Bitcoin is currently sitting at $9342.05 as of 10:03 pm CST on 4/24/2018. Based upon a new trade setup I am using I see Bitcoin moving up to $12,400, that is my prediction. I bought a little bit at $9,235 using Coinbase. This is the first time I have used their services. I am waiting for Robinhood to give me access so I can trade through them with no trade fees.
Speaking of Robinhood if you haven’t used them but are thinking to then please consider using my referral link when you do sign up: http://share.robinhood.com/evanc203. This way each of us will receive a free share of a random stock if you sign up through my referral link.
I last posted about Bitcoin on 1/17/2018 and mentioned how I expected price to churn for a bit before its next run up. You can read it: HERE.
Lets look at the charts.
A New Trade Setup
I recently discovered a new trade setup. I am still using my bread and butter trade setup that you can read about here: BREAD AND BUTTER TRADE SETUP PART 3 but this one provides even more opportunities for gains.
From the chart to where price is currently at to where the exit is at $12,400 there is still plenty of room to run up. I’ll go over how I found this trade more in depth in another article. The genesis of it is from the Darvas Box which is where the blue square is located. Basically I look for price to break out of it and then close back inside of it which would be my first entry long. Then if price goes further down I get in at different Fibonacci levels. So if you are familiar with my entries for the Bread and Butter Trade Setup (BBTS) then this one has a similar feel. My exit is the same as the BBTS which is just below the 50% Fib retracement level when long. The top of the gray box is the 50% Fib retracement level.
Next Bitcoin Entry If Price Moves Down Further
As you can see from the Fib extension levels price bounced very nicely off of the 161.8% level. My next entry would be at $4,400 which is around the 200% Fib extension level (I don’t have it marked on my chart). This is based off of my initial entry. If I had gotten in at a better price then my entry would be closer to the 261.8% Fib extension level. But if price runs up and hits the $12,400 mark first then this trade is over and I am looking for another.
Conclusion:
I am long Bitcoin and am looking to exit at $12,400. If price goes lower before hitting $12,400 then my next entry would be at $4,400 and I would move my exit down accordingly based up on the Fibonacci retracement. The Fib retracement is measured from the top of the blue box.
