We may be starting to form a temporary bottom. However, where BTC is resting right now is in the middle of nowhere. Although it is strong support it is also in between the 50% and 61.8 retracement. BTC favors going to the 61.8 before moving back up. To be clear this Fibo scale you see on my chart is for the entire 2019 move which seems to be what the Algos are using, so we'll just piggyback on that. Once we hit the 61.8 (Around my optimal buy zone) I will enter with another 50% of the capital -- that I am willing to risk in a long term trade. I did put 25% of my capital in once we hit the 50% fibo retracement (my first X top to bottom.) I will put my last remaining 25% once we hit the mother of all buy zones (which is also the last trendline and the weekly 200MA.) To recap: 25% on the first X 50% on the second X 25% on the third X
Onto the TA. What we are seeing right now is that price closed below the 200MA (the light gray line pointing upwards) two times already and with little effort to get back above it. Over the weekend we may see that final meltdown. So what is my paper trading advice to you? If we hit that Optimal buy zone? buy high performing top 10 market cap alts. Any analyst that recommends crap coins that have a "high chance" of pumping is putting you at risk. There is 0 (zero) chance of making money buying like this. All that's going to happen is that you'll get stuck forever with this low performing coins that will never, ever seem to stop dropping. Stick to the top 10 market cap coins and in this scenario, you will double your money in a few months. You can also buy BTC if you have a large amount of money (over 100k) to invest but I do not recommend putting too much money into this high-risk asset class.
Let's do some simple math of my method; If you put 5k in this high-risk asset class and you triple it in this BTC run-up, you'll have 15k, if you have discipline and not do stupid high-risk greedy bets you will keep it until next drop and if on that drop you double it, you'll have 30K and over the course of next year you do that 2 more times you'll have 120K just from a one time investment of 5K. This is why my method works and the high risk - low reward method continually wreck you. What I do is not simple, why? It requires an insane amount of discipline but it is guaranteed to work and actually make you money.
NOW, THE LEGEND; Support trendlines are green Resistance trendlines are Red Horizontal support lines are white the thicker the stronger the support 50 Moving Average is yellow 200 Moving Average is white
THE TREND: Going a little further down but near the bottom. THE OUTLOOK: Almost safe to buy BTC but safe to buy top 10 market-cap Alts now and as they dip.
Be safe and follow me to make money and stay ahead of the curve.
I’ll keep you all updated as things develop over the weekend. Keep checking here for updates.
Warmasteros
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I love your analysis and method so much, big fan :D. Ever since I followed ur charts, I stopped loosing money, much less stress, and I have learned alot, thx a million times, please continue sharing ur ideas.
cryptoGats
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@Warmasteros, anytime my friend. I’m here to keep us safe.
cryptoGats
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The 3D timeframe is offering up some good clues that 7K is a solid are of support maybe even the final bottom
cryptoGats
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The chart below represents how much money is in crypto right now (206 Billion), at the height we had 800 billion and then it was sucked out by the big banks and investment firms and that's where your old money is now (if you were wondering.) Your chance to make it back is to use what you have left to buy low and wait for the institutional money to come back in and you sell high just like they do. Nothing will happen fast, this is a slow-moving venture, patience and discipline make you a lot of money. If we lose the 50MA (yellow line resting in support green line) we are going to see another big drop on BTC and Alts.
Anpu
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Good Job!
Personally I think that if there is no retracement any time soon, that Mid term downtrend will be a possible option
My idea about this