[XBTUSD 4H CHART]

In my opinion we will test the $7800 region soon (in yellow). How price will react in this range will be very important for continuing a short-term uptrend. I am quite optimistic and our $6544 entry was perfect!

[Update]

Moved stopgain from $7097 to $7164.

(Locking atleast 14% in profits in the whole balance)

This survey was conducted when the price of Bitcoin was close to $6500, 8 out of 10 people said they were feeling BEARISH. It is for this kind of feeling that according to statistics 90% of traders are unsuccessful.

Being a trader obviously requires skills in interpreting charts correctly, but what is really important is to have emotional control and to be psychologically strong to act in the opposite direction to most traders. Without a prepared mind, the charts will NEVER be well interpreted.

If you look at the Fear & Greed index statistics for example, you will come to the conclusion that in the moments of greatest euphoria, when almost everyone believes the market will take off in an incredible way, this is where we are about to reverse. The same goes for when the feeling is that the market will "crash".

The human mind is full of pieces that need to be assembled like a puzzle, you need to think in a different way from most people to get results also different from most people.

Have you ever thought that charts are formed by feelings/attitudes of the human mind? If statistics indicate that only 10% of traders succeed, you need to think differently from most.

Think about it.

Well, the bulls didn't have the strength to push the price up to 7800, there was a strong rejection at 7700 pushing the price back to intermediary levels. Our stopgain is very well positioned and for now we have no changes in the trading strategy.

Trade closed by stopgain at $7164.

Not bad, 14% gain in the whole portfolio. 🤝

I would like to wish you all a merry Christmas, and regardless of your religion, I wish you to spend moments of peace and happiness with your family and friends, it is time to celebrate life!

Best regards from Jacob!

It's time to enjoy the family and the parties! I'll be back in January, I wish you all a happy new year and that 2020 will be full of peace and happiness.

I'll be back to the market next week. See you soon!

Ok guys, I apologize for the absence, I decided to stretch my mini vacation a bit, but in the next week full focus on the market again! Always try to have a few moments to relax and forget everything about the market for a few days, it is very important to maintain the psychological balance for those who trade daily in a market that is always under stress/pressure.

Hi guys, Im back!

I will bring you some brief updates on market movements over the last 20 days.

[XBTUSD 1D CHART]

We recently had a formation of an Inverse H&S reversal pattern, the break up at the neckline was quite consistent, with large candles accompanied by good volume. Then the price made an almost perfect pullback on the neckline, where there was the possibility of making a very well planned and low risk entry.

It is not a perfect IH&S, but it has a satisfactory structure to be considered a reversal pattern.

Do you remember this descending channel, right? As you can see we are at a very important moment re-testing the channel resistance line, the IH&S can support a breakout attempt.

Looking more closely, we can see that we are in a consolidation zone, squeezed between the yellow band and the green band.

In yellow we have an important support, which previously was very strong resistance and also the neckline of IH&S. As long as we are above this yellow band, I still believe in an attempt to break up the channel.

According to the basic principles of technical analysis, a consolidation below a resistance or trend line is a signal of strength and the expectation is of continuation in the previous trend.

To be more objective, it was very unlikely that the price would break above the channel resistance on the first attempt of the current movement. A consolidation above the yellow band would be perfect for taking a breath for a consistent pull.

In technical analysis we do not predict movements, we work according to probabilities and need to be prepared for any kind of situation. My biggest expectation is for a break up, but if that doesn't happen, I already have a trade idea ready to take action.

I will be looking for an entry in SHORT if the price consistently breakdown the yellow range. In this case I could enter at the pullback or watching some interesting "live" pattern.

I will be looking for entry to LONG on two occasions:

1 - If the price goes back to the yellow band and leaves a short term reversal pattern, indicating a possible rise.

2 - If the price can consistently breakup the resistance of the descending channel.

To be clear, I drew red bands that are my points of interest.

As you may already know, my style is swing trade, so I don't even look at charts below 4H because they don't help me at all. Now that I have these zones mapped out, just wait and see how the price will react next to them.

If necessary I will bring updates based on price action.

If you want to chat with me, just join my chat > @XBTalks