Bitcoin takes a hit, my followers got out in time, did you?
What's up everyone, YoungShkreli here
Real quick before I say anything about bitcoin, that line on the macd is the point of zero slope, aka where the derivative is zero, aka a local extrema of the function. Someone asked, I figured a picture would paint a thousand words.
Anyways... well we did it guys, we did it. We called the dip to the day and I'm not making that up. I love that TradingView shows you who is right and who is wrong with the little play button you press after the idea.
It's really simple guys, this should be it. This should be the move to a lower low, but it doesn't have to be, always remember that. You don't HAVE to be right. The market doesn't care about you. Sorry if that's against what your mommy said. That line touching the previous high is going to be our stop, and as you follow me, you're going to get to see how I place my stops, which is probably the most important aspect of trading. It's not about being right or wrong, it's about being right big and wrong small.
If you read my last article, you know that I think we are going down to $5,000, but I was thinking the other day about market bottoms. Remember when Richard Heart broke down and went absolutely hysterical? That's an indication of a local bottom. We may need more of that before we bottom. Alternatively, if recent prices aren't to be broken, then volatility will decrease and people will just stop caring about bitcoin. That is the time to buy.
Yesterday, I wrote a great article yesterday about how I made 60% on VRX, you should go read it because it will give you perspective on bitcoin and perspective is all important in trading in a bear market.
Besides an actual price, some technical things I'm looking for: weekly rsi oversold condtions (could be months away) and at least one more real capitulation. Do you guys remember that $6000 low recently? That is a capitulation. We KNOW we are in a bear market as soon as we retested that area because that v correction didn't end the bear market.
SUMMARY:
We've made a bit of money on this trade, so now it's time to minimize our losses and be prepared for if we are wrong. I am not a wizard, I can and will be wrong, this thing could go to a $100,000 and I might not see it. That said, I am a good trader if I say so, and being a good trader means seeing that you are wrong and acting appropriately.
Good luck out there everyone,
YoungShkreli
Real quick before I say anything about bitcoin, that line on the macd is the point of zero slope, aka where the derivative is zero, aka a local extrema of the function. Someone asked, I figured a picture would paint a thousand words.
Anyways... well we did it guys, we did it. We called the dip to the day and I'm not making that up. I love that TradingView shows you who is right and who is wrong with the little play button you press after the idea.
It's really simple guys, this should be it. This should be the move to a lower low, but it doesn't have to be, always remember that. You don't HAVE to be right. The market doesn't care about you. Sorry if that's against what your mommy said. That line touching the previous high is going to be our stop, and as you follow me, you're going to get to see how I place my stops, which is probably the most important aspect of trading. It's not about being right or wrong, it's about being right big and wrong small.
If you read my last article, you know that I think we are going down to $5,000, but I was thinking the other day about market bottoms. Remember when Richard Heart broke down and went absolutely hysterical? That's an indication of a local bottom. We may need more of that before we bottom. Alternatively, if recent prices aren't to be broken, then volatility will decrease and people will just stop caring about bitcoin. That is the time to buy.
Yesterday, I wrote a great article yesterday about how I made 60% on VRX, you should go read it because it will give you perspective on bitcoin and perspective is all important in trading in a bear market.
Besides an actual price, some technical things I'm looking for: weekly rsi oversold condtions (could be months away) and at least one more real capitulation. Do you guys remember that $6000 low recently? That is a capitulation. We KNOW we are in a bear market as soon as we retested that area because that v correction didn't end the bear market.
SUMMARY:
We've made a bit of money on this trade, so now it's time to minimize our losses and be prepared for if we are wrong. I am not a wizard, I can and will be wrong, this thing could go to a $100,000 and I might not see it. That said, I am a good trader if I say so, and being a good trader means seeing that you are wrong and acting appropriately.
Good luck out there everyone,
YoungShkreli