Bitcoin | I should've been more conservative?
Hi traders,
Last analysis I showed you what top-down analysis is and the steps of analysing a chart using real price chart on Bitcoin . Hope you have enjoyed the educational post and understood everything I taught you. (Almost no one ask me anything so I assumed you all understood)
In my previous post I showed you my first target was $9366. Despite the resistance "zone" was between $9100 - $9600, I had to pick a price level that's reasonable and with a nice risk reward ratio. So, although I showed you $9,100 was at the bottom of the resistance zone, I didn't take my profits at $9,100 due to my $6800-$7300 positions are my long term positions. It's not worth the risk to take profits at $9,100 considering the tax effects.
Notice how I always give you an exact target, to the dollar? This is a serious business, even if the price is out by 1 cent, if your order does not get triggered all your profits are just floating profits. Remember, trading is not prediction! Don't trust anyone who doesn't tell you their stop losses.
At the moment, I am not convinced with any market movement and I wouldn't take any trade until a better trade setup emerges. I am still holding my long term positions and would consider to add my long term positions between $7700 - $8200 if the price actions are good. Of course, I will give you an update when necessary (I don't give multiple updates on the exact same idea just to get attention).
Would be greatly appreciated if you can take a second to press the "LIKE" button.
Past analysis (click & play):
Bitcoin, perfect call (300% profits)
Bitcoin, bought between 6.8k - 7.3k (20% profits)
Perfect call on 12k weekly resistance
Bitcoin dropped from 12k to 7k as expected (40% fall)
Bitcoin dropped to 3.5k as expected (40% fall)
Bitcoin, bought $6220 target $8480 (36% profits)
Perfect re-bought target
Education posts:
2618 trade
Top-down analysis
Last analysis I showed you what top-down analysis is and the steps of analysing a chart using real price chart on Bitcoin . Hope you have enjoyed the educational post and understood everything I taught you. (Almost no one ask me anything so I assumed you all understood)
In my previous post I showed you my first target was $9366. Despite the resistance "zone" was between $9100 - $9600, I had to pick a price level that's reasonable and with a nice risk reward ratio. So, although I showed you $9,100 was at the bottom of the resistance zone, I didn't take my profits at $9,100 due to my $6800-$7300 positions are my long term positions. It's not worth the risk to take profits at $9,100 considering the tax effects.
Notice how I always give you an exact target, to the dollar? This is a serious business, even if the price is out by 1 cent, if your order does not get triggered all your profits are just floating profits. Remember, trading is not prediction! Don't trust anyone who doesn't tell you their stop losses.
At the moment, I am not convinced with any market movement and I wouldn't take any trade until a better trade setup emerges. I am still holding my long term positions and would consider to add my long term positions between $7700 - $8200 if the price actions are good. Of course, I will give you an update when necessary (I don't give multiple updates on the exact same idea just to get attention).
Would be greatly appreciated if you can take a second to press the "LIKE" button.
Past analysis (click & play):
Bitcoin, perfect call (300% profits)
Bitcoin, bought between 6.8k - 7.3k (20% profits)
Perfect call on 12k weekly resistance
Bitcoin dropped from 12k to 7k as expected (40% fall)
Bitcoin dropped to 3.5k as expected (40% fall)
Bitcoin, bought $6220 target $8480 (36% profits)
Perfect re-bought target
Education posts:
2618 trade
Top-down analysis
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