Bitcoin - This is a business not a charity
Updated
The way I see it every trade should be a straight-up business transaction devoid of emotion. If you want to build wealth you only take low-risk high reward bets. Look at every choice you make and take that approach. Make a bet only when you know the odds are in your favor. Trading is no different, approach it as a business, learn how to value capital, think of your self as a wealthy and cheap person looking for low-risk high rewards investments. Your concern is not to ask when do we jump in, instead, ask yourself if this a safe bet and if the answer is yes then you take it. Even the smallest of capital was multiplied and built with this mentality. Use it, own it! How do you spot these opportunities in crypto trading? First, learn to chart so you can see these opportunities developing, learn to properly gauge your risk-reward ratio and stick with one position size strategy. I can show you how. PM if you have questions.
What is BTC doing now?
After a definitive move above resistance, Bitcoin is currently retracing most likely back to the support line (the white line.) The next few days will be very interesting since we have a few events to keep an eye on.
1) The 50MA is looking to crossover the 200MA which could be a very big boost to bitcoin's current uptrend, then there is another major event in the works that could propel BTC to the upper levels.
2) We have to wait and see if BTC retraces all the way to the support line. Be sure to set your buy order and have a good risk management strategy in place.
POINTS OF CONCERN
We are still under a 50/200MA death cross on the 1 day chart. Lastly, the 3-day chart concerns me a little, let's not get into it for now but let's put a pin on this chart and keep an eye on it.
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THE TREND: Neutral/Sideways
THE OUTLOOK: Potential golden cross around the 18th
What is BTC doing now?
After a definitive move above resistance, Bitcoin is currently retracing most likely back to the support line (the white line.) The next few days will be very interesting since we have a few events to keep an eye on.
1) The 50MA is looking to crossover the 200MA which could be a very big boost to bitcoin's current uptrend, then there is another major event in the works that could propel BTC to the upper levels.
2) We have to wait and see if BTC retraces all the way to the support line. Be sure to set your buy order and have a good risk management strategy in place.
POINTS OF CONCERN
We are still under a 50/200MA death cross on the 1 day chart. Lastly, the 3-day chart concerns me a little, let's not get into it for now but let's put a pin on this chart and keep an eye on it.
VERY IMPORTANT: Hitting the "Like" button is like a tip, please don't forget to do so after reading, this is your way of thanking me for my time and so I thank you for yours.
THE TREND: Neutral/Sideways
THE OUTLOOK: Potential golden cross around the 18th
Note
The trend is strong and it has some major backing. We are well above support and headed into the mid channel line. Let's wait and see the reaction of BTC once we hit that line.Note
The reaction to the mid channel line was a small retracement so far. I would start buying small percentage amounts as it pulls back. Use the FIBO tool and carefully jump in with a good risk management plan. Once again only use small amounts on the pullbacks or retracements, if it goes down you can load up some more, if it goes up you buy more on the pullbacks. Use this strategy on any coin. The probability of BTC going to $9500.00 is still there. Note
The weekly chart is a place where we still need to keep an eye on. Remember this: You can buy BTC at 3K and if it goes to $1500 it will cost you a lot or you can buy BTC at 12K and if it goes to 20K you will make a lot. Price is secondary to a safe entry point. Note
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We have a clear swing low, and still working on the swing high, if you buy on the retracements don't go all in on the 38.2% or 50% leave enough for the 9550 area in case we hit it. If we don't hit that area we can use the leftover money for other pullbacks. The recommended buy zone is still very valid. Also, set the buy orders now in case the movement happen overnight where you are. Note
One of our BTC buy order Did hit, we did not go up to chase it, more buy orders will hit as we move to other key places. We have other buy orders set, including some for the strong moving Alts. This is an example of letting the trade come to you. Yet another example of why you should not FOMO and now for once you are buying other traders stop losses. As the slick crowd is getting taken out of their trades you are just getting started. Nothing personal, just a straight up business transaction where your money is safe for the long run.Note
Still heavily interacting with the middle channel line. Note
On the weekly chart we have an area of concern, but why? Because price has been on the rise while volume has been dropping. Not a major red flag on its own, but it is worth noting. Note
To be clear: What I mean regarding the post above is that it could be a hint that BTC will pull back temporarily, but no question we are headed uphill for now.Note
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