Your going to have to read this, as today I will tell you some shocking, secret facts about some traders.
So who’s opinion can you trust is the interesting question, BTC moves in the opposite direction to most of these traders calls.
OR are traders calling the opposite direction because it gets far more publicity being different?
You need to remember this is a site for ideas, it would be the most sophisticated idea’s platform known to man but some of the people that use it enjoy posting stories more then they do market predictions. This is great this is accepted this is fun.
Yesterday someone called bitcoin was off to $10,000 it was one of the most read articles on the site, of course everyone wants bitcoin back to $10,000 so bad they will read any theory about the possibility. The sad thing is that reading the comments in this particular post these theories are not just ideas to people some people read them and absorb them as trade information.
People on this site are real people, kids, mortgages, responsibilities and social lives to lead, poor advice can lead to loss of funds, someone could read that idea and say right time to mortgage the house, less then 3 hours after the post was released BTC goes the opposite way and takes a 20% dive……..
Don’t believe these ideas for investment purposes just enjoy the read, you don’t go into Wall Street and ask someone seated reading the financial times how to ride a skateboard, the same as you don’t go to the guy in the hooded jumper at the skate park and ask him how you can invest in the stock market. However both parties can write a very comical story about one another that you will enjoy to read but you wouldn’t believe the facts on it as they may of never been to each others world but merely seen it on Television.
Bitcoin is not impossible to read in actual fact its quite easy. The crypto market itself; bitcoin has a 45% dominance in, this gives us 2 charts to look at on the same coin.
We check the crypto market, its daily volume, did market cap go up or down this alone gives us the strength signals on Bitcoin. We then check the Bitcoin chart for momentum, is it getting sold, do we have buys coming in. This is all basic TA, trend, strength, price, momentum and volume is ALL you require to tell the direction of Bitcoin.
Head and shoulders and all these other patterns are very rare to come across, they are great for publicity but 99% of the head and shoulders I have seen posted are not head and shoulders, they are posted midway up trend lines its funny to watch but can be harmful to the believers. Head and shoulders will nearly have a neckline at the same price not 20% apart from each other.
As a trader you know if Bitcoin breaks a level of support we are going down to the next level, if its breaks a level of resistance its going up to the next level.
Example of the chart below, if it broke the red it was a sell if it broke green it was a buy simple stuff. We broke the red….
We had a pullback the other day it was easy to spot as we had volume rising and no one was selling, it didn’t take anything further to spot this other then 2 indicators and 1 set of eyes. You can see in related articles below.
When reading an article do not base your decision on how to absorb it based off someones ranking, base it off the merit of the analysis.
You will notice there is a top author section keep in mind this is top ‘author’ I know I am up there but I know that I am not the best writer but some others are. You are buying an article not a trade in most circumstances and these people want to sell you a story that you want to read like ‘Bitcoin off to the moon’
Continue to buy the story but don’t always buy the trade otherwise you will be 1 broke and poor story reader.
If want to buy a trade idea cross reference it with your own analysis or others, take your time don’t rush.
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Bitcoin right now still has an underlying upward trend based off price but the fact is we are trading down in a channel, please see copy of chart below it’s also in related articles until we break this Channel we won’t see anything major happening other then bouncing from wall to wall. That pullback didn’t even make it to the trend line.
If your unsure on BTC just hold it long, day trading carries high risk if you don’t know what your doing as its a fast mover and if you miss an entry it can be very very costly.
Chart at the top shows you level if support if we break one we go down to the next.... if we break up through 1 we go up to the next.
Cash Is King! Enjoy, trade safe, we are winners! We don’t become losers!
The real story here: The two popular posters masquerade as TA experts when in fact their nothing more than the crypto worlds version of the Pied Piper and folks are following them into the abyss. I knew little about TA when I first started investing in ETH and BTC December 11, 2017, and surprisingly made profits with a lot of luck and common sense and patience. Then, I got sucked into the abyss by following these and a couple of other phony TA analysts and mostly by seconding myself and my newly learned and self-taught TA skills. Since these losses of profit and my education, I've found Mr. Cash-is-King and 3-4 others I value as true TA experts. My loses are now turning into profits and I'm almost back to even, my trading confidence has returned and most important... I've learned to be PATIENT! From today forward, I'd say "My future is very bright, so bright I need to wear dark shades!" (That means sunglasses, LOL.)
@bull396, awesome feedback and thanks for taking the time to add this here its always highly appreciated! Your a great member on the team and look forward to a great 2018 with you.
Key point is "If your unsure on BTC just hold it long, day trading carries high risk if you don’t know what your doing as its a fast mover and if you miss an entry it can be very very costly.". This is very true.
Cash-is-King
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@dhm1984, Awesome feed back and yes you've got it!
gnostication
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@Cash-is-King Such a fan! I follow you because I have observed your historical accuracy and your legitimate points. You time it well. You analyze with clarity. You may not write that well, but your heart is in the right place and your analysis is solid.
Thanks for your analysis that you give to the community. I'm only just learning, but you've already helped me a lot so far.
Cash-is-King
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@gnostication, Awesome feedback and look forward to a fruitful 2018 with you!
Judiza
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You are always king
Keeping it real always
Thanks man
Cash-is-King
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@Judiza, awesome feedback glad to have you on the team!
Giovi6969
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These two popular TA posters you are referring to are not traders at all.
They are millenials that just rushed this Tradingview site and started posting analysis for some fun.
Their H&S and flashy drawings attracted the newcomers that struggle to understand real trader analysis in here, drawings are easier to understand to beginners which is normal.
I started to support these two young popular TA posters, but now they are going too far in their bullishness crash denial predictions as they are inexperienced.
I stopped encouraging them as im sure lots of people following them lost a lot of money because of them.
Nice TA.