After getting rejected a second time, that sure in the hell fooled me, we went to retest the first level of support yet again, at which point, I honestly was looking for a break down, not a break up, but hey, I'm not a fortune teller, LOL. That being said, we are playing with the 6628 support again. if followed back, it looks to have started with a retest back in may of 2019 after recovering from 2018 low lows. But without a few days closing confidently over that level with no wicks below, would be real nice. A break over 7285 would tell me the 8k-9k targets are more heavily probable. Very exciting times we're in here.
This is just shaking off the weak hands.. Actually they are shaking off both long and short. Watching the tape is funny.. Everyone rushes in when a level breaks and then everyone dumps, rinse and repeat over and over.. Most look like they are selling or covering at a loss. I am also learning how BTC trades so this is a fast class in what not to do.. But it requires discipline more than TA knowledge. Unless you are scalping for pennies..
RawZMoeTow
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@alienteck, Definately needs discipline, it is not an easy market to trade as it is easy to over complicate things and start flooding noise into TA. But, with practice, there is money to be made trading this market in particular. Just have to know when and where you feel comfortable entering and exiting. Managing risk/reward is also essential.
alienteck
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Oh definitely.. This is the kind of markets where you can make 100% in a week and make back everything you lost many times over in a couple of months.. I played this in 2008 and lost 90%.. but then made 200% back in a month.. But its not good for your health.
RawZMoeTow
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@alienteck, oh god, it'll take a toll on everything you are if not mentally prepared to be under water. it'll take your ego and inflate it just to throw it at a cactus lololololol!
alienteck
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Well I dont think many have the experience of buying AKAM for $350 and seeing it trade for 0.95...
Its still over $90.. if you got it for $1 thats 9000% in 2 decades? You need more than TA.. And more than knowledge.. You need foresight.. You had to figure out that sooner or later everyone will use something like that. Apply that to BTC..