Bitcoin testing critical resistance

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
BTC is still keeping its bullish formation since March. As mentioned in the last idea, I am not bearish unless the daily timeframe is closed below $8,400.

However, keep in mind:
  • BTC is currently at the critical resistance, ie. the February high.
  • The uptrend channel since March 2020 has 'probably' become flatter. The reason I am saying probably is because there are yet two touches on the upper trendline to confirm the channel.
  • There is bearish divergence on the daily timeframe .
What does the above imply?
This means that buying at the current price level (at resistance) is not interesting in terms of risk reward (if you have not bought previously). To become a consistently profitable trader, you only want to enter high probability and good risk reward set up. Over-trading and chasing the price will not last you very long in trading.

Before entering a trade, you need to ask yourself - where are you going to set your SL & TP? If you chase the price, you might get lucky once, twice, or even 50 times+ but that one black swan event similar to the one on the 12th March WILL blow up your account.

Although our recent buy on BTC at $9,000 did not get triggered, some of you may have entered a few alts with me. The worst that could happen to us now is that we get stopped out with little or no losses as we have moved SL to break-even on some of those positions.

In terms of my long term positions on BTC ?
I will close all of my $7,700 positions if price reaches $11,400, leaving the $7,000 positions. (Check below for my long term investment BTC portfolio)

Risk management series:

Past winning trades: (without leverage)
Bought between $5,000 - $5,500. Sold around $6,850 (30% profits)
Entered $8450, sold around $9,800 (16% profits)
Bitcoin dropped from 12k to 7k as expected (40% fall)
Bitcoin, perfect call (300% profits)
Bitcoin, bought between $6.8k - $7.3k (40% profits)
Bitcoin dropped to $3.5k as expected (40% fall)
Bitcoin, bought $6220 target $8480 (36% profits)
⚡️Bybit - exchange I use

⚡️Binance - https://www.binance.com/en/register?ref=GH2HZ2VM

⚡️Coinspot - Fiat deposit for Aussie

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Always a pleasure, I missed the train will await
+3 Reply
Awesome analysis and your chart set up is phenomenal!
+2 Reply
Great job! The black Swan just happened and I avoided following your warning.
+2 Reply
thank u shifu
+2 Reply
@adarrel, :) call me tb
Time for another massive correction
+1 Reply
Nice analysis and descriptions!

Check my schedule

+1 Reply
Nice work mate, I.must appreciate your views.
+1 Reply
Thank you TB! Are you seeing any bearish signs for alts?
+1 Reply
Just thank's to help us to drive trough this hard time, Bro.
+1 Reply
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