BitcoinLong
Step by step guide in buying BTCUSD
Updated
I know cryptocurrency remains the hottest topic discussed in TV and many other forums. Maybe some of you have made 5,6 , 7 figures from it and having won that kind of money in a short period of time convinced you that you can do it again.
I have made some and lose some in cryptocurrency , having a small % in my overall portfolio only.
I have also seen many authors showing complicated charts with so much analysis on it that I walk off feeling more confused than before.
So ,here is mine version, simple and clean using trend lines and price action :
1. A nice head and shoulder pattern formed with price touching a low of 6545 as the bottom before reversing. This is a trend reversal pattern.
2. You can see clearly that price has broken out of the bearish trend line (red dotted) and is moving nicely in the up trend (green dotted)
3. If you are looking to buy, there is 2 levels to look at.
a) 7592 - a resistance level , let the price breaks above and closed above this line before you buy.
b) 8013 - profit or resistance level - this is where the price breaks down in mid Nov before it plunge to the low of 6545 so some eager buyers who bought at this level might be awaiting to get out. Also, intraday traders would also want to sell here for a correction down.
Again, I emphasize that cryptocurrency moves fast and it is volatile so if you are new to trading, I would not advise trading this.
Trade this if you have a clear strategy, risk and capital management in place.
P/s : The greatest day in your lives and mine is when we take total responsibility for our attitudes. That's the day when we truly grow up. John. C. Maxwell
I have made some and lose some in cryptocurrency , having a small % in my overall portfolio only.
I have also seen many authors showing complicated charts with so much analysis on it that I walk off feeling more confused than before.
So ,here is mine version, simple and clean using trend lines and price action :
1. A nice head and shoulder pattern formed with price touching a low of 6545 as the bottom before reversing. This is a trend reversal pattern.
2. You can see clearly that price has broken out of the bearish trend line (red dotted) and is moving nicely in the up trend (green dotted)
3. If you are looking to buy, there is 2 levels to look at.
a) 7592 - a resistance level , let the price breaks above and closed above this line before you buy.
b) 8013 - profit or resistance level - this is where the price breaks down in mid Nov before it plunge to the low of 6545 so some eager buyers who bought at this level might be awaiting to get out. Also, intraday traders would also want to sell here for a correction down.
Again, I emphasize that cryptocurrency moves fast and it is volatile so if you are new to trading, I would not advise trading this.
Trade this if you have a clear strategy, risk and capital management in place.
P/s : The greatest day in your lives and mine is when we take total responsibility for our attitudes. That's the day when we truly grow up. John. C. Maxwell
Note
Since the price break out but failed to close above 7592, the buy order is cancelled. For those who knows how to short, once the bullish trend line is broken down, you can take your selling position on 10 Dec 0200 hours perfectly.
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