Hi Traders,
This is my first idea here. Do let me know what you think.
Firstly, it is sad but the reality is bitcoin will not be riding on the bulls as of now.
There is no doubt I am long-term bullish on bitcoin given the rapid adoption and huge influx of institutional interest.
If anyone says bitcoin will die or it's a Ponzi scheme, just let them know to come out of the stone age.
Remember how Nokia used to be the market leader for handsets?
They are gone and the reason is technological disruption and inability to adapt.
Blockchain, crypto is the future, and anyone or any institution who fails to recognize this will bleed.
Although just like you all I want to see 100K bitcoin, remember we are traders and we always have to see the market with zero bias and not trade based on emotions.
Stochastic shows we are overbought, MACD has started reversing again. The chart and the indicators are crystal clear.
This seems like a reflection of 2013 by every inch.
For HODLrs take a nap for now with your cash cause the bottom is seemingly way lower.
For day and swing traders, use the critical levels (support and resistance) wisely to make some good profits within the range movements.
Many of you might have invested at 51k price level. My advice is don't sell at a loss, be patient and hold. The one who loses patience loses this game.
Personally, I will start Dollar-cost averaging once it hits 30K. I believe it's the best strategy for risk management and protecting your funds.
But above all be optimistic cause the golden days are ahead.
This analysis will become invalid if the price goes up and breaks the 55K price level (I hope it happens cause who doesn't want a 100K bitcoin this year haha).
Please post your comments and understanding so that I can view the market from other perspectives.
Happy trading!
This is my first idea here. Do let me know what you think.
Firstly, it is sad but the reality is bitcoin will not be riding on the bulls as of now.
There is no doubt I am long-term bullish on bitcoin given the rapid adoption and huge influx of institutional interest.
If anyone says bitcoin will die or it's a Ponzi scheme, just let them know to come out of the stone age.
Remember how Nokia used to be the market leader for handsets?
They are gone and the reason is technological disruption and inability to adapt.
Blockchain, crypto is the future, and anyone or any institution who fails to recognize this will bleed.
Although just like you all I want to see 100K bitcoin, remember we are traders and we always have to see the market with zero bias and not trade based on emotions.
Stochastic shows we are overbought, MACD has started reversing again. The chart and the indicators are crystal clear.
This seems like a reflection of 2013 by every inch.
For HODLrs take a nap for now with your cash cause the bottom is seemingly way lower.
For day and swing traders, use the critical levels (support and resistance) wisely to make some good profits within the range movements.
Many of you might have invested at 51k price level. My advice is don't sell at a loss, be patient and hold. The one who loses patience loses this game.
Personally, I will start Dollar-cost averaging once it hits 30K. I believe it's the best strategy for risk management and protecting your funds.
But above all be optimistic cause the golden days are ahead.
This analysis will become invalid if the price goes up and breaks the 55K price level (I hope it happens cause who doesn't want a 100K bitcoin this year haha).
Please post your comments and understanding so that I can view the market from other perspectives.
Happy trading!