BTC's final push up to 9500, possibly 9600: catching SHORT
My last prediction was that BTC will reject 8.450 and that we'll see a pullback to 7.000$ and possibly 6.000$.
Even though the price smashed through 8.400 (without even retesting it) I still believe (more than ever) we will see a correction soon (where the price will retest at least a breakout zone).
When something like this happen, I wait for a retest and then I change my bias. That means, I will make some profit even though it didn't go how I initially wanted.
Currently, I am still holding my LONG position up to 9.400-9.600 where I'll see how the candles react to this zones. There is a possibility the price smashes 9.600 and goes up to 10.000. There is also a possibility the price starts slowing down and stays under 9300 in which case I'll sell my LONG positions immediately and change my bias to SHORT.
My goal is to earn some profit with this LONG position so I can invest more in my SHORT position, which is my initial goal here.
If the price rejects 9600, I'll be buying SHORT positions in the area of 9.400-9.600.
Entry: 9.400-9.600
My profit taking targets are: 8500, 7600, 7000, 6000
In this jungle called crypto market, it's not easy to survive trading. The price can go wherever it wants at the moment and because of the low volume on the market there is a lot of manipulation happening. So, I would like to share some advices (you can look at them as lessons there are now my rules):
1) Be VERY patient with your entries because the price almost always comes back to the initial position
2) ALWAYS make a top-down analysis (1M, 1W, 1D, 4H, (1H)): Look for zones where the price rejects the most; Draw Support&Resistance zones and observe the price reactions around these zones
3) Plan your trade and Trade your plan!; Before your trades are active, You should have a plan which means that you wait for a price to show you the way, and then decide based on your plan. If you don't have a plan, you lost before you even started.
4) Keep your Stop Losses tight, and reenter for a better price if the bias is unchanged; if the bias is changed, wait for a retest of the breakout.
5) Trading crypto can be like a casino, but if you have a good Risk Management then you can make amazing profits.
6) Control your emotions or your emotions will control you; and when that happens, you LOST. Personally, I had a big problem dealing with emotions. I wait for bigger profits and use too large leverage, because it's always THIS trade that I'll make some decent profit. When I started acting immediately (without hesitation) on qualified set-ups, watching those candlestick patterns and formations in different timeframes, I started making bigger profits, constantly being profitable but always looking to protect my capital.
The thing about trading is that it makes you think it will be easy to learn making money and that leads to failure because your focus is on the money, not on the skill needed to earn money. Your main goal should be to trade well, not to make money.
And you should always fiercely protect your capital.
Hope this was useful for someone.
Feel free to comment. Let me hear your advices.
Good luck traders!
Even though the price smashed through 8.400 (without even retesting it) I still believe (more than ever) we will see a correction soon (where the price will retest at least a breakout zone).
When something like this happen, I wait for a retest and then I change my bias. That means, I will make some profit even though it didn't go how I initially wanted.
Currently, I am still holding my LONG position up to 9.400-9.600 where I'll see how the candles react to this zones. There is a possibility the price smashes 9.600 and goes up to 10.000. There is also a possibility the price starts slowing down and stays under 9300 in which case I'll sell my LONG positions immediately and change my bias to SHORT.
My goal is to earn some profit with this LONG position so I can invest more in my SHORT position, which is my initial goal here.
If the price rejects 9600, I'll be buying SHORT positions in the area of 9.400-9.600.
Entry: 9.400-9.600
My profit taking targets are: 8500, 7600, 7000, 6000
In this jungle called crypto market, it's not easy to survive trading. The price can go wherever it wants at the moment and because of the low volume on the market there is a lot of manipulation happening. So, I would like to share some advices (you can look at them as lessons there are now my rules):
1) Be VERY patient with your entries because the price almost always comes back to the initial position
2) ALWAYS make a top-down analysis (1M, 1W, 1D, 4H, (1H)): Look for zones where the price rejects the most; Draw Support&Resistance zones and observe the price reactions around these zones
3) Plan your trade and Trade your plan!; Before your trades are active, You should have a plan which means that you wait for a price to show you the way, and then decide based on your plan. If you don't have a plan, you lost before you even started.
4) Keep your Stop Losses tight, and reenter for a better price if the bias is unchanged; if the bias is changed, wait for a retest of the breakout.
5) Trading crypto can be like a casino, but if you have a good Risk Management then you can make amazing profits.
6) Control your emotions or your emotions will control you; and when that happens, you LOST. Personally, I had a big problem dealing with emotions. I wait for bigger profits and use too large leverage, because it's always THIS trade that I'll make some decent profit. When I started acting immediately (without hesitation) on qualified set-ups, watching those candlestick patterns and formations in different timeframes, I started making bigger profits, constantly being profitable but always looking to protect my capital.
The thing about trading is that it makes you think it will be easy to learn making money and that leads to failure because your focus is on the money, not on the skill needed to earn money. Your main goal should be to trade well, not to make money.
And you should always fiercely protect your capital.
Hope this was useful for someone.
Feel free to comment. Let me hear your advices.
Good luck traders!
It's time to rest now, I have to recharge my batteries since I've been awake a lot, trading and making money.
In my opinion, SHORT positions are valid from this point on, but I'll try to be patient and wait for some corrections and retest of the current Resistance where I'll be catching my entries.
Good luck traders!