Bitcoin - Are you entertained? - Watch this!
Updated
HOW TO COMBAT AND DEFEAT FOMO
If you look at just candles on your chart and nothing else, everything looks random and that's how most people see price movement, but once you put the right indicators and the right trend lines on your chart, you'll see a pattern, you'll also see intent, meaning where BTC is leaning towards. In other words, without the right lines and indicators, you are buying the top and selling the bottom, if you fix your charting, you'll fix your timing and FOMO will not be an issue. Specifically why? You'll have more awareness, knowing if you are on an uptrend or downtrend is very important, you always want to trade with the trend. Why? It's harder to make a costly mistake since momentum is going uphill (your way) anyways.
TRADER VS. INVESTOR
What is the biggest difference? An investor cares about the price of Bitcoin, a trader cares about risk. An investor is looking for long term value, a trader is looking to make money much sooner. As a beginner, you don't know the difference so you take on the personality of both. Most of you are interested in trading so you should not be concerned with the price as much, your only concern should be in finding low-risk high reward scenarios that don't come often but when they do they are very safe and deliver large returns. Take a look below; This example is of LTC last year this is what a large move looks like. You jump in after confirmation and you get out when the run is over.
MAY I REMIND YOU OF THE 50/200 DEATH CROSS
We are still trading under the 50/200MA death cross on the daily so we have to be cautious, yes we are seriously challenging the 200MA right now but if we lose the battle we will lose big and if we win we will win big. The point is to wait and let others take the risk since we are at 50/50 odds right now. The approach you have been taking has lost you money, take a different approach for once, one of discipline and patience and see how it works out for you.
WHATS BTC DOING RIGHT NOW
Besides depleting beginner's capital one poorly set stop loss at a time? It is trying to get more buyers to jump in and continue that move higher, but so far not many are stepping up to the challenge and so why should you! Let's wait and see if BTC has the strength to stay above resistance more than 3 candles in a row, in other words, let's wait for confirmation.
My style of trading works and I've proven to you over and over again that simplicity is best over complexity. Keep your eye on a few battlegrounds and you'll get good hints about BTC's intended direction. Reach out to me (PM me) if you want to become a better trader.
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: More downward movement expected.
If you look at just candles on your chart and nothing else, everything looks random and that's how most people see price movement, but once you put the right indicators and the right trend lines on your chart, you'll see a pattern, you'll also see intent, meaning where BTC is leaning towards. In other words, without the right lines and indicators, you are buying the top and selling the bottom, if you fix your charting, you'll fix your timing and FOMO will not be an issue. Specifically why? You'll have more awareness, knowing if you are on an uptrend or downtrend is very important, you always want to trade with the trend. Why? It's harder to make a costly mistake since momentum is going uphill (your way) anyways.
TRADER VS. INVESTOR
What is the biggest difference? An investor cares about the price of Bitcoin, a trader cares about risk. An investor is looking for long term value, a trader is looking to make money much sooner. As a beginner, you don't know the difference so you take on the personality of both. Most of you are interested in trading so you should not be concerned with the price as much, your only concern should be in finding low-risk high reward scenarios that don't come often but when they do they are very safe and deliver large returns. Take a look below; This example is of LTC last year this is what a large move looks like. You jump in after confirmation and you get out when the run is over.
MAY I REMIND YOU OF THE 50/200 DEATH CROSS
We are still trading under the 50/200MA death cross on the daily so we have to be cautious, yes we are seriously challenging the 200MA right now but if we lose the battle we will lose big and if we win we will win big. The point is to wait and let others take the risk since we are at 50/50 odds right now. The approach you have been taking has lost you money, take a different approach for once, one of discipline and patience and see how it works out for you.
WHATS BTC DOING RIGHT NOW
Besides depleting beginner's capital one poorly set stop loss at a time? It is trying to get more buyers to jump in and continue that move higher, but so far not many are stepping up to the challenge and so why should you! Let's wait and see if BTC has the strength to stay above resistance more than 3 candles in a row, in other words, let's wait for confirmation.
My style of trading works and I've proven to you over and over again that simplicity is best over complexity. Keep your eye on a few battlegrounds and you'll get good hints about BTC's intended direction. Reach out to me (PM me) if you want to become a better trader.
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: More downward movement expected.
Note
LOTS OF UPDATES OVER THE WEEKEND, KEEP COMING BACK.Note
So the place where BTC is stuck right now is on that resistance line we see above on the 1D chart and here on the 3 day chart you can see that coming out of this triangle is not going to be easy as well. BTC is fighting both of those resistance spots at the same time. We shall see how it goes. Why is it a bad time to jump in now? Easy, because it can go either way 50/50 and those are terrible odds to take with your money. Note
5 days now and we are still stuck under resistance, as you can see out of the 5 days only one BTC made a closing above resistance. Note
*only onceNote
IF THIS MAKES SENSE PM ME I CAN HELP YOU BECOME A BETTER TRADER.Note
For a few days now BTC has been stuck in this up and down range or "accumulation" stage. Your best bet is to wait and see what comes of it.Note
Back down to the 23.6 line on the dot. Not wanting to go up or down. Note
Still stuck going sideways.
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