$Bitcoin - Zoom out and follow the trend lines - Time to $BTFD
I have to start this off by saying I'm not a professional trader and this is not investment advice. This is just my thoughts and ideas not investment advice. As the altcoin market has dried up and become more of a lottery than the bull trend euphoria inducing traders paradise of 2017, most crypto traders seem to be grinding it out day to day with leverage trading of Bitcoin and a few other big marketcap coins. A gamble that only a few talented and savy traders end up winning in the end. Many traders wind up deep in the trenches of the daily and hourly bear bull never ending battle and in that place its easy to lose sight of the forest through the trees. Now is the time to zoom out and have a look at the long term trend lines and how they are being respected thus far. We can see the orange trend lines have been respected since 2012 switching between support and resistance several times but never going below since 2012. It is of high probability those lines are continued to be respected through the next cycle. If support of the bottom orange trend line is breached the next level of support should be the green trend line which I believe to be the absolute bottom if indeed the orange trend lines are broken. So smartest move is to keep an eye on these trend lines and start to DCA through the next accumulation period. While you won't part of the leverage traders big dick swinging contest on twitter (of which probably 98% are full of shit), you will be much happier as you won't have to worry about your liquidation paying for Aurthurs next vacation.
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.