Avoid BTC FOMO! Potential Long Entry on 12H and Daily Charts
Potential
BTCUSD
entry point on 12H and Daily timeframes. I don't take short positions. Instead I average down. I do, however, consider short sellers' entry and exit targets when setting my buys. We currently have a 12H rising wedge forming. The red line at the top is an estimate of where the wedge may breakdown, and thus, where bears would likely enter a short position. The two green lines are the likely T1 and T2 price levels for shorts. For me, this is my buy box, which also lines up with the Fib Retracement levels. Of course, I plan to average down and will have some buys waiting below the buy box down to the 0.5 Fib level. Additionally, I always keep some cash on hand to throw in some low ball bids, which are currently sitting around the 7300-7600 range.
I know a lot of CT is bullish on BTC right now and expect #BTC to break $10K soon and 🚀to ATH. It is important to keep the bigger picture in mind. We are up 50% since the low of $6430 and should expect a healthy correction sometime soon. Also consider other indicators. Daily RSI has tapped 70 multiple times (approx. 5 during this trend), daily volume is tapering off as well. On the 12H chart, RSI is printing LHs while price is printing HHs, which signals bearish divergence. Moreover, we are seeing some more mentions of #BTC in the media and CT has a lot users calling for $100K+ again. Avoid FOMO and be patient. Look for a good entry point to maximize your gains.
Lastly, don't forget to take profits. If you bought in the $6ks and $7ks, this may be a good time to take some risk off and take some profits. I personally trade on multiple time frames, allocating capital to each timeframe. I have closed out several of my positions on the 4H and 12H time frames. Even still, I am more overweight than I normally would be as halving is fast approaching and we may see another push above $10K and a FOMO spike after that. You do NOT want to be the one buying the FOMO spike. You will get stopped out or stuck holding the bag. Think percentages and opportunity costs--that is the return you could make elsewhere or the return you could have made by being patient and buying at a lower price. While price is important, so is ROI, and ROI is all about % gains and losses.
BTCUSD
entry point on 12H and Daily timeframes. I don't take short positions. Instead I average down. I do, however, consider short sellers' entry and exit targets when setting my buys. We currently have a 12H rising wedge forming. The red line at the top is an estimate of where the wedge may breakdown, and thus, where bears would likely enter a short position. The two green lines are the likely T1 and T2 price levels for shorts. For me, this is my buy box, which also lines up with the Fib Retracement levels. Of course, I plan to average down and will have some buys waiting below the buy box down to the 0.5 Fib level. Additionally, I always keep some cash on hand to throw in some low ball bids, which are currently sitting around the 7300-7600 range. I know a lot of CT is bullish on BTC right now and expect #BTC to break $10K soon and 🚀to ATH. It is important to keep the bigger picture in mind. We are up 50% since the low of $6430 and should expect a healthy correction sometime soon. Also consider other indicators. Daily RSI has tapped 70 multiple times (approx. 5 during this trend), daily volume is tapering off as well. On the 12H chart, RSI is printing LHs while price is printing HHs, which signals bearish divergence. Moreover, we are seeing some more mentions of #BTC in the media and CT has a lot users calling for $100K+ again. Avoid FOMO and be patient. Look for a good entry point to maximize your gains.
Lastly, don't forget to take profits. If you bought in the $6ks and $7ks, this may be a good time to take some risk off and take some profits. I personally trade on multiple time frames, allocating capital to each timeframe. I have closed out several of my positions on the 4H and 12H time frames. Even still, I am more overweight than I normally would be as halving is fast approaching and we may see another push above $10K and a FOMO spike after that. You do NOT want to be the one buying the FOMO spike. You will get stopped out or stuck holding the bag. Think percentages and opportunity costs--that is the return you could make elsewhere or the return you could have made by being patient and buying at a lower price. While price is important, so is ROI, and ROI is all about % gains and losses.
Comment:
Comment:
Forgot to collapse the chart before posting the idea. Here's a screenshot giving a clearer few.
