support level.

These are price scenarios to watch out for IF the resistance holds. IF bullish momentum follows through, it would be a good idea to start taking partial profits once 51K is reached in order to justify the risk.

The more conservative thing to do would be to wait for a clear higher low, or continuation pattern AFTER the 48K area or higher is reached. This at least proves that the bearish momentum relative to the large outside candle off of 52K is no longer in control.

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Bitcoin 2 Scenarios For The Low Volume Environment

The first scenario

The current sell signal fakes out around the 47K area minor support, and is followed by a bullish reversal. This can be a pin bar or inside bar. Once the high of that candle is taken out, a new buy signal goes into effect.

This will be considered an aggressive long since it would be into a major resistance level. Risk would be measured from the 47K support and what needs to happen next is a very strong and decisive move above 50K. IF a bearish reversal develops just after price breaks out, you must be quick to adjust you risk or take a small loss/gain etc. Another fake out off of a 50K break attempt could lead to too many longs exiting and a test of 44K.

The second scenario

The 47K minor support breaks and price pulls back into the 44K area support. A bullish reversal in this area offers much better reward/risk while staying within the boundaries of the broader bullish structure. It is a higher probability trade and I would rather wait to see if Bitcoin can provide that opportunity.

I am evaluating this from the swing trade perspective. If you aren’t sure what that is, or just chasing profits because you are afraid of missing out, you really should not put any money to work at all. Emotionally driven investing is the same as gambling and you wiill always be at the mercy of the market.

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Bitcoin Sell Signal To What Support?

The support levels that we are anticipating are: 44K and 41K. IF price manages to test one of these areas and produces an appropriate reversal, we would be prompted to share a new long swing

What if these levels break? Then 37K and 35K are the next levels to consider. Keep in mind, timing markets is not about “predicting” where price will go, it is about ADJUSTING as price establishes new levels or provides actionable information around a predetermined level.

Part of the adjustment is evaluating the reward/risk relative to the price structure. At 50K, the reward/risk was NOT favorable for longs which is why I had NO interest in putting on any new positions there.

44K and 41K are much more attractive since the next leg higher off of such a level can offer a potential of 6K points while keeping risk limited to about 4K points.With a ratio greater than 1:1 along with a reasonable probability that price can retest the 50K resistance is much more practical.

Since Bitcoin is the leader, the majority of alt coins that follow Bitcoin are likely to behave in a similar way.

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Bitcoin Reversal Begins?

You cannot react to what you see on a chart. What you SEE is NOT what you GET. We cannot see what is going on inside the candles. When I made the video, price looked weak and looked like it was going to break lower BUT the support was never cleared.

In these situations, you have to let the market show its hand. Let it make the first move, and don’t get in its way. How many online “experts” were saying “Bitcoin bearish”? They react to what they see, and ignore the probability. All it needs is a catalyst and price can squeeze quickly.

We sent out a swing trade idea for ETH which was based on this Bitcoin price location. Like I mention in the video, from here, price can easily reach the 34 to 36K area since that is the mid point of the consolidation. Reward/risk for longs is VERY attractive in this area since 28.5K is the point of reference.

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Bitcoin: Where Are The Better Setups?

If you weren’t willing to take risk at much more attractive levels, why would you think these levels are any better? Because it “looks” stronger? The more effective thing to consider is what you CAN’T SEE. The 35K area is in the middle of the recent consolidation between 28.5K and 41K. Often these locations are highly random in terms of price action and if anything offer a better opportunity to reduce risk, NOT put on more.

If the price closes STRONG beyond 35K, that increases the chance of testing the higher part of the range of the 41K area over the next few days. Some of our profit targets our within the 35K to 40K area for this reason. In order for the bearish structure to be negated, price needs to close decisively ABOVE 41K.

What makes new trades in this area so risky is this: price can easily find resistance as it nears 40K. It can reasonably fail and test the low 30s again. If you buy at 36K for example, and it goes to 38K and turns back, you have to basically risk between 6 and 8K to potentially gain 2 to 4K. You cannot generate positive returns over time with this kind of ratio.

At this point, if you are not in, the BEST thing to do is WAIT for the next opportunity. The two scenarios we would consider are 1) Price tests the 30K area again followed by a new buy signal and confirmation or 2) price clears 41K and then pulls back and establishes a new support level to define risk from. Scenario 2 means the entry price can be much higher, BUT in this situation, the broader price structure will be much more favorable than it is now. We have no problem forfeiting lower prices for a more favorable environment (bullish structure rather than consolidation).

