DLavrov

Bitcoin - The Perfect Time for The Great Mistakes

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
The market continues the upward movement after bouncing from 5000.00 support level . Probably some of you think about a missed opportunity to catch this uptrend, and you want to rush with opening long positions. If you a beginner trader or just a trader with lack of knowledge and you don't understand how the markets move - for you, it's the perfect time for making mistakes now.

The market has been running upward for several months already. The market gave good buy signals based on the reversal signal from the bottom at 3200.00 level. The market gave us the buy signals based on the breakouts above 4000.00 resistance and SMA100. If you missed those opportunities, you should not try to catch the fast train. If you buy now, you will have a lot of chances to open a buy trade at the top and get a correction after that. It's ok if you open a long position based on the current levels just using a small part of your capital and such buying is the part of your bigger plan for long term investing. Yes, it's possible even entry levels now are not so good even for the long run. But what if you invest the whole capital into this trade, what if you use the leverage?

This upward movement can be up to 6000.00 level, and after that, we will get a reversal with the further falling. At the same time, we have good chances to get a bearish divergence - a trend reversal signal. The market will be able to bounce from 6000.00 resistance level as it's the strong level from the past. Look at the chart and count how many times the market bounced from this level. The market needs solid reasons for breaking it from the 1st attempt. Do we have such solid, let's say fundamental reasons?

So, if you missed the previous buy opportunities, it's not a variant for buying now, and it's not the best variant for buying even if you want to trade in the long run. The best variant is to wait for a correction to 5000.00 support or to 4200.00-4000.00 support zone and buy based on reversal signals.

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Well said, unexpectedly it busted through 6300 and I got a nice short a few hours ago at 7450. I was surposed to take it earlier in the day but got greedy with nice hourly and 4 houly trends I thought we may do 7800 - 8100. Im expecting two days of slow selling and hoping 6300 will hold on the way down to get back in. We may then go to 5500 but who really knows.
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I believe a retrace is in place...

+1 Reply
Bulls are not over just yet, 6k is coming soon
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The title alone says it all.
But undoubtedly, BTC is really in the danger zone. It’s already trapped many. Would at the very least wait for a pull back to a key level with confirmed signs of strength/demand before even thinking to take on the risk. Where is all the capital entering the market even coming from? Retail just got hammered again and if they were reading volume they would have seen substantial signs of weakness with plenty of warning that a long entry at this level was not a great idea. Way tooo high risk with supply coming in.... but it’s trading... there must be and will always be winners and losers!
Great post here though. Thank you and GL !
+2 Reply
@dee718, thanks for the interesting comment! Good luck, you too!
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Let's see how it goes! Still Continue



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DLavrov CryptoEngineering
@CryptoEngineering, thanks for the charts!
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A bearish divergence on the daily reveals weakening momentum.
The breakdown is coming, if you ask me
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DLavrov ReallyMe
@ReallyMe, thanks for sharing your idea!
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We saw a nice move up and then a healthy higher low which could mean a move back up soon. We are still long and up 5.67% and letting the trailing stop loss protect our profits every 4 hours. Watching for a breakdown below the blue line and the trend meter to start turning majority red for a move down. Thanks for the update man!

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