Live Blog: How to Leverage a 50% Increase in BTC to a 500%+ Gain
I've recently had a number of different revelations/realizations about Bitcoin and by extension the cryptocurrency market in general. Insights that I'll be putting to the test with this live blog. In case you were wondering, no, I won't be sharing those insights. This chart is a freebie to prove (to myself and others) that they in fact work (please jebus let them work).
Rather than the "it might go up, it might go down" you might get from other authors, I'll provide a clear direction, and a variable range as to the trading window targets.
If I wasn't trading on margin, I would simply open a long position until the target is reached. As shown on the chart, the target range is between $9200 and $9800, or just shy of the $10k barrier.
The reason for a live blog as opposed to showing all the intermediary action on the chart is simply that I am not clairvoyant. I have to see what the action looks like on the ground to know whether to close out the position early and wait for a retrace back to a certain level, to pyramid on top of an existing position, how much capital to use, how much margin to utilize, etc, etc, etc.
What I am fairly confident in saying, and I'm sure almost all of you would agree, is that once we get close to 10k (maybe once we hit it - that's up for debate), we'll have some sort of a correction. The intended audience for this idea are margin traders/gamblers who are comfortable making high risk/high reward trades. As I point out earlier, if you're not in that camp, buy and hold until 10k (or indefinitely if you have that kind of time and luxury).
I'll mention here that I'm actually neither bullish or bearish on Bitcoin. I think 6k was bottom, but I also don't think we'll be getting to an all time high any time soon. That kind of gyrating, roller coaster environment can lead to a crazy amount of profit if you play your cards right. Or so I'm told, we'll see if my trading skillz are improving with this blog. Trading skillz are entirely separate and a completely different animal than technical analysis/predictions. The reality is if you are margin trading, you can know exactly where the price of the asset will end up and still get rekt if you get too greedy, too impatient, or too dumb (unfortunately I speak from experience).
I'll be posting my trades as we ride up this bullish wave. If I get enough likes and follows, I might post an update once we hit the finish line :).
Why am I using the Coinbase chart as opposed to Bitfinex or Bitmex? More views, so hit the like button for greater visibility if you see that the trades are going well.
Thanks and happy trading!
Rather than the "it might go up, it might go down" you might get from other authors, I'll provide a clear direction, and a variable range as to the trading window targets.
If I wasn't trading on margin, I would simply open a long position until the target is reached. As shown on the chart, the target range is between $9200 and $9800, or just shy of the $10k barrier.
The reason for a live blog as opposed to showing all the intermediary action on the chart is simply that I am not clairvoyant. I have to see what the action looks like on the ground to know whether to close out the position early and wait for a retrace back to a certain level, to pyramid on top of an existing position, how much capital to use, how much margin to utilize, etc, etc, etc.
What I am fairly confident in saying, and I'm sure almost all of you would agree, is that once we get close to 10k (maybe once we hit it - that's up for debate), we'll have some sort of a correction. The intended audience for this idea are margin traders/gamblers who are comfortable making high risk/high reward trades. As I point out earlier, if you're not in that camp, buy and hold until 10k (or indefinitely if you have that kind of time and luxury).
I'll mention here that I'm actually neither bullish or bearish on Bitcoin. I think 6k was bottom, but I also don't think we'll be getting to an all time high any time soon. That kind of gyrating, roller coaster environment can lead to a crazy amount of profit if you play your cards right. Or so I'm told, we'll see if my trading skillz are improving with this blog. Trading skillz are entirely separate and a completely different animal than technical analysis/predictions. The reality is if you are margin trading, you can know exactly where the price of the asset will end up and still get rekt if you get too greedy, too impatient, or too dumb (unfortunately I speak from experience).
I'll be posting my trades as we ride up this bullish wave. If I get enough likes and follows, I might post an update once we hit the finish line :).
Why am I using the Coinbase chart as opposed to Bitfinex or Bitmex? More views, so hit the like button for greater visibility if you see that the trades are going well.
Thanks and happy trading!
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The purple line has been breached. If the green line is breached I would go ahead and close my long position
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here's the same image with middle blue support line extended. And like magic, we've probably landed on the exact place where the price will make it's leap.
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reentering long position and keeping it there for the foreseeable future... I figure out what that purple line represents...
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I'm going to modify the last comment slightly. Reenter long position after the price hits this trend line:
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Your only strategy for the following year (that's 365ish days) is to buy more bitcoins every time the price hits that green trend line. Target is 55k. Good luck :)
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things will be much easier once we hit 10k, if your like WTF at this point. But for now, rollercoaster ride
The pattern is a what if, one possibility, based on what's happening on the chart. The only definite you know is that the trend right now is up, and that the green slanted trend line is the center piece of the chart. At whatever point the price hits that green line, it will bounce off with force.
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I have a limit buy order on bitmex at 6330 on 25x margin.
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My revised trade setup
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We are flash crashing to 4500 minimum. This will happen imminently.