Grandma knows best : we will go up, but we are still bearish
Updated
Back in my days, trading was simple. You did not have them nasty computers. Talked to my grandchildren and they said 'Grandma, you traded in the past. You were good. You got to get you some of them Bitcoins!" Easier said than done. Had to learn all new skills for them cryptos. Had to learn about cryptos. How can people trade in something that has no value? Ah well: progress. As long as them Tethers turn out to be real dollars, I will invest some of my pension.
Looked at the chart here and thought: well, that looks like a nice entry. Could go either way. As a Grandma, I like a challenge. Too old for things like bungee jumping or motor cycle racing, so nee me something else to get the heart pumping. Trading is this hellhole of a market seems to do the trick!
Turns out that most of the old school stuff still works. Wyckoff, Elliot or good ol' high / low analysis. Lines on a map. A fool with a ruler. That's all it is, that's all I am. Made me a fortune back in the day, but that was trading forex. When the dollar was still worth something. Before them bank ruined everything. Greedy kids running the economy. Did I say running? I meant ruining. But I digress.
First thing I noticed when I opened BTCUSD on TradingView is that we have a wedge. And it is pointing down. That used to be bullish and my golly, I believe that is still the case today! "So we go up now, grandma?" asked those greedy sons of .... well, you get my point. If I have learned one thing in my 80 years on the planet, it is patience. We might go up, we may even look at > $7.500 good ol' American Dollars. That is however not the beginning of the recovery. It is simply a phase in the downtrend. Trust me, I have seen it hundreds of times. Grandma knows! I keep telling that to them... anyway...
We are likely to go up on our way to 5000 dollars. Now, I have seen that this is still 10x more than a year ago, so if you're complaining, you need a whack over the head. With a rolled up version of the Financial Times. If you want to see something interesting, look at how the RSI starts bottoming out before the bottom is reached and before a high forms. The timing between price and RSI gets longer... Now this may mean s'thing, or it doesn't. Grandma knows, but I ain't telling. No financial advice here, but I did spot bullish divergence... I can tell you that I sold some government bonds and put them into this Bitcoin thing just today. We will see how it goes.
Let me know if you want to hear more about my experiences. For now, I am not selling the grandkids just yet. If BTC reaches the end of the wedge, I might. Grandkids are expensive and so is Bitcoin.
Best of luck to you all. Don't play with money you can't afford to lose. I have enough mouths to feed already.
Looked at the chart here and thought: well, that looks like a nice entry. Could go either way. As a Grandma, I like a challenge. Too old for things like bungee jumping or motor cycle racing, so nee me something else to get the heart pumping. Trading is this hellhole of a market seems to do the trick!
Turns out that most of the old school stuff still works. Wyckoff, Elliot or good ol' high / low analysis. Lines on a map. A fool with a ruler. That's all it is, that's all I am. Made me a fortune back in the day, but that was trading forex. When the dollar was still worth something. Before them bank ruined everything. Greedy kids running the economy. Did I say running? I meant ruining. But I digress.
First thing I noticed when I opened BTCUSD on TradingView is that we have a wedge. And it is pointing down. That used to be bullish and my golly, I believe that is still the case today! "So we go up now, grandma?" asked those greedy sons of .... well, you get my point. If I have learned one thing in my 80 years on the planet, it is patience. We might go up, we may even look at > $7.500 good ol' American Dollars. That is however not the beginning of the recovery. It is simply a phase in the downtrend. Trust me, I have seen it hundreds of times. Grandma knows! I keep telling that to them... anyway...
We are likely to go up on our way to 5000 dollars. Now, I have seen that this is still 10x more than a year ago, so if you're complaining, you need a whack over the head. With a rolled up version of the Financial Times. If you want to see something interesting, look at how the RSI starts bottoming out before the bottom is reached and before a high forms. The timing between price and RSI gets longer... Now this may mean s'thing, or it doesn't. Grandma knows, but I ain't telling. No financial advice here, but I did spot bullish divergence... I can tell you that I sold some government bonds and put them into this Bitcoin thing just today. We will see how it goes.
Let me know if you want to hear more about my experiences. For now, I am not selling the grandkids just yet. If BTC reaches the end of the wedge, I might. Grandkids are expensive and so is Bitcoin.
Best of luck to you all. Don't play with money you can't afford to lose. I have enough mouths to feed already.
Note
Well young people... What did grandma tell you? We are indeed going up. Are we in a recovery or are we still correcting? Accumulation they called it in my day. Means that the big boys are increasing their positions before they allow the roof to be blown off. We might reach just above $8050 (±150) but unless there is some news to push us up and out at that point, we will continue the consolidation. Possibly to $5500, but there is no way to be certain. There is something called ETFs that may be coming... I would not hold my breath. The market is not quite ready yet.
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