Bitcoin - Do I have your attention now?
Updated
Back on December 20th, I noticed that BTC has started a shift towards going up. When you gain enough experience you'll see these shifts the day they happen and you start cashing in on them right away. I was making a case against the tide, footprints of a pivot are very subtle and most analysts can't see them. The consensus was that we were going down some more, my view was that we were building a temporary bottom. You have to know which time frames to use and how to draw proper trend lines to spot shifts like the one we had. Once you become an experience analyst it is really hard to fool you, you will know that we are going down even if we appear to be going up and likewise.
WHAT IS HAPPENING NOW?
BTC is continuing a steady rise, so what makes a coin go up in price in terms of technical analysis? Easy, it's a snowball effect. There are buy orders stacked above all of the barriers that you see in the chart above, such as the 50 moving average and the trend line. As soon as we successfully go over each obstacle the buy orders kick in and when that happens price goes up, when the price goes up more buyers come in and they push the price over the obstacles and so on... Now that you understand how that works let's get back to what is happening now. BTC did jump over the 50MA on the 1-day chart so potentially this will create a very strong support area. If we stay on this path a long green candle may be generated and that will try to reach the 100 moving average. Between here and the 100 moving average there is not much of an obstacle, so it is very reasonable to think we will go for it.
Keep this in mind: As a trader when do you start making money? When consensus points in one direction but you properly read the chart and you know it is going the other.
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.
Follow me and you'll know exactly which coins to buy and when to buy to maximize your profits.
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: Building a possible bottom
THE OUTLOOK: A rally may be coming soon.
WHAT IS HAPPENING NOW?
BTC is continuing a steady rise, so what makes a coin go up in price in terms of technical analysis? Easy, it's a snowball effect. There are buy orders stacked above all of the barriers that you see in the chart above, such as the 50 moving average and the trend line. As soon as we successfully go over each obstacle the buy orders kick in and when that happens price goes up, when the price goes up more buyers come in and they push the price over the obstacles and so on... Now that you understand how that works let's get back to what is happening now. BTC did jump over the 50MA on the 1-day chart so potentially this will create a very strong support area. If we stay on this path a long green candle may be generated and that will try to reach the 100 moving average. Between here and the 100 moving average there is not much of an obstacle, so it is very reasonable to think we will go for it.
Keep this in mind: As a trader when do you start making money? When consensus points in one direction but you properly read the chart and you know it is going the other.
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.
Follow me and you'll know exactly which coins to buy and when to buy to maximize your profits.
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: Building a possible bottom
THE OUTLOOK: A rally may be coming soon.
Note
A few hours ago I told you lads that this long green candle was coming. Well... There it is. Note
Ok, here it is we are in the thick of it, you now have a perfectly clear idea of what's happening and what we are waiting for. Doesn't feel good to be in the loop? We've hit 2 out of 3 targets so far and we are waiting for the 3rd target. If we get to the last target too fast we should set a stop loss near the top. Why? if we go up too fast we'll come down faster. Please do not put in the rest of your capital. Save it for later.Note
Note
Everything I posted about last week has gone full circle. As you remember BTC had to move over $7600 to avoid generating a third red candle under the 50MA and at the right time and just like that BTC jumped over the 50MA. I really hope you kids are paying attention. Note
Just to give you an idea of how to start gathering clues in real time.Note
1000% right on the nose. We hit the 23.6% and up we've gone. Note
PLEASE KEEP HITTING THE LIKE BUTTON FOR THIS POST TO STAY UP TOPBTC has made a choice and we keep moving up.
Note
Switching now to the 3 day chart to show you all where the next obstacles are. Note
PLEASE KEEP HITTING THE LIKE BUTTON FOR THIS POST TO STAY RELEVANT!Back to the one day for an overview. We've had 2 days of pure joy so far. Overall 4 green candles got us to this point. Expect some pullback, Why? the max amount of candles of the same color is 7. With that said, 3 is normal 5 is rare, 7 max before BTC generates a candle of the other color.
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