Bitcoin - Simplicity over complexity wins the trade - Important
After the last winning run, I showed you that support and resistance is a very simple concept that will make you money. We buy at an area where there is a lot of support and we sell as soon as we hit resistance, it works consistently and your number of winning trades will go up a lot. What is the key ingredient of this style of trading? Simple, patience and discipline. You have to let the trade come to you and you have to sell as soon as you hit resistance.
WHERE DO WE STAND NOW?
Our trade is over and we are sitting on 100% no trade is open. We made some profit so we sit on the sidelines and wait for another very low risk and high reward opportunity. Buying at around 7K is a very low risk set up, but that means having enough discipline to see green candles form and still letting BTC come to you. Keep in mind that it has to go up from time to time in order to come down. What you don't want to do is jump back in simply because you're feeling lucky, let the trade come to you. We will also keep an eye on that 50MA that can act as a bounce-off point.
SO WHAT IF?
What if BTC takes off like a rocket from here? Great, then we buy in after it goes over resistance (what is resistance? The 200MA and the white horizontal line right above) and on the pullback. Let the others take the risk and we come in only when our money is safe and the trade is favorable to us. BTC in no way and under any circumstance will ever go to 20K in one candle, so do not FOMO. What will happen is that you will buy at the top of a run and right away comedown during the pullback, panic sell at the bottom and then watch BTC go back up without you. This, in essence, is what you've been doing with BTC and Altcoins all along. If so, what you have to do is fix your timing. How do you fix it? Reach out to me if you want to become a better trader I can help you.
THE NEW RECOMMENDED BUY ZONE
Set a buy order at around 7k and if it hits it hits and if it does not? Simple, we'll find another very safe jump-in point. The idea is not to simply put our money in, the idea is to put our money in once we have a very low-risk high reward situation in front of us.
My style of trading works and I've proven to you over and over again that simplicity is best over complexity. Keep your eye on a few battlegrounds and you'll get good hints about BTC's intended direction. Reach out to me if you are willing to work towards becoming a better trader.
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: More downward movement expected.
WHERE DO WE STAND NOW?
Our trade is over and we are sitting on 100% no trade is open. We made some profit so we sit on the sidelines and wait for another very low risk and high reward opportunity. Buying at around 7K is a very low risk set up, but that means having enough discipline to see green candles form and still letting BTC come to you. Keep in mind that it has to go up from time to time in order to come down. What you don't want to do is jump back in simply because you're feeling lucky, let the trade come to you. We will also keep an eye on that 50MA that can act as a bounce-off point.
SO WHAT IF?
What if BTC takes off like a rocket from here? Great, then we buy in after it goes over resistance (what is resistance? The 200MA and the white horizontal line right above) and on the pullback. Let the others take the risk and we come in only when our money is safe and the trade is favorable to us. BTC in no way and under any circumstance will ever go to 20K in one candle, so do not FOMO. What will happen is that you will buy at the top of a run and right away comedown during the pullback, panic sell at the bottom and then watch BTC go back up without you. This, in essence, is what you've been doing with BTC and Altcoins all along. If so, what you have to do is fix your timing. How do you fix it? Reach out to me if you want to become a better trader I can help you.
THE NEW RECOMMENDED BUY ZONE
Set a buy order at around 7k and if it hits it hits and if it does not? Simple, we'll find another very safe jump-in point. The idea is not to simply put our money in, the idea is to put our money in once we have a very low-risk high reward situation in front of us.
My style of trading works and I've proven to you over and over again that simplicity is best over complexity. Keep your eye on a few battlegrounds and you'll get good hints about BTC's intended direction. Reach out to me if you are willing to work towards becoming a better trader.
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: More downward movement expected.
Comment:
So where are we right now? We are way under previous support, above that 100 Moving average and being stopped by the 20 moving average. Without the right time frames and the right indicators, things just seem random, but when given perspective where we are makes complete sense.
Comment:
Do not FOMO because you see a couple of green candles, they mean nothing in the long run. If you jumped in because you saw upward movement your money is now in the gutter. In essence, we go up one step and down 3 so yes you will see green candles here and there. If we take off in one green massive candle we have tools to jump in and rejoin the trend once it is confirmed.
Comment:
Quick update: We always go by the odds and the odds favor further downward movement. On the chart below you can see the two points to watch in the next few hours. The resistance above is strong so if we go over it and stay above it will be a significant move, but still not a signal to buy-in.
Comment:
KEEP HITTING THE LIKE BUTTON SO THIS POST CAN STAY RELEVANT AND I WILL KEEP UPDATING.
Comment:
A lot of sideways action, for now specifically we are moving along the 38% pullback line and the 50 Moving average on the 3 day chart.
Comment:
Since you already knew that the white line overhead was resistance, you did not FOMO correct? Let's just keep watching, we want to jump in once we clear the 200 moving average on the daily chart and not at any other time.
Comment:
BTC continues to take shots at that resistance line. Keep in mind that if it does not crossover soon it will get rejected, possibly to the moving average you see right below.
