Trade_Journal

BITCOIN! Is it time to get in?!

OANDA:BTCUSD   Bitcoin / U.S. Dollar
Before you get excited - Do you think the risk/reward at this current moment of time is a good place to buy now?

Wow last time I had analysed bitcoin we was going 10k - go and check my last post on that!

Technically: Broken out of wedge reached my target area of 161.8 Fib retracement my next target areas: 25k-27k - They are beautiful Fib areas!! But I won't be rushing into this trade.

I do have 2 positions in from 17k area - I took 3/4 off - I will be buying more in a pull area near high 19k areas - BUT I will be watching how the price reacts. Also let me warn you the behaviour of this market isn't like other currencies.

Sometimes, its best to be on side-line just watch the behaviour of this market - Questions I think you should question yourself....

How does the market move? is it low or fast? The behaviour.
Where and how would I place my stops?
Will i be holdling away longer term trade or am I going to do just medium trade?
What is crypto currency pegged to?
What are the risk of me holding Bitcoin? How much of my portfolio will be cryptocurrency? and Do I want crypto's in my portfolio?
Do I understand the technology enough to invest? If not (Message me I will dust out my old books I've had since 2016 later in the yr I first invested before the first bubble!)
Lastly Now we over that key area of resistance - Will it become support? Who is entering the markets - Are more institutions getting interested?

Research guys before you invest, DON'T GET FOMO!!!!

All the best,

Trade Journal

Comments

Love your description and all the questions. Do you have a breakdown with your own opinion to these questions ?
+1 Reply
@ashrr Thank you. I do yes - Message me privately.
Reply
Nice analysis👍🏼
+1 Reply
@fxpays, Thank you
Reply