Many would say Bitcoin is dead. However... is that really true? Or is Bitcoin just waiting to be picked up? A lot of altcoins seen a major rise in the last couple of days. Will Bitcoin be next?
According to my analysis Bitcoin is in a major flag pattern, which is narrowing down now.
We're not looking for to confirm our bullish or bearish opinion. To be successful in trading, one needs to be neutral.
This analysis shows that Bitcoin could either go up or down.
When to enter?
If price moves up, a perfect entry point would be just outside the orange flag.
If price moves down, a perfect entry would also be just outside the orange flag.
When to exit?
You always want to have maximum gains, and minimum losses.
That having said, it's wise to put your stop loss a couple of points away from your entry point.
Take profit the moment the trend reverses.
Remember... sit tight is the best thing you can do. - Edwin Lefèvre, Reminiscence of a Stock Operator.
According to my analysis Bitcoin is in a major flag pattern, which is narrowing down now.
We're not looking for to confirm our bullish or bearish opinion. To be successful in trading, one needs to be neutral.
This analysis shows that Bitcoin could either go up or down.
When to enter?
If price moves up, a perfect entry point would be just outside the orange flag.
If price moves down, a perfect entry would also be just outside the orange flag.
When to exit?
You always want to have maximum gains, and minimum losses.
That having said, it's wise to put your stop loss a couple of points away from your entry point.
Take profit the moment the trend reverses.
Remember... sit tight is the best thing you can do. - Edwin Lefèvre, Reminiscence of a Stock Operator.