Bitcoin - Fishing for fools, don't be one!
The problem is that BTC does not want to face reality, it is time to buckle under the weight of the death cross. It keeps pretending like it has the strength to defeat it by moving up once in a while but the truth is that to defeat a death cross it requires an astronomical amount of volume. Yes, exchanges can start pumping BTC anytime but we will only drop money in if the price hits the bottom of the current channel or one of the two X's in the triangle you see below. The X at the end of the orange line is the same as the bottom of the channel on the 1 day chart.
DONT FORGET TO FOLLOW ME AND TO HIT THE LIKE BUTTON.
The fact is that we are still trending down in what is called "Minor trends" which can be seen in smaller timeframes such as the 6H.
And also trending down on what would be called the "Secondary Trend" such as the one on the main chart which you can see below again on the 1D.
So what is happening on the primary trend? On that one, we are going up as you can see below -- which is best if you see it from a higher timeframe such as the 1Week or 1Month.
To make the above charts more understandable you have to know that there are 3 types of trends: A primary, a secondary and a minor trend. We are in a bull market as long as the Primary is on an uptrend and yes we are going up for now. Where we make our money is on the parabolic moves during the secondary trends. I put all my money in once we hit the 200MA on the weekly which was around $3600 on Feb 18th and pulled out at $12,000 on the 2nd of July. I was able to make my money for the year at that point, it takes discipline and patience but you can get there too.
Why did I say that BTC is fishing for fools? Because it keeps printing bull flags and other bull patterns to entice new traders in and if you fall for these patterns, as soon as you put your money in it crashes down eventually you will lose your entire working capital one small chunk at a time if you trade in this manner.
Keep reading my posts, you'll understand what you did wrong and then you'll understand what you can do to correct it.
THE TREND: Going Down, we have not made a new higher high
THE OUTLOOK: Expected to go down, surprising if it goes up.
DONT FORGET TO FOLLOW ME AND TO HIT THE LIKE BUTTON.
The fact is that we are still trending down in what is called "Minor trends" which can be seen in smaller timeframes such as the 6H.
And also trending down on what would be called the "Secondary Trend" such as the one on the main chart which you can see below again on the 1D.
So what is happening on the primary trend? On that one, we are going up as you can see below -- which is best if you see it from a higher timeframe such as the 1Week or 1Month.
To make the above charts more understandable you have to know that there are 3 types of trends: A primary, a secondary and a minor trend. We are in a bull market as long as the Primary is on an uptrend and yes we are going up for now. Where we make our money is on the parabolic moves during the secondary trends. I put all my money in once we hit the 200MA on the weekly which was around $3600 on Feb 18th and pulled out at $12,000 on the 2nd of July. I was able to make my money for the year at that point, it takes discipline and patience but you can get there too.
Why did I say that BTC is fishing for fools? Because it keeps printing bull flags and other bull patterns to entice new traders in and if you fall for these patterns, as soon as you put your money in it crashes down eventually you will lose your entire working capital one small chunk at a time if you trade in this manner.
Keep reading my posts, you'll understand what you did wrong and then you'll understand what you can do to correct it.
THE TREND: Going Down, we have not made a new higher high
THE OUTLOOK: Expected to go down, surprising if it goes up.
Related publications
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.