Bitcoin 4hr analysis 2-23-2021
Good morning ladies and gentlemen and welcome to Bitcoin's red candles. Today I have the 4hr time frame pulled after losing a good chunk of gains overnight... No sweat tho. That is why they created a stop loss after all. As we sink further towards 40k I see noobs freaking out across the board. Let me tell you that this is not the first time I have seen a drop like this and I am certain it won't be the last. So relax and learn from the ups and downs. Let's discuss the situation a bit further.
The bulls are exhausted it seems and after Elon posted the tweet claiming Bitcoin was a bit high it seemingly kick started the dump we are now witnessing. I can't blame him fully for the dump. He holds BTC after all. The technicals were screaming retrace for ages. Overbought RSI on the major time frames has been the norm and it finally gave way to this current dump. So many different signals telling people a dump was on the horizon but they were quite easy to ignore. We were simply only rising and it was hard to contemplate any other scenario. But you always need to be on the lookout for the bears. They are sneaky and strike when you least expect. That is why they made a stop loss after all.
So where does it stop? I can't promise you but I see the 4hr 200 MA below us (blue line) which has been quite reliable in the past. I told you all that if we lost the support of the 4hr 50 MA I would be bearish. And voila. We dip below the 4hr 50 MA and that is all she wrote for 50k + BTC. At least for now. I truly still believe Bitcoin will easily break 100k. Will it be this year? Maybe. But if fast money is what you are after then investing likely isn't for you. Try the lottery instead. Investing and trading is for patient people.
Red candles scare the noobs. I remember those fears. Now that I have been doing this for over 3 years I could not be more used to this and my strategy is what saved me from eating this entire dip. That is why I trade with stable coins. To me its easiest to minimize risk while maximizing profits. I mean leverage is obviously trading on steroids but its not my style. Liquidations are the main concern I have. I can take a 10% loss after a stop trips but if I got liquidated that means I lose much more money. Right now Im in USDT but I may enter a long soon. I need to assess the current situation and really decide if this is where a pivot point lies. Trick is as soon as you go long set that stop loss. Don't be foolish.
So here we sit at around 46k. Still not a number you can really scoff at. I know we were almost at 60k a few days ago but thems the breaks. Bitcoin does not care. If this is in fact the beginning of a cool off period it isnt the end of the world. Now is when you really start learning. Anyone can be a star in a bull market. But the bear market is where predictions are a bit more difficult. A few things you can do is learn to trade. Learn to use stable coins. Learn to read a chart. Learn about BTC and why it is such a huge deal. 70% of my time in crypto has been spent in bear markets. But that 30% more than makes up for that! I am actually excited to buy some cheaper BTC again for a change. See there is 2 sides to every coin. Dont just look at the dark side. Lets look at the bright side. Cheap Bitcoin! I said it earlier. I truly believe BTC will beat 100k. So is it really that big of a deal if you bought at 50k or 20k? It does but you will be in profit regardless so think long term. And develop patience. I hope you all have a great day. Make good choices and always remember WTFDIK???
TLDR: Welcome back bears. We missed you so... NOT! Oh well, cheaper BTC is always a good thing to me. Its been a while since I actually purchased BTC. Its bear season.... Bull season! BEAR SEASON!! BULL SEASON!!!!
They see me rollin... They hatin.... Patrolin and tryin to catch me ridin dirty....
The bulls are exhausted it seems and after Elon posted the tweet claiming Bitcoin was a bit high it seemingly kick started the dump we are now witnessing. I can't blame him fully for the dump. He holds BTC after all. The technicals were screaming retrace for ages. Overbought RSI on the major time frames has been the norm and it finally gave way to this current dump. So many different signals telling people a dump was on the horizon but they were quite easy to ignore. We were simply only rising and it was hard to contemplate any other scenario. But you always need to be on the lookout for the bears. They are sneaky and strike when you least expect. That is why they made a stop loss after all.
So where does it stop? I can't promise you but I see the 4hr 200 MA below us (blue line) which has been quite reliable in the past. I told you all that if we lost the support of the 4hr 50 MA I would be bearish. And voila. We dip below the 4hr 50 MA and that is all she wrote for 50k + BTC. At least for now. I truly still believe Bitcoin will easily break 100k. Will it be this year? Maybe. But if fast money is what you are after then investing likely isn't for you. Try the lottery instead. Investing and trading is for patient people.
Red candles scare the noobs. I remember those fears. Now that I have been doing this for over 3 years I could not be more used to this and my strategy is what saved me from eating this entire dip. That is why I trade with stable coins. To me its easiest to minimize risk while maximizing profits. I mean leverage is obviously trading on steroids but its not my style. Liquidations are the main concern I have. I can take a 10% loss after a stop trips but if I got liquidated that means I lose much more money. Right now Im in USDT but I may enter a long soon. I need to assess the current situation and really decide if this is where a pivot point lies. Trick is as soon as you go long set that stop loss. Don't be foolish.
So here we sit at around 46k. Still not a number you can really scoff at. I know we were almost at 60k a few days ago but thems the breaks. Bitcoin does not care. If this is in fact the beginning of a cool off period it isnt the end of the world. Now is when you really start learning. Anyone can be a star in a bull market. But the bear market is where predictions are a bit more difficult. A few things you can do is learn to trade. Learn to use stable coins. Learn to read a chart. Learn about BTC and why it is such a huge deal. 70% of my time in crypto has been spent in bear markets. But that 30% more than makes up for that! I am actually excited to buy some cheaper BTC again for a change. See there is 2 sides to every coin. Dont just look at the dark side. Lets look at the bright side. Cheap Bitcoin! I said it earlier. I truly believe BTC will beat 100k. So is it really that big of a deal if you bought at 50k or 20k? It does but you will be in profit regardless so think long term. And develop patience. I hope you all have a great day. Make good choices and always remember WTFDIK???
TLDR: Welcome back bears. We missed you so... NOT! Oh well, cheaper BTC is always a good thing to me. Its been a while since I actually purchased BTC. Its bear season.... Bull season! BEAR SEASON!! BULL SEASON!!!!
They see me rollin... They hatin.... Patrolin and tryin to catch me ridin dirty....
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