Is 9.7 the new 12k?
Apologies to anyone who reads this. I'm not going to spray TA all over my charts and point to H&S or MACD RSI divergence or any other bollocks like that. I look at the chart simply, to me it's either trending up, trending down or ranging. You won't find me trading in a range, I'm mainly medium to long term holding either long or short, but I'm looking for clear signals as to a trend.
The rest is snake oil and be aware of people who try tell you they predict where to market is going, total horse shit, nobody knows where the market is going, you don't make money CONSISTENTLY through trying to be right, you make money through having a clear trading strategy and that involves a good, sold risk strategy, the rest is just giving you the slightest edge to pop the odds into your favour and what better analysis than that of a continuing trend. What goes in one direction generally travels in that direction for some time before reversing, so get your pennies out and throw them in the gravy train while it's moving along, any sign of a retrace or reversal, get out and sit on your hands. And don't pay money into some schemes, the only people there making consistently good gains are the ones taking your money!
Anyway, looking at BTCUSD, we've broken free of that sticky 9.2 and immediately around the corner is our old foe 9.7k. We're not in a clear upward trend yet if we can't break 9.7k, but! If you fancy a punt, do it, long or short, but put in sensible stops so you don't loose your shirt, otherwise you could be holding for a a couple of weeks while the investors who got burnt by over leveraging on this rally either lick their wounds and come back in or are replaced by fresh buyers and you're sat looking at a big red negative number. Otherwise anything between 9.2 and 9.7 stay away!
We saw 12k tested a while back not once, not twice, but three times and I'm just wondering if 9.7k is the new 12k, If we bounce off 9.7 I fear for the short to medium term outlook for this pair, and please lets get the fuck out of 9.2!
Good luck and be sensible!
The rest is snake oil and be aware of people who try tell you they predict where to market is going, total horse shit, nobody knows where the market is going, you don't make money CONSISTENTLY through trying to be right, you make money through having a clear trading strategy and that involves a good, sold risk strategy, the rest is just giving you the slightest edge to pop the odds into your favour and what better analysis than that of a continuing trend. What goes in one direction generally travels in that direction for some time before reversing, so get your pennies out and throw them in the gravy train while it's moving along, any sign of a retrace or reversal, get out and sit on your hands. And don't pay money into some schemes, the only people there making consistently good gains are the ones taking your money!
Anyway, looking at BTCUSD, we've broken free of that sticky 9.2 and immediately around the corner is our old foe 9.7k. We're not in a clear upward trend yet if we can't break 9.7k, but! If you fancy a punt, do it, long or short, but put in sensible stops so you don't loose your shirt, otherwise you could be holding for a a couple of weeks while the investors who got burnt by over leveraging on this rally either lick their wounds and come back in or are replaced by fresh buyers and you're sat looking at a big red negative number. Otherwise anything between 9.2 and 9.7 stay away!
We saw 12k tested a while back not once, not twice, but three times and I'm just wondering if 9.7k is the new 12k, If we bounce off 9.7 I fear for the short to medium term outlook for this pair, and please lets get the fuck out of 9.2!
Good luck and be sensible!
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.