We are extremely close to our $9100 goal, what made BTC go down after getting so close yesterday? Simple, weak hands and manipulation. Weak hands mean that a lot of traders sold before the goal, manipulation means that the exchanges then went stop loss hunting, which is why it is best not to set stop losses. Now, let's not lose our heads let's keep things in perspective; We have gone from $6400 to $8900 in one month, that's a pretty good gain, there has to be a pullback once in a while and pullbacks have a reason as I explain above. To be clear I have not sold anything, the plan is to offload everything once we hit the 200MA. How am I going to offload? Be trailing the Altcoins I have money in with a stop loss.
If you want to get adventurous you can trail BTC or your Altcoin with a tight stop-loss until we hit the $9400 area, why $9400? It is the top of the triangle that BTC has been in for a few years now. We are in a no-lose scenario, if you sell and it keeps going up we can pick it up again after confirmation on the pullback. If this sounds very technical, no worries I will guide you along and you will know what that means in due time. Also, if it drops we can pick it up for cheaper. There is not much to lose by selling between 9100 to 9400.
This looks pretty good for Altcoins. BTC dropped quite a bit in dominance which is why coins like LTC (Which I own a lot) went up so much the last couple of days. If this continues to drop -- which I was counting on months ago, Altcoins are going to rise fast and very high.
Keep n eye on the 4 hour chart,so far this fibo set up has been very reliable when it comes to keeping us informed.
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.
Why has the "B" for bitcoin in my chart gone from red to yellow? Because we have stopped doing lower lows and we have exited the secondary downtrend channel. BTC is acting neutral for now.
Follow me and you'll know exactly which coins to buy and when to buy to maximize your profits.
NOW, THE LEGEND; Support trend lines are green Resistance trend lines 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: Neutral THE OUTLOOK: In a rally
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To be clear BTC is in good health, you have to keep in mind that it has been going up for a couple of weeks now. Also, it has done everything we've asked it to do. We needed it to not close under the trend line and it didn't, we wanted it to close above $7600 last week and it did, we wanted it to close over the 50MA on the weekly chart and it did. Check out the chart below, the red trend line, I call it "Super Max Resistance" once BTC hits it we more than likely will see a % pullback. If we go over it good times will be here and there is a perfect place to jump into that rocket when the time comes.
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We keep holding that 23.6% line. Why? See for your self. The 10 Moving average is holding it up
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The climb has been pretty steep and it would be ok to either return to the trend line or dip below it for just a few candles. For now we are still on what's called a "Minor Trend" that's heading up.
Hey CryptoGats, noticed that TV, for whatever reason, deleted your idea. Hope to see you back soon!
JhnnsTradeView
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@CLS_1, yeah, that was quite a troll-lure :-) ---- mainly low energy people being loud about their supressed envy ---- but since following mr. gats (and mr. heisenberg and some other excellent analysts around here) got me some nice 32% since November, I can't complain even a single letter about the self-confidence cryptoGats possesses. Keep the good trade vibes up!
@Juliakhalil5, it seems it got banned ;S something to do with TV policies
sasquatron
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BTW, I'm well aware there are no guarantees in trading lol. Didn't mean to phrase things as if you are a living crystal ball. More looking for your perspective based on extensive experience. Thanks again.
cryptoGats
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@sasquatron, Understood no worries. I'm going by the signs that BTC is throwing right now. Life is good if you took my advice when to buy and what to buy. I am already sitting on a nice bundle from NEO, LTC, BNB and ETH.
sasquatron
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@cryptoGats, Also sitting very nicely. I also got some BCH along with those you recommended. Sitting on near 70% gains. Life is most definitely good!