Bitcoin - Global channel + Cycles
Updated
Global channel
I looked at the logarithmic chart and saw: a global uptrend channel, the upper line of which we tested and did not breakout. Bitcoin at the threshold of a new big cycle, which is a little over a year long.
After that, Bitcoin made a dropped by 50% from the peak and reached the previous correction's support level. Now BTC has rebounded and is trading at 25% from the local low.
The current local resistance level is 41k.
The long-term magnet is the middle line of the ascending channel and the peak of 2018 (the 20k level, maybe lower). It is important to note that this is a global vision, not a short-term one.
To my mind, speaking about short-term perspective, there will be a rebound to be sure after such a fall.
I understand that there are many newcomers on the market now. The last fall was a shock for the majority of traders. I want to give a little advice (read below).
1. Calculate your future compulsory expenses for the next 6 months minimum.
2. Compare them with the available one
the amount in stablecoins and cash.
3. If there is no pillow in stable assets for at least 6 months falling market then cover the part on rollbacks up positions to form a pillow for expenses for at least 6 months.
4. If there is, then all the same sort out portfolio and sell on rollbacks up those assets, in fundamental, values and survivability on potential bear market which you doubt very much.
Summary:
Your risky part of a cryptocurrency portfolio should consist only of fundamental assets with a high probability of gaining a network effect.
You have enough money for at least 6 months. You are not motivated to sell assets at the bottom. We are ready to sit out any drawdown. You should understand that sooner or later your assets will cost more.
You can safely continue living a normal life without checking the charts every few minutes. You realize that no matter what happens - you have the money for a good life and a portfolio of quality assets for financial independence.
I do not want to give you false hope. Trading is not easy and risky.
A trader earns big money when trading in the main trend direction. I expect a flat movement on the market shortly.
This is the time when most people are losing money.
Best regards EXCAVO
I looked at the logarithmic chart and saw: a global uptrend channel, the upper line of which we tested and did not breakout. Bitcoin at the threshold of a new big cycle, which is a little over a year long.
After that, Bitcoin made a dropped by 50% from the peak and reached the previous correction's support level. Now BTC has rebounded and is trading at 25% from the local low.
The current local resistance level is 41k.
The long-term magnet is the middle line of the ascending channel and the peak of 2018 (the 20k level, maybe lower). It is important to note that this is a global vision, not a short-term one.
To my mind, speaking about short-term perspective, there will be a rebound to be sure after such a fall.
I understand that there are many newcomers on the market now. The last fall was a shock for the majority of traders. I want to give a little advice (read below).
1. Calculate your future compulsory expenses for the next 6 months minimum.
2. Compare them with the available one
the amount in stablecoins and cash.
3. If there is no pillow in stable assets for at least 6 months falling market then cover the part on rollbacks up positions to form a pillow for expenses for at least 6 months.
4. If there is, then all the same sort out portfolio and sell on rollbacks up those assets, in fundamental, values and survivability on potential bear market which you doubt very much.
Summary:
Your risky part of a cryptocurrency portfolio should consist only of fundamental assets with a high probability of gaining a network effect.
You have enough money for at least 6 months. You are not motivated to sell assets at the bottom. We are ready to sit out any drawdown. You should understand that sooner or later your assets will cost more.
You can safely continue living a normal life without checking the charts every few minutes. You realize that no matter what happens - you have the money for a good life and a portfolio of quality assets for financial independence.
I do not want to give you false hope. Trading is not easy and risky.
A trader earns big money when trading in the main trend direction. I expect a flat movement on the market shortly.
This is the time when most people are losing money.
Best regards EXCAVO
All links
t.me/linkforkbot/link?startapp=excavo
Join to EXCAVO team
partner.bybit.com/b/excavo
After txt to admin
t.me/excavo
t.me/linkforkbot/link?startapp=excavo
Join to EXCAVO team
partner.bybit.com/b/excavo
After txt to admin
t.me/excavo
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