Keep in mind this process can take days or even weeks to play out. Over the recent month we have shared three Bitcoin signals to give you some perspective in terms of the frequency of our rules based LONG only swing trade strategy. If you take more trades than that, and you are not a day trader, then you are over trading because there aren’t that many quality opportunities in this environment. Minimizing price noise is one great benefit to having a well defined set of rules.

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Bitcoin Bullish Reversal Off 30K In Play

We had sent out trades off of the 34,500 and 39,500 areas respectively, only to get stopped out upon the failure of breaking beyond 40K. We new the risks, and were willing to accept them. While many are now calling for a bear market, not much has changed in the bigger picture to justify such a call. 30K is a key support area that price attempted to clear, but as you can now SEE, it failed to follow through. This type of fake out is a CLEAR sign of strength.

IF the buy signal goes into effect, the 40K resistance area is a good reference point to measure reward from, while the 28K low is where risk can be measured from. 5K potential risk for 7K potential profit is greater than 1:1 and within the scope of our strategy rules. While everyone is over reacting, jumping to conclusions and asserting irrelevant opinions, we simple evaluate price action to see if it aligns with our rules. If yes, we can take a trade, if no, then we stand aside. It is THAT SIMPLE. And since we do not short Bitcoin, that side of the equation is not even a factor. You don’t need to be on both sides of a market to come out ahead.

This simple rules based swing trade philosophy is not perfect, because we do get stopped out, BUT it also filters out countless fake outs and would be stop outs that can empty an account quickly. Most do not realize, this game is more about defense than it is anything else. People chase profits but without a way to protect them, you will only give them back plus more anything so over the long term the effort is pointless.

As far as the bears go, and calling for a bear market, Bitcoin is still way off from such a scenario. The 30K area is a potential higher low of a broader bullish trend. In order for a bear market to even be considered, price would have to take out 20K or even 15K in order to provide evidence.

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Bitcoin Buy Signal Appears

We WAITED 3 WEEKS for this HIGH probability, but aggressive trade signal. And our reward/risk is about 2.5 which is more than adequate.

If the bullish momentum can be maintained and 40K is cleared, then it is within reason to see the mid 40Ks and possibly even 50K trade over the next week or two. The thing is if you are not in this, you have to take much higher risk than we had to because of the counter trend nature of the trade and where the main support is which is 30K. By getting long now you are in a much more vulnerable position because if 40K isn’t cleared, then 30K can be tested again.

How many trades did you take in Bitcoin or any of the alts over the previous 3 weeks? We took none. If you got caught in the noise near the 40K resistance, you may have taken a loss or two or maybe you are still in and at the mercy of the market. The lesson to be learned here is: if you took a trade as a result of some hype, following some “action” oriented guru, or from a lack of patience, you are most likely reacting to information. Reacting will lead to random rewards over time, and those rewards often reinforce ineffective behaviors.

I emphasize that we did NOTHING for 3 weeks except watch. NOTHING does not require any effort. High probability opportunities are RARE, especially on the swing trade time frame. If you want to improve your timing and improve your account, learn to WAIT, and have a predetermined scenario in mind. I have been talking about a potential double bottom or higher low around the low 30K area for weeks. Once the scenario develops, we are prepared, and once it confirms, ONLY then can we assume risk. Totally different from “reactive” trading which is a key trait of the herd mentality.

At this point, another buying opportunity can develop IF price establishes a higher low off of the 34 to 35K area. And if it doesn’t and you miss the trade altogether that’s okay, missing out is part of the game. And the good news is: missing out doesn’t actually cost anything.

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Bitcoin Still Waiting For Better Buy Signal

Price patterns alone like the consolidation developing should not be considered in isolation. Many are calling for longs, and are unable to control their emotions or “fear of missing” the next move. In terms of the rules we employ, there have been a couple of recent buy signals but we choose to AVOID them. Why?

Sometimes it is better to forfeit better prices in exchange for a better environment. Bitcoin needs to prove that the previous bearish momentum is no longer in control and offer a more stable environment. To accomplish this, the 40K resistance must be taken out. From that point, we will then look for the next buy signal for a swing trade.

