This is my first post in tradingview, sharing my idea about the market. It is kinda funny to see how people get affected by herd mentality. FOMO, FUD, These are just terms which don't describe the whole emotional roller coaster that market sentiment has every time a bitcoin rally starts. To be fair, Bitcoin adoption might not be here yet but the hooligans, hard headed fans and haters have created a really entertaining playground for us to play.
First of all, I just want to mention that patience is key. Everyone acting like pros, but it's not true. Nobody is master of charts king of cryptos and so on. Don't short this market because you will be left behind in Bitcoin dust.
How I see the situation right now is that the market is still in the parabolic region and keeping its support. We might shortly fall to 7300 to touch the red EMA line you see in the image and bounce back up toward upper 9K$ region. But it does not mean that the market have corrected itself, so it is quiet possible that after the new 2019 high price corrects back to major supports around 6800$.
Conclusion: So if you want to buy, just be patient take your time until market unravel itself and shows you the obvious correction and consolidation (an obvious dip).
Hi Milad. Congrats for yr first post. Being a bit offensif first time you post is normal. Did the same. Anyway to be clear I am not a bitcoin or crypto hater. As a good trader however you need to be unbiased as much as you can and make money. With bitcoin you don t get rich at the moment. With dollar and euro, yen etc you do. If at least want to pay yr bills, go on holidays or buy a house. One technical aspect. Bitcoin price broke the rising wedge. Another argument no way that smart money is going to invest at this prices. STAY unbiased. Will give you a like to support.
UnknownUnicorn1928174
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@SkyBottom, Thank you for your insight. Im sorry if you felt offended but i didn't intend to do so. Wise words, no question about it.
Will Stay unbiased if i can, but im not a journalist and to be fair when investing you have to be biased toward an asset or stock with the most probability of growth, right? At least that is how i think investing works or else i will treat gold an silver the same in fear of being biased. Oh And dollar is a currency not an investment, I pay my bills with it but i don't become rich if i keep my dollars and don't invest. Bitcoin is an assymetric speculative asset and a currency wannabe. So not only a currency but also an asset too. Pretty cool stuf.
DACapitalTrading
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Great Setup, I have a short position running on BTCUSD right now what do you think?
UnknownUnicorn1928174
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@DACapitalTrading, I cannot tell anyone what to do at this situation. I just have an advice my good friend, be flexible and react on what you see not on what you think. This market moves fast and shows no mercy.