Been some Pretty slowish days as of late - despite the recent run-up we had the other day. Will it stick? I have the idea it will not... Here's why:
I came across a this dude on YouTube, Oliver Velez; I don't know if anyone has ever heard of him, if he's legit, or a total scammer - I don't know. All I do know is that I'm relatively new to margin trading, and I'm trying to be like a sponge, absorbing what I can, and leaving what I don't need or doesn't work in the bin. So I figure I'd give this dude a try,
Basically, the strategy is based on what he calls "Power Zones" (sounds cheesy, I know; but hear me out), which can be remembered by "Three Fingers:" 200 MA, 20 MA, and Price. When these three factors are in that DESCENDING order, and the 20 MA is falling, you're in a SHORT "power zone." And then the reverse is also true: when the 200 MA is on bottom, followed by the 20 MA above it, then Price, you're in the "long Power zone." According to Velez, the narrower the three components are together, the "more power" there is - kind of like a coil charging up energy to be powerfully released.
Now, Velez istrying to sell you something - some kind of course of his at the end, probably connected to some affiliate exchange/ trading platform, which is why he advocated using this method on the two-minutechart...(!!!). That's a bit too "high volume" for my blood...
So stepping back a bit and looking at the Daily, we can surely see, if we are using the "power zone" method, the bears are surely in town: as the Price is closing BELOW the 20 MA, which is itself below the 200. And they're all nestled close together, as the 20 MA is descending... Looking like some discount bitcoins is in season!!! :)
You all like Moving Averages? The thing I'm leery about with MAs is that they do seem to be what some have referred to as a "lagging indicator," meaning, it's only really telling you something was a certain number at one time, so it might be close to it again. Or is there more to it? I think there is... it's all about the relationships of all these various factors, I think.
So we'll see how Oliver Velez's method pans out. Seems to make some solid sense, and be a legit general method to follow. So good so far! :)
Tl;dr Falling moving averages point to further price descension based on the theory of MA "Power zones". By my estimation, it is likely we will "drift down" over the course of the next few days or so, kind of like we had over the previous decline; coming to at least $6400, but likely lower with time.
Thanks for reading!
I came across a this dude on YouTube, Oliver Velez; I don't know if anyone has ever heard of him, if he's legit, or a total scammer - I don't know. All I do know is that I'm relatively new to margin trading, and I'm trying to be like a sponge, absorbing what I can, and leaving what I don't need or doesn't work in the bin. So I figure I'd give this dude a try,
Basically, the strategy is based on what he calls "Power Zones" (sounds cheesy, I know; but hear me out), which can be remembered by "Three Fingers:" 200 MA, 20 MA, and Price. When these three factors are in that DESCENDING order, and the 20 MA is falling, you're in a SHORT "power zone." And then the reverse is also true: when the 200 MA is on bottom, followed by the 20 MA above it, then Price, you're in the "long Power zone." According to Velez, the narrower the three components are together, the "more power" there is - kind of like a coil charging up energy to be powerfully released.
Now, Velez istrying to sell you something - some kind of course of his at the end, probably connected to some affiliate exchange/ trading platform, which is why he advocated using this method on the two-minutechart...(!!!). That's a bit too "high volume" for my blood...
So stepping back a bit and looking at the Daily, we can surely see, if we are using the "power zone" method, the bears are surely in town: as the Price is closing BELOW the 20 MA, which is itself below the 200. And they're all nestled close together, as the 20 MA is descending... Looking like some discount bitcoins is in season!!! :)
You all like Moving Averages? The thing I'm leery about with MAs is that they do seem to be what some have referred to as a "lagging indicator," meaning, it's only really telling you something was a certain number at one time, so it might be close to it again. Or is there more to it? I think there is... it's all about the relationships of all these various factors, I think.
So we'll see how Oliver Velez's method pans out. Seems to make some solid sense, and be a legit general method to follow. So good so far! :)
Tl;dr Falling moving averages point to further price descension based on the theory of MA "Power zones". By my estimation, it is likely we will "drift down" over the course of the next few days or so, kind of like we had over the previous decline; coming to at least $6400, but likely lower with time.
Thanks for reading!
Order cancelled:
Welp, I guess maybe *that's* why you look at the smaller time frames? Cuz almost immediately after I posted this BTC pumped hahah (and I missed it :/)
But we shall see, I suppose, how the daily pans out overall...could still turn out right - just thought it was hilarious.
But we shall see, I suppose, how the daily pans out overall...could still turn out right - just thought it was hilarious.
