The way I see it every trade should be a straight-up business transaction devoid of emotion. If you want to build wealth you only take low-risk high reward bets. Look at every choice you make and take that approach. Make a bet only when you know the odds are in your favor. Trading is no different, approach it as a business, learn how to value capital, think of your self as a wealthy and cheap person looking for low-risk high rewards investments. Your concern is not to ask when do we jump in, instead, ask yourself if this a safe bet and if the answer is yes then you take it. Even the smallest of capital was multiplied and built with this mentality. Use it, own it! How do you spot these opportunities in crypto trading? First, learn to chart so you can see these opportunities developing, learn to properly gauge your risk-reward ratio and stick with one position size strategy. I can show you how. PM if you have questions.
What is BTC doing now? After a definitive move above resistance, Bitcoin is currently retracing most likely back to the support line (the white line.) The next few days will be very interesting since we have a few events to keep an eye on. 1) The 50MA is looking to crossover the 200MA which could be a very big boost to bitcoin's current uptrend, then there is another major event in the works that could propel BTC to the upper levels. 2) We have to wait and see if BTC retraces all the way to the support line. Be sure to set your buy order and have a good risk management strategy in place.
POINTS OF CONCERN We are still under a 50/200MA death cross on the 1 day chart. Lastly, the 3-day chart concerns me a little, let's not get into it for now but let's put a pin on this chart and keep an eye on it.
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.
THE TREND: Neutral/Sideways THE OUTLOOK: Potential golden cross around the 18th
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The trend is strong and it has some major backing. We are well above support and headed into the mid channel line. Let's wait and see the reaction of BTC once we hit that line.
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The reaction to the mid channel line was a small retracement so far. I would start buying small percentage amounts as it pulls back. Use the FIBO tool and carefully jump in with a good risk management plan. Once again only use small amounts on the pullbacks or retracements, if it goes down you can load up some more, if it goes up you buy more on the pullbacks. Use this strategy on any coin. The probability of BTC going to $9500.00 is still there.
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The weekly chart is a place where we still need to keep an eye on. Remember this: You can buy BTC at 3K and if it goes to $1500 it will cost you a lot or you can buy BTC at 12K and if it goes to 20K you will make a lot. Price is secondary to a safe entry point.
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KEEP HITTING THE LIKE BUTTON IT KEEPS THIS POST RELEVANT AND I CAN KEEP UPDATING.
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We have a clear swing low, and still working on the swing high, if you buy on the retracements don't go all in on the 38.2% or 50% leave enough for the 9550 area in case we hit it. If we don't hit that area we can use the leftover money for other pullbacks. The recommended buy zone is still very valid. Also, set the buy orders now in case the movement happen overnight where you are.
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One of our BTC buy order Did hit, we did not go up to chase it, more buy orders will hit as we move to other key places. We have other buy orders set, including some for the strong moving Alts. This is an example of letting the trade come to you. Yet another example of why you should not FOMO and now for once you are buying other traders stop losses. As the slick crowd is getting taken out of their trades you are just getting started. Nothing personal, just a straight up business transaction where your money is safe for the long run.
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Still heavily interacting with the middle channel line.
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On the weekly chart we have an area of concern, but why? Because price has been on the rise while volume has been dropping. Not a major red flag on its own, but it is worth noting.
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To be clear: What I mean regarding the post above is that it could be a hint that BTC will pull back temporarily, but no question we are headed uphill for now.
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KEEP HITTING THE LIKE BUTTON IT KEEPS THIS POST RELEVANT AND I CAN KEEP UPDATING.
I hope you get banned for false advertisement. Nothing about that is free... literally nothing. I’ll report you every chance I get.
DerickZ
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@CryptoPortal, Yea, how can we trust his analysis if he keeps advertising his paid website as a free one? Maybe it's free to take a look and if you're interested, you should pay to see the rest? Also, this guy is claiming since the U$9100 area that BTC would retrace even more to U8000s!
OptionsPortal
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@DerickZ, He says on here that is it absolutely free (other than the one on one, which is understandable) and then immediately upon even looking, it's $9.99 so it's "practically free". This won't last long.
DerickZ
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@CryptoPortal, Idk where you saw $9.99, but to book a lesson, it costs $75.00. Either way, as you said, false advertisement. I personally learn about trading checking YT videos and some charts at TradingView, just got to have the patience and that's it, charts will make sense to you.
OptionsPortal
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@DerickZ, Apologizes, the $9.99 is for the "signals". Assuming it only goes up from there.
DerickZ
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@CryptoPortal, No need to apologize, I wasn't judging you lol. We're here to share valuable lessons, to learn more and improve our trading. So, when someone pretends to be a profitable trader, posting charts with no real information to agregate to others (besides the obvious results that it shows) and in this case, just to promote his website, we got to alert everyone. Thanks for acting, my friend.
PivotPoints
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@DerickZ, Yep, I commented on this several days ago.
btcbum
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@DerickZ, He actually said sell at $8600 and tried to make it look like it was $9100. He said $9100 was his first "short term target" which it hit. Only AFTER it tanked $500 to $8600 did he say to get out. Then he acts like his "short term target" was actually a sell when it clearly wasn't. Had it kept going up he would have acted like he was still making money.
DerickZ
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@btcbum, One of his posts, he told us to wait for 3 closed candles above support for confirmation (on february 5th). It's been 6 closed candles, with the beginning of the 7th. Also, yesterday we had the pullback to $9750, which should've been your entry point, but according to CryptoGats, wait for more retracement to an area that will take days or weeks to achieve. In the meantime, you could have closed a few profits and wait for BTC to make another move.