Patience plays a VERY important role in our trading process. If you think about it, patience requires no effort, special knowledge, special tools, etc. You just do NOTHING, and the best part is if we are wrong to do nothing, we don’t actually lose anything. All we have to do is wait for the next setup. It sounds easy, but MOST people have a very hard time WAITING.

IF on the other hand, Bitcoin breaks 33.5K, the next support to be tested is likely to be 30K. IF buying activity fails to hold it there, the 26K and 20K levels are next in line to consider. This is the RISK traders face by buying at the current prices whether they realize it or not. Like I mentioned earlier as of right now, the broader structure favors the bearish scenario.

This philosophy also carries over into the alt coins as well. No matter how you slice it, Bitcoin still leads. It doesn’t matter how compelling your alt coin chart looks, or how many buy signals appear. IF Bitcoin breaks, they will most likely follow. This is why we regularly remind our followers not to take on too many positions in the alt coins because it is basically it is just one big Bitcoin trade.

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Bitcoin Pull Back Still To Early For Longs.

This lack of bullish momentum may lead to a continuation of the recent bearish structure since the 40K support break. Even though there is a double bottom around the 30K area, it is still within reason for this level to be taken out over the next few days.

Two important points to consider: First, we chose to avoid the recent buy signal because the RISK is too high. The average risk in recent swing trades has been between 3 and 5K. The size of the recent bullish candle off the 30K low is about 8K points. If we got long around 39K, the price would have to run to 47K to justify the risk. The chances of reaching such a target to justify 1:1 risk are much lower NOW.

This brings me to my second point: The 40K level was a short-term trend support. This means in order to anticipate the bullish trend to continue to new highs in the near term, this support had to be maintained. The fact that 40K has been compromised means we adjust our short-term expectation from bullish to range-bound.

In recent videos, I have talked about the potential Wave 4 consolidation. Such an environment is often filled with false starts, false breakouts, and a lot of noise. Similar to XAUUSD from the August peak, it can persist for many months. This means we adjust profit and risk expectations and place more emphasis on the range low for opportunities (which is 30K at the moment). MOST altcoins will likely follow.

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Bitcoin Confirms Broader Consolidation Pattern?

It just goes to show: No one knows anything (unless they are an insider in which case it is not in their best interest to share it). There are two points I want to make in this analysis: 1) listen to price not people, and 2) the 40K support break confirms a change in our long term outlook.

Was there anything in the charts that could have helped us determine that price was going to retrace so dramatically? NO, but there were plenty of clues that pointed to the price being highly vulnerable to a pull back, especially in the 65K area (watch my previous videos). Off of the 55K area, I was looking for a retrace to the 52K or 50K to 48K areas for a bullish reversal. Bitcoin reached our anticipated supprots, but it never confirmed. Having specific rules in place kept out OUT of a market that was in the process of pulling back about 20K more points.

This is why it is so important to listen to price and not people. How many experts were stepping in front of this move too early becasue they felt “how much lower can it go?”. Right now price is attempting to stabilize with the development of an inside candle. IF it can hold, and the high of the candle (around 41K) is taken out TOMORROW, that would qualify as a swing trade signal for a very aggressive long. Why aggressive? Because the mid term trend is no longer bullish, it is now range bound.

Which brings me to my second point: I have been talking about the potential of a broad Wave 4 corrective consolidation for months, but required a key support to be taken out in order to confirm. That level was 40K. This means we now adjust our profit and risk expectations to a market that will likely be in an erratic consolidation for the next 6 months or longer. (See spot Gold from August to March for an example of what Bitcoin may look like).

This means reasonable profit targets will be into the low 50Ks unless Bitcoin can prove otherwise. Keep in mind, IF the current bearish moment persists, it is well within reason to test the low 30Ks again since a range bound market often tests its boundaries multiple times. The idea is to let the market show its hand and then adjust, not try to force your hand on the market.

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Bitcoin Shake Out: 48K Support Level Of Interest

In these situations, everyone grasps for “why!?”, but as I remind our followers regularly, if you follow PRICE action, “WHY” does not matter, RISK is what matters. If you go back and watch all of my previous analysis videos, I have been warning against the high risk and low probability for those insisting on taking trades between 55K and 60K. Don’t listen to people, listen to PRICE.

