Hey people! Sharing everyday what I know about Bitcoin and what I see on chart. So you can check from your perspective and compare.
Today I've noticed interesting pattern. Its Called LIVERMORE Accumulation Cylinder. This old study pic you can find in the internet. I am attaching photo here: Reddit source. You can google it too "LIVERMORE Accumulation Cylinder"
Please don’t follow any analyst blindly. If you following somebody with good Risk/Reward and Win Ratio. Without risk management and allowing yourself to lose some trades, you won’t be good trader/investor. Always use stop loss to prevent yourself from losses. Make sure you understand and afford the risk. Please.
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Don't get rekt. Stay safe.
Trade active
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Yesterday, I've described How to Find Target for Bitcoin, see video 12 min:
@ArShevelev 8500 at least? I am pleased as you are. The build-up is supported by increasing volume and natural setbacks. In my vision it's building an new foundation. But RSI is hot and I'm still concerned about 7700-8000 resistance. We went a long way since 12th of March and signs are looking good. But like others mentioned there wasn't a real test of the bottom and like it's colloquially said 'who rises high can fall deep'. Don't want to be the killjoy here but I'm remembering your last words about risk management and I would love to see it stacking up a little bit more consistent - once in Bitcoins lifetime.
Just my two cents. Would love to see your opinion. Best regards and as allways: thanks :)
ArShevelev
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@Chiii, I agree with your words. For daily price action, it is a mystery to me on RSI, but anything can happen. Drop was pretty sharp. RSI didn't respond well in this range.
daily pic:
About retest of bottom, i have theory about it. listen.
Many people claiming retest of bottom is must-have, but I see it from different view.
1. COVID-19/20 background, wearing mask all day, low oxygen in blood, low activity — makes people weak.
2. NEWS about economic crisis and stock market crashing, oil crash to 20$.
People acting:
70% retail investors/traders sold/shorted below 4k. They FOMO the price will go lower. Cashing out from market. Tether demand increased.
25% sold right after bottom rebound, close to 5k. They FEAR to see the price will go to new lows. Cashing out from market. Tether demand increased.
NOW they starting to short 6800 level, as the resistance/distribution pics coming over internet. Many of them buying btc to short from BitMEX, driving prices a bit up, step by step.
Retail traders/investors greed causing short the market at 6800 prices, as they see Obvious picture of the world and trying to find patterns to what they were convinced of their environment, social media and news media.
Hope you will get the point.
Appreciate your feedback!
rafa1239
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@ArShevelev, I know it's a tough question but... If you were me would you close a long I took 6700 usd now ? I'm feeling confident in the prices but I also fear the reversal since i'm trading with leverage on my funds.
ArShevelev
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@rafa1239, if you trading leverage, and make good profits and fear to lose. Better avoid risky trades. Reduce position size, so you will be confident and comfortable
Just my two cents. Would love to see your opinion. Best regards and as allways: thanks :)