MarcPMarkets

BTCUSD: The Road To 7K Begins Here?

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
Bitcoin update: The break out to 7K is now in progress. We issued a swing trade idea to go long which triggered around 75 points ago. Now it is a matter of waiting for our target (lower than 7K). As long as the newly established minor bullish trend line stays intact, it is within reason to see the low 7Ks relatively soon.

Compared to other "experts" who were more active during the hard money, we only sustained two stop outs since August. We preserved our buying power which now puts us in a position to effectively capitalize on the opportunities ahead while many are trying to recover from a deficit. If you can't keep what you make, then this is nothing more than an expensive hobby.

So what's ahead? If this recovery continues, there will be plenty of entry opportunities. We are leaving our short term target in place in order to lock in profit and reduce risk which is in line with our best practices.

At the same time, we have been accumulating inventory in some of the more promising alts that can benefit from a broad recovery in Bitcoin . We have been writing about and accumulating longer term positions in coins like BAT and XMR for weeks.

If you missed all this, there is nothing to do but WAIT for the next setup. Buying highs is never a good idea even though this market has plenty of room to push higher. As price continues to go vertical, the risk of retrace increases dramatically while the relative reward becomes less attractive.

The best thing you can do is formulate a plan in advance. We did not react to the market when we issued our Bitcoin long, we followed a particular plan. Just like we did for the two trades previously that were stopped out. Our plan also kept us out of a lot of noise and unnecessary losses.

The plan does not have to be complicated, but it really should be your own. Following others is good to get ideas from, but ultimately your reasoning has to come from your own experience.

Our plan is to ride this long to its target and then wait for the next retrace. It could be the mid 6400s, but that can change as price makes a new high.

In summary, in a recent article I mentioned that we always consider sentiment from the contrarian point of view. Our recent evaluation (observing top Tradingview articles) shed some light on this coming break out. How? The majority of "experts" were bearish . Classic herd mentality.

Successful market timing is about evaluating, adjusting, measuring and maintaining a sense of probabilities. It's the same for EVERY market, not just Bitcoin .

Knowing your environment, how to play a good defense and how to manage risk across time frames has very little to do with the RSI or drawing lines on a chart. Market timing is more about getting into the "listener" mindset and recognizing what a quality opportunity looks like, not just on a chart, but also in terms of risk and probability.

You will benefit more from getting more in tune with your decision making process and fine tuning it than you will from following an anonymous chart guru making outrageous claims. Learn to listen to price.




Marc Principato, CMT |Author: Analyze Any Financial Market Like The Pros Using Price Action| http://www.Priceactiontraders.net | Cofounder http://www.seekingcryptos.com (S.C.)





I saved this " analysis " as a prime example of why not trust you fools or other investment funds since you guys maybe know how to tie your shoes together, I keep coming back and showing people how pathetic you are. The play button is gold and everyone starts laughing.
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You been more wrong than the biggest n00b traders out there, making fun of everyone who says it will go sub-6K only to find yourself on the wrong side. Shame on you, you fool... poor folks trusting you with their capital.
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@MarcPMarkets @goldbug1
Spring coming up I believe.
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Countertrade the bulls on Tradingview:

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Hello!
Currently, as I mentioned this in my update section, we try to go upwards by red scenario. At the moment we got an exact bounce from the strong level:
- Round number $6,500
- FIBO retracement 62%
- EMA 100 act as a support
Only considerable sign comes from altcoins, they don't want to show us some growing signs yet but let's see what we get from next hours.
The platform is perfect to go upwards but it could take some time because, as You know, the market moves in slow-motion!


Have a nice day!
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cashonly VaidoVeek
@VaidoVeek, just sell everything and go back to working at Walmart.
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- Short-term Analysis : BTC
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pkb6698 pkb6698
@pkb6698, - Total Coin Market Cap : 2014 vs 2018

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gains gains gains. 50% gain in BATBTC. Copycats must chill. click play. enough said.
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Looks good. Thanks for the analysis. We are heading to $6600 and $6800. If that happens we can observe the reversal of the trend.
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