This is pretty self explanatory. I believe the bulls should be slowly accumulating right now. I'm certain they are. I am.
We are starting to see long term trends clash. There are several more windows for the current trend to hammer, before ultra long trends get tested. Will the downward pressure be able to hold long standing trends?
There are items in the news which could affect BTC's price. Keep an eye on the IMF meeting in Davos Switzerland. A positive, or upbeat piece of news from the global economic conference there could send a strong positive bias in the BTC market in an instant!
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Not a pretty picture. Its one that should not be ignored. Quick trend analysis on BTC's decline and incline angles.
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How Powerful is the trend? ... This is what we are dealing with. I will not sugar coat this. You will need strong hands to hold through this, so if you want to "grab the bottom" ... Then you need to be ready to deal with this bias.
Im not sure yet... I would reconsider it after the contract ends and ONLY if it passes 12.1k and STABILIZES there. I hope you didnt went long, this is a bull trap. Beware.
Just a humble opinion. :)
blessmywork
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@Acel, I went 5% in. I'll be acquiring 5-10% as we break down more long term trends. The BTC dips offer up scalping opportunities with other coins. See my idea on XLM - which is still playing out. Thats a way to make free coins using these.
In the long run, this purchase price still looks pretty sweet. I'm obviously not convinced this is the "bottom" either. But I think it is a "low" and warrants small investments as we move along.
Acel
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@nukenowakowski, I completely agree with what you said. I believe that XLM will have a very good performance this year. Its not in my long holdings yet since my half of my portfolio % is on GDAX for day trading.
I think alts "moon" when BTC dips or walks sideways. but ONLY after it has a bull run... atm alts move like BTC, some a little faster some others a little slower. I dont want to open long positions on alts till BTC dips or goes on a bull run, hence im mostly day trading now. All the charts look the same more or less.
blessmywork
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@Acel, Right. That's when you have to look for assets which buck the trend, and attempt to decouple. XLM has been doing that on the hourly - today, and a few times in the past. Historically it returns to correlative moves. That is a clear buy/sell scenario based on the direction of the decouple. I sold... It moved hard back, and I bought... then it moved hard to decouple again...so I sold.
I'm waiting to rebuy when they correlate once again.
Acel
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@nukenowakowski, nice! Thanks for responding, i want to see how more experienced traders think. :)
blessmywork
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@Acel, :agree: Thanks. Nice to know somebody is reading :)
Acel
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@nukenowakowski, no problem! You cant load new bars on this chart by the way. It gives this error in case you havent noticed.
"Load New Bars feature is not available for Kagi, Renko, Line Break and PnF charts."
Just a humble opinion. :)