And again I have to point out, all through the Bitcoin consolidation and Ethereum new high after new high herd mentality event, who was calling for Bitcoin to test 46K? When Bitcoin was at 60K, once again, the “authorities”, “experts” and “gurus” were all calling for higher prices. Either that or hyping some overpriced alt coin. LISTEN to PRICE and focus on RISK.

As of now, Bitcoin is showing a candle tail off of the 45950 AREA, which is a sign that buying activity came in around the 46K to 48K area. I have been talking about the 50K to 48K major support for weeks, and WAITING to see if Bitcoin would offer such an opportunity.

NOW we have a much more attractive level for swing trades BUT stepping into a market that has yet to prove stability is still not a good idea. The bearish momentum from the large red candle that started in the 55K area may still be in play. This is why we now have to WAIT for price stability in order to prove that the broader bullish trend and range low support are both still intact. One candle which hasn’t even closed yet is NOT enough information.

For the next couple of days, I want to see a bullish reversal candle develop between 48K and 50K. OR even better, I want to see a retest of 45K, followed by another bullish reversal (double bottom). In those instances, I will be able to clearly define risk, while reward potential is much more favorable at these levels compared to 55K or 60K. PATIENCE is key.

Keep in mind, high probability / low risk opportunities are infrequent and not easily recognizable. While the low probability, high risk opportunities are usually everywhere and look obvious (like ETH pushing high after high without a pullback). It took almost two months for this opportunity to develop, so NOW is the time to be looking for confirmation. This is what we WAIT so patiently for, but even now, price needs to prove itself further before we can justify taking a new risk.

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Bitcoin: Still No Advantage, Waiting For Better Prices.

In my previous video, I highlighted a number of price scenarios and one of them were a higher low established off of the 52K area. We almost got that one, except that price, refuses to break 53K. For shorter time frame strategies like day trading, these sharp single candle moves offer excellent opportunities, but for swing trades, the risk is too high.

Here is what I mean: If we go long at 58K, proportional risk for a swing trade is now around 53K which means I have to risk at LEAST 5K points. In order to justify this, Bitcoin needs to push to 63K in the next leg just to reach a 1:1 reward/risk ratio. The probability of that scenario is much lower compared to if I bought around 50K, risked only 3K points, and required a retrace back to the middle of the range (55 to 58K area). The probability of a retrace back to the middle of the range is much greater than of the range low.

Since we trade rules for our swing trade strategy, we have no choice but to wait this out. Bitcoin either tests the range low again, (between 52K and 50K) and provides a setup, or we don’t assume any new risk. Waiting for the right level and setup is much more effective when it comes to returns over time compared to taking numerous low-probability trades. Many traders and investors don’t realize, over time, the losing trades cost way more than the few random wins from chasing action.

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Bitcoin Price Spike: How To Buy Into This?

Is this the norm? It is tough to define “norm” for Bitcoin, but none the less, the 51,300 entry price was taken out and Bitcoin has been gyrating around 54 to 55K ever since.

So if you missed this swing trade, what is the best way to adjust and prepare for the next buying opportunity? And why not buy it now?

Let me answer the second question first: we don’t buy now for a swing trade because we don’t chase moves where the reward/risk is no longer attractive. It is that simple. If price continues higher from here, it does so without us because we focus on risk and sometimes that means letting a trade go. Effective risk management is what leads to consistency, NOT big wins.

As far as preparing for the next buying opportunity: IF Bitcoin can retrace to the 52500, to 53500 area and produce a bullish reversal, that would be a higher low. Risk can be clearly defined off of such a structure and we will be prompted to share a new swing trade long idea if the scenario materializes.

A more extreme bullish scenario would be a test of the 48K area a second time which would be a potential double bottom (similar to Gold off of 1675). IF a bullish reversal can materialize here, it would be an even more attractive swing trade long idea in terms of reward/risk.

It is also possible that Bitcoin gyrates within a very tight range around 55K for a few days while establishing a momentum continuation pattern to go higher. In this situation we will be open to taking on a new swing trade long, but it will be categorized as an aggressive trade since the location is less than ideal. In this scenario, at least there is a pattern to define risk from.

I just presented the main criteria that price needs to meet before we consider assuming any new risk. In other words, we take positions based on rules, not feelings, opinions or reactions to information. If Bitcoin does not align with the rules, whether it runs or not, we do not put on any new risk. Rules promote consistency.

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