Bitcoin- IMPORTANT If you are not doing this you're losing money
Updated
In this post, I want to explain how I have been profitable in a rigged game. Most analysts look at fundamentals or technical indicators and either they don't know or ignore the fact that due to a lack of oversight this is a very corrupt asset class. Inherently Crypto has attracted a lot of people that have only heard of trading but have never actively traded - which is a great asset class to get started as a trader but not by putting in a lot of capital. These new traders were attracted by the stories of people that made overnight fortunes with Bitcoin and suddenly they were also on the hunt for the next Bitcoin. Newbies came in just as fraud went from barely there to organized digital crime. Anyone that came in 2017 created the supply needed to create a demand for fraud. The 401K and savings that were dumped into crypto became the incentive for exchanges and banks to get involved in this unregulated asset class with plenty of "Stupid Money." Imagine this; they have the tools, the expertise, the advantage with no one watching and you volunteering lots of money, it is hard to resist right?
What I want you (the reader) to understand is that you are part of an ecosystem where you're at the bottom of the food chain and you can survive and thrive but only if you evolve. I'm here to make you aware of where you stand and to teach you how to evolve into a profitable trader. I will ramp up this effort in the next few days with one on one lessons for those that want them. You can make money but not in the way that 99% of analysts are teaching you.
DONT FORGET TO FOLLOW ME AND HIT THE LIKE BUTTON.
How I make money?
You first have to change your way of thinking, stop chasing the next from $1.25 to $20,000 coin, it will not happen. What you can do is buy support and sell resistance on a long term basis and you will double your money regularly. What I mean by that is learn how to chart so that you know where you are. The holy grail is finding a low-risk high reward situation consistently. As you can see in the chart below we are trending down and in the middle of a big triangle, not the best place to buy (it has a 50/50 chance) but it is a good place to keep an eye on. If you buy the bottom of that triangle you will be in a "Low Risk" scenario and you can ride the next parabolic move to the top with absolute minimal risk, essentially trading the trend and making profits all the way up. Tops and bottoms is a long subject that I will expand on soon.
The point is that once you learn to chart you will know your place and you'll know if you are at a good entry point or around a wait and see point.
As far as BTC today, It is still stuck on that triangle but it is running out of oxygen, therefore it has to exit soon.
NOW, THE LEGEND;
Support trendlines are green
Resistance trendlines 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, we have not made a new higher high
THE OUTLOOK: Expected to go down, surprising if it goes up.
What I want you (the reader) to understand is that you are part of an ecosystem where you're at the bottom of the food chain and you can survive and thrive but only if you evolve. I'm here to make you aware of where you stand and to teach you how to evolve into a profitable trader. I will ramp up this effort in the next few days with one on one lessons for those that want them. You can make money but not in the way that 99% of analysts are teaching you.
DONT FORGET TO FOLLOW ME AND HIT THE LIKE BUTTON.
How I make money?
You first have to change your way of thinking, stop chasing the next from $1.25 to $20,000 coin, it will not happen. What you can do is buy support and sell resistance on a long term basis and you will double your money regularly. What I mean by that is learn how to chart so that you know where you are. The holy grail is finding a low-risk high reward situation consistently. As you can see in the chart below we are trending down and in the middle of a big triangle, not the best place to buy (it has a 50/50 chance) but it is a good place to keep an eye on. If you buy the bottom of that triangle you will be in a "Low Risk" scenario and you can ride the next parabolic move to the top with absolute minimal risk, essentially trading the trend and making profits all the way up. Tops and bottoms is a long subject that I will expand on soon.
The point is that once you learn to chart you will know your place and you'll know if you are at a good entry point or around a wait and see point.
As far as BTC today, It is still stuck on that triangle but it is running out of oxygen, therefore it has to exit soon.
NOW, THE LEGEND;
Support trendlines are green
Resistance trendlines 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, we have not made a new higher high
THE OUTLOOK: Expected to go down, surprising if it goes up.
Note
So what are we looking at here? We have a clear trendline violation and price action is clearly struggling to get back above the 50MA. This is the battleground we need to look at, it's a small clue that we do not have the volume needed to keep going up. On the Daily you can see that we have room for a candle or two still but time is running out for BTC and we can see that the cracks are forming on the floor.
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