BTC - My best guess at the moment.....
The break out from the bottom has been very confusing for many. Will it go up, down, are we overbought, can it extend? For me I'm already long so I may be a little less concerned than most. If we continue north great. If we correct now it's just another opportunity to add to my position. Either way is fine with me.
I did, however, try to determine what the chart is saying vs. what everybody else is saying. The only thing I can come up with that makes sense is this ascending triangle that would indicate we continue north for the time being. Could it fail? Of course. Could it break north, trap some people, and then fall south? Yep. I think the market is designed to jack up as many trades as possible. lol
At the end of the day I think Bitcoin comes down to a matter of belief as much as it does trading skills. If you are a pure TA flipper then place your bets and take your chances. If, on the other hand, you are looking at the long term potential of Bitcoin then a few hundred bucks one way or another shouldn't keep you up at night.
If you are losing sleep over your bitcoin position you are either over leveraged, trading just on emotion, or only view Bitcoin as a "get in and get out" opportunity to make a few quick dollars and that's it. If so, that's why you sweat over ever tick of the tape.
For me, I could care less. This is a long game play. The reasons I bought BTC years ago and the reason I buy today have not changed. The only thing that has changed is we now have Exchanges to buy from instead of from ebay. And now we have a plethora of day trading experts that can tell us all about the future value of bitcoin. (even though they have no understanding of it whatsoever) And the success of Bitcoin is also why we have over 1900 fake wanna be coins trying to achieve the same success as bitcoin but can't. Bitcoin is the de facto standard for digital money. Not currency, money. (ie like gold, silver, real money)
At any rate, this chart is my best guess of the current triangle pattern that is building. We probably have until the end of the week to see which way it finally resolves. Please don't buy or sell base on what I'm saying. This is my opinion just like anybody else's. My only opinion read advice is this. If you don't understand bitcoin then you probably shouldn't be trading it.
Good luck!
I did, however, try to determine what the chart is saying vs. what everybody else is saying. The only thing I can come up with that makes sense is this ascending triangle that would indicate we continue north for the time being. Could it fail? Of course. Could it break north, trap some people, and then fall south? Yep. I think the market is designed to jack up as many trades as possible. lol
At the end of the day I think Bitcoin comes down to a matter of belief as much as it does trading skills. If you are a pure TA flipper then place your bets and take your chances. If, on the other hand, you are looking at the long term potential of Bitcoin then a few hundred bucks one way or another shouldn't keep you up at night.
If you are losing sleep over your bitcoin position you are either over leveraged, trading just on emotion, or only view Bitcoin as a "get in and get out" opportunity to make a few quick dollars and that's it. If so, that's why you sweat over ever tick of the tape.
For me, I could care less. This is a long game play. The reasons I bought BTC years ago and the reason I buy today have not changed. The only thing that has changed is we now have Exchanges to buy from instead of from ebay. And now we have a plethora of day trading experts that can tell us all about the future value of bitcoin. (even though they have no understanding of it whatsoever) And the success of Bitcoin is also why we have over 1900 fake wanna be coins trying to achieve the same success as bitcoin but can't. Bitcoin is the de facto standard for digital money. Not currency, money. (ie like gold, silver, real money)
At any rate, this chart is my best guess of the current triangle pattern that is building. We probably have until the end of the week to see which way it finally resolves. Please don't buy or sell base on what I'm saying. This is my opinion just like anybody else's. My only opinion read advice is this. If you don't understand bitcoin then you probably shouldn't be trading it.
Good luck!
Trade active:
A 2 hour look at the same pattern.
Comment:
Had to move C over a bit. Not much tolerance left to go outside of this pattern. It either completes or fails.
Trade active:
Couldn't help myself. I had to add a little more at $5,200. I like the looks of this pattern.
Trade active:
The pattern is still in play. If I were trading, and not hodling, I'd probably set my stop a few points below C right now or keep moving it above my entry as the price continues to advance. But since I'm not concerned with all that I'll just let it ride.
Trade active:
It looks like some of the cowboys want to leave the ranch earlier than expected. Fine with me. :o)