The death cross had its effect and it was very short-lived. As of the 18th we have a golden cross that will have its positive effect on BTC's price, we have to look closely to see for how long. We do have a few indicators to track the strength and health of this effect. The goal with this golden cross will be to reach the 14k area which is where the next resistance point is.
WHATS BTC DOING?
BTC has now gone above resistance, it has come back down to support (this is when we bought back in) to test it and then retesting right now. So far it is going 100% according to plan. These are the details: We sold at resistance ($9100.00) price went over the 20MA and the white horizontal line and then came back down - just as I explained it would - to test and retest the white horizontal line this is when we bought back in with the bulk amount at $9600.00 - which is a safe entry point. What happened to those that didn't know better? They bought on the way up, they set up trailing stop losses and were taken out a few times as they repeated that non-sense strategy over and over again on the way back down to support.
We now have capital leftover (which is the profit from the last trade $6500 to $9100) in case of a further pullback. Right now we're hanging around support which is good and price has refused to go below the support line and that is a good indicator but BTC needs to generate one of those here I am!!! green candles to keep the momentum going. Also, the exchanges are doing their typical stop loss hunting below the now support line, but we've managed to stay out of that mess because we saw that coming.
THE AREA OF CONCERN
This is where things get a bit complex, we have a divergence of price and volume. Meaning as price has been going up, volume has been going down. However, for a few weeks price has been going up and we were due for some healthy pullback so this is normal. The MACD shows a possible crossover above the zero line which is positive. Overall we'll keep an eye on this time frame but there is a lot of positive here as well. If price goes down further we will use that leftover capital to buy even lower.
Trading without first learning and practicing is like an amateur playing football against an all-star pro-team and betting that he'll be the winner. You have exchanges, Algos and very experienced traders gunning for your money, the odds are stacked against you, big time. Take the time to learn and practice with small amounts before you risk your hard-earned money. If you learn to chart and do analysis no one can take that skill away from you, but if you trade without learning, your money is there for the taking. Trading can be the reason you lost your money or it can become a 24/7 piggy bank, you decide. PM me if you want to learn the right way.
A WORD TO THE WISE
1 -Do not short any coin unless you are an intermediate or expert trader, you will lose it.
2 -Put your money at play only once you find a low-risk high reward entry.
3 -Learn to chart and listen to fewer opinions.
VERY IMPORTANT: Hitting the "Like" button is like a tip, please don't forget to do so after reading, this is your way of thanking me for my time and so I thank you for yours.
WHATS BTC DOING?
BTC has now gone above resistance, it has come back down to support (this is when we bought back in) to test it and then retesting right now. So far it is going 100% according to plan. These are the details: We sold at resistance ($9100.00) price went over the 20MA and the white horizontal line and then came back down - just as I explained it would - to test and retest the white horizontal line this is when we bought back in with the bulk amount at $9600.00 - which is a safe entry point. What happened to those that didn't know better? They bought on the way up, they set up trailing stop losses and were taken out a few times as they repeated that non-sense strategy over and over again on the way back down to support.
We now have capital leftover (which is the profit from the last trade $6500 to $9100) in case of a further pullback. Right now we're hanging around support which is good and price has refused to go below the support line and that is a good indicator but BTC needs to generate one of those here I am!!! green candles to keep the momentum going. Also, the exchanges are doing their typical stop loss hunting below the now support line, but we've managed to stay out of that mess because we saw that coming.
THE AREA OF CONCERN
This is where things get a bit complex, we have a divergence of price and volume. Meaning as price has been going up, volume has been going down. However, for a few weeks price has been going up and we were due for some healthy pullback so this is normal. The MACD shows a possible crossover above the zero line which is positive. Overall we'll keep an eye on this time frame but there is a lot of positive here as well. If price goes down further we will use that leftover capital to buy even lower.
Trading without first learning and practicing is like an amateur playing football against an all-star pro-team and betting that he'll be the winner. You have exchanges, Algos and very experienced traders gunning for your money, the odds are stacked against you, big time. Take the time to learn and practice with small amounts before you risk your hard-earned money. If you learn to chart and do analysis no one can take that skill away from you, but if you trade without learning, your money is there for the taking. Trading can be the reason you lost your money or it can become a 24/7 piggy bank, you decide. PM me if you want to learn the right way.
A WORD TO THE WISE
1 -Do not short any coin unless you are an intermediate or expert trader, you will lose it.
2 -Put your money at play only once you find a low-risk high reward entry.
3 -Learn to chart and listen to fewer opinions.
VERY IMPORTANT: Hitting the "Like" button is like a tip, please don't forget to do so after reading, this is your way of thanking me for my time and so I thank you for yours.
Comment:
A visual of the area of concern.
Comment:
Boring sideways action so far. Every daily candle has tested the support line before closing above it, this is a sign of growing strength regarding the support line. We do need a couple of moderate green candles to push us over the resistance red resistance line in the next few days to keep that momentum going.
Comment:
KEEP HITTING THE LIKE BUTTON IT KEEPS THIS POST RELEVANT AND I CAN KEEP UPDATING.
Comment:
What we are looking for is a retesting of support much like what happened there at the circled area in late November and much of December.
Comment:
Not too bad, but we need to keep going with this candle.
Comment:
Looking at the 4 hour chart the 200 Moving average will soon back up the white horizontal line as additional support. Also, we are currently above the 50 moving average for the first time since the 19th of this month, momentum will continue if we keep closing above it. What do we want to see? Simple, we want to close 3 consecutive candles above this yellow line.
Comment:
KEEP HITTING THE LIKE BUTTON IT KEEPS THIS POST RELEVANT AND I CAN KEEP UPDATING.
