IMPORTANT! How to trade this ATH in Bitcoin! Things are about to get real with BITSTAMP:BTCUSD as it makes a run for the All Time High. I wanted to get this video out for a super simple way to confirm the breakout to go long and minimize your chances of taking a loss on a false breakout.
Thanks so much Norok, top as always! I agree 100%. One question though, when the daily/ weekly bar closes above the ATH, and it would be safer to go long, where would you place the stop?
What would be the risk reward of this kind of trade. Same with ETH. I hoped it would show a pullback, but instead it continues to rise. So where would a good point to enter in your opinion ?
My idea would be to zoom on the hourly / 15 min timeframe and buy there the smaller pullbacks, but I am curious about how you would do it?
What if the volume goes lower and the price higher. Is it normal, and will the volume follow later? In ETH, it is the case.
norok
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@Ether2020, That is up to you. At the price it is now, relative to the RISK associated with a large downmove, you really need to allocate based on position size rather than stop.
The danger is that the breakout at some point fails and this bull run is over. At that point you may be stuck bagholding a very long time. Think long term.
UnbearableLightness
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Thanks for the video. What are your thoughts on altcoins now?
norok
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@UnbearableLightness, as a general statement, they are highly volatile and hit or miss. For value and growth the only ones I really consider seriously are Bitcoin, ethereum, litecoin, and monero
BelowZero
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GREAT TIP.
Will be looking for that daily candle.
Thanks.
What would be the risk reward of this kind of trade. Same with ETH. I hoped it would show a pullback, but instead it continues to rise. So where would a good point to enter in your opinion ?
My idea would be to zoom on the hourly / 15 min timeframe and buy there the smaller pullbacks, but I am curious about how you would do it?
What if the volume goes lower and the price higher. Is it normal, and will the volume follow later? In ETH, it is the case.