Bitcoin - How to make it without really trying Let's keep learning
The 12H is not my favorite timeframe, but the action is happening there at this point. The first step to doing successful TA is to get your trendlines, support and resistance lines right and if you do it will give you the confidence needed to make the important decisions. Also, trendlines serve as a leading and lagging measure. When a trendline is violated any smart trader will sit up, pay attention and start planning a move. If you are drawing your trendlines wrong, you will make bets based on the wrong info which will lead to you losing money. Let's look at some trendlines.
on the 12H My red downtrend channel line is so spot on that it has been a reliable indicator so far that BTC does not have the strength or buyers to decisively go above it, it has been tested many times and it has rejected the advances many times. Eventually, price may fall because the algos (the computers that control price) did not fool too many of you into jumping in. So how would we know if we are legitimately going up or if we are being faked out? A fake-out is when price goes up but it fails to go over an important resistance point and it comes back down, what happened is that you were duped into buying high and selling low. So Going over the downtrend channel line and the 200MA without making a higher high would be a fake-out. Now, a solid green candle going up to 13k in one shot it's a legitimate move up and no you did not miss the move up, at that point you wait for the pullback to jump in.
There are psychological events that force price to come down, one of those events is a death cross at a high timeframe such as the daily. Right now we might just see that happen in a few weeks if we continue to range sideways and if we continue to have these small drops. Once we form a DC on the 1D we'll see price go under the 50MA for days and days but it will create a great opportunity to get into more alts at historically low prices. We'll make money regardless.
Specifically, what do we need to keep an eye on? We want to see if price can stay above the 50MA on the 12H and if BTC ranges sideways long enough to go over the red downtrend channel line.
THE TREND: Going down still.
THE OUTLOOK: Unsafe to buy BTC but safe to buy top 10 marketcap alts.
Be safe and follow me to make money and stay ahead of the curve.
