Bitcoin - You will shoot yourself in the foot if...
I hate to be blunt about it but you should only be reading technical analysis from a couple of analysts. There are a lot of unproven hacks in this space and I will recommend that you stop following them if they are getting in your head with their doom and gloom about Crypto. They'll convince you NOT to buy when BTC is low because it "will go to $600" or "Crypto is dead." This is one of the main reason you missed out on buying at 3K and ridding the wave to 14K, last time you could have tripled your money in less than 6 months. The next opportunity is coming again and these amateurs are once again whimpering all the way down. This is a clear way to tell that your analyst took a beating and does not know how to make a profit trading. Do your self a favor and follow me, I have been teaching beginners how to do technical analysis for a few months and they have at the very least stopped losing money and a few have finally made money. You should learn how to chart your own path to doubling or tripling your money every year.
What's BTC doing?
It looks like it is either looking for more fuel to keep going up or going down to test bottom. We have stopped at the 61.8% retracement of the recent up move which is a healthy pullback, however if we go below 7k we might be looking to retest the bottom by landing on the green trend line, if we hit this line again and bounce up that's an indication that BTC has found a bottom, if the bounce is high, it maybe time to jump in with a little more money. What we know for sure is that if we melt below my green line we are going down a lot more.
The only scenario we need to worry about is if we melt below the 200MA on the WEEKLY time-frame, which is below my "Mother of all buy zones." Other than that Crypto is alive and well.
Follow me and you'll know exactly which coins to buy and when to buy to maximize your profits.
Hitting the "Like" button is like a tip, please don't forget to do so after reading this is your way of paying me for my time.
NOW, THE LEGEND;
Support trend-lines are green
Resistance trend-lines are Red
Horizontal support lines are white, the thicker the stronger the support
50 Moving Average is yellow
200 Moving Average is white
THE TREND: Going Down
THE OUTLOOK: Begining to see the end of the downtrend a rally may be coming soon.
What's BTC doing?
It looks like it is either looking for more fuel to keep going up or going down to test bottom. We have stopped at the 61.8% retracement of the recent up move which is a healthy pullback, however if we go below 7k we might be looking to retest the bottom by landing on the green trend line, if we hit this line again and bounce up that's an indication that BTC has found a bottom, if the bounce is high, it maybe time to jump in with a little more money. What we know for sure is that if we melt below my green line we are going down a lot more.
The only scenario we need to worry about is if we melt below the 200MA on the WEEKLY time-frame, which is below my "Mother of all buy zones." Other than that Crypto is alive and well.
Follow me and you'll know exactly which coins to buy and when to buy to maximize your profits.
Hitting the "Like" button is like a tip, please don't forget to do so after reading this is your way of paying me for my time.
NOW, THE LEGEND;
Support trend-lines are green
Resistance trend-lines are Red
Horizontal support lines are white, the thicker the stronger the support
50 Moving Average is yellow
200 Moving Average is white
THE TREND: Going Down
THE OUTLOOK: Begining to see the end of the downtrend a rally may be coming soon.
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