Bitcoin - That's it, I'm out guys, I've hit my limit.When this happens you have no choice but to pull the plug, it is pointless to keep going. It happened three days ago and the best thing to do in cases like this is to leave, pull-out, end it! So yes I am talking about me being 100% percent back in cash after we hit resistance. Just as I predicted the small pivot BTC made meant that it was gonna try to reach out to the 200MA. I closed all of my positions, I hope you all have done the same. Anyways, we hit resistance and now as you can see we were not able to go over the 200MA on the 1-day chart. One month ago I told you this would happen, Also one month ago I told you when and where to buy so you could cash in on this move.
WHAT'S NEXT?
Simple, let BTC tell us what to do. If we go over resistance (the 200MA on the 1-day chart), let's buy on the pullback, if we go down, we'll wait for stabilization and jump back in. A lot of you are understanding how the game is played, I heard from a few and some indeed made some nice profits on the last run. Only the ones that did not FOMO made a profit. So let me be clear: Do not jump back in until we have clarity. The game goes on forever and there are always opportunities to go back in, no need to panic buy because we went up a few candles or down. BTC goes up by a lot but it also comes down by a lot, the point is to know and understand basic charting so you know if you are at the right spot to buy. You could find your self in the middle of a run or towards the end of a run, and those are places where the odds are not that good for you. How do you lose money? Easy, when you buy at the top and ride it all the way down, you then sell and BTC goes back up without you. That just means you are not charting properly and that your timing is off. I can help you fix your bad timing, and start teaching you charting. Reach out to me and I will guide you.
What to keep an eye on now?
This is a look at the 4H time frame, here you can see what is going on with the 50 moving average. If we close too many times under it we will go down. So far BTC is locked under the old support line (the red one) which now is resistance, it is also stuck under the 50MA but running sideways and not down. What BTC needs to do is get over the 50MA asap. Please make sure you have closed out your previous trades, as of right now we are simply watching for clarity.
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 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.
Why has the "B" for bitcoin in my chart gone from red to yellow? Because we have stopped doing lower lows and we have exited the secondary downtrend channel. BTC is acting neutral for now.
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: Neutral
THE OUTLOOK: Finishing a rally
