Last week we were taken out of the trade by our stop losses, on my last post we talked about that if BTC dipped down to $8500 it needed to dip down quickly and move back up quicker otherwise momentum would be lost, we even had an $8200 buy order. What went wrong? We did have a dip down but it was very slow and the recovery was very slow as well and unconvincing. Combine these factors and you get a big red flag. Another warning signal was when price failed to go over the 50MA on the daily chart after trying for a couple of days. You have to take warnings like this seriously and accept when your trade has gone sideways. The very first warning signal was given by the 20MA on the daily chart last month on the 26th. What I want you all to understand is that price is not just going to melt down out thin air on you, warnings and red flags begin to pile up giving you enough time to make choices. Even if price is going up you'll know when things are about to go south. Last week Friday, the signals went out that this trade had come to an end, just a day later price started to drop.
On the weekly chart, you can see we have melted below the trendline if we close or stay below this line we will see a further drop.
WHATS NEXT? As mentioned before now we begin to map out where to jump in again. As I did previously, the point is to catch it on key entry places on its way down until you nail the lowest safest entry point. This means you have to be patient and disciplined. Right now there are 3 places that we will talk about later. There is also one scenario that will create a perfect set up for alts which I've been looking forward to for a couple of years. If price continues to melt it will create the perfect conditions for this scenario to play out.
WHAT'S CAUSING THIS PRICE DROP Market instability caused by two major events (Oil prices and the virus), BTC and consequently crypto, in general, were part of the Sunday sell-off. Oil dropped by an amazing amount (30%.) We also have a long week ahead in which we have to keep an eye on the Dow and Nasdaq to see if institutional money moves to safety some more. I would bet this is going to be a volatile week. The United States is completely unprepared and has no plan for the Coronavirus, this will create more market instability leading to bigger sell-offs. If the WHO declares COVID-19 a pandemic it will create more instability.
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
⋅
To keep moving up BTC needs to make it over the resistance line (the green line) and close there this week. If we close below the green line the odds of going down to the blue 100MA line are greater.
Comment
⋅
On the daily timeframe BTC's sole mission is to climb above the 200MA and start closing above it. If it fails to get over the 200MA or if it is rejected by it, you will see a further drop.
Comment
⋅
If you are still in this trade set up a stop loss around $7720.00 if price moves up trail it closely. The odds of another down move are good. During this time of instability it is best to be out. If we move up we can buy once we clear resistance if we move down we can buy at safe entry points below.
Comment
⋅
Hopefully the Dow will bounce up a bit to around $24,200 and get some stability going. BTC will then move up allowing you to move up your stop losses if you are not out yet.
Comment
⋅
Said and done, the Dow went from 23,800 (at closing yesterday) to 24,200 which pushed BTC to 8170, this is what I talked about last night. Don't expect too many second chances to get out. BTC is now well below the 200MA on the daily chart and about to close a third candle there. Currently we are sitting on support - which is generating no demand for BTC - the longer we stay under the 200MA the greater the odds of another move down, specially if there is no demand at the support line.
Comment
⋅
The more time we spend hanging around resistance and support lines BTC will get weaker. The current candle has to close above the green line to avoid falling.
Comment
⋅
The Dow is dropping and taking Crypto down with it. Next possible stop for BTC is $7200.00. This drop is creating great opportunities to get in for cheap later on. If you want to know more, please PM me.
HAHA set stop loss, thats a good one mate, I advice anyone who decides to follow this guy analysis to first check his previous posts. he is just moving all his price targets, stop losses, entry points and what not, as it suits him. If you look at his individual posts, it all seems clever and crisp, but if you look at the big picture, he has absolutely no clue. Take my advice, don´t follow any of his advices, you gonna lose money, a lot of it.
Allipse
⋅
@Crypto-JJ, Do you have any examples of this you can point to or do you just usually make unsubstantiated claims?
forex-4ever
⋅
@Crypto-JJ, 1000% those stop loss orders went out last week detailed and all, I got them, I set my mine and got out of my alts trade. If you show little appreciation for free info don’t expect premium info for free. Just saying.
@Crypto-JJ, if you keep being unhappy with his advice,why do keep reading it?
Crypto-JJ
⋅
@cajuna, quite simple when I started with crypto nobody warned me, everybody was just bullshiting like this guy. Even the comment section is just a fanboys orgy, If a newbie comes here and reads his posts with comment sections, the newbie will think this guy is so precise and good at trading and most likely will follow his advice. Thats what I would do back in 2017 when i started. And following him will lead to inevitable demise. That is, unless newbie sees my comment and does some of his own research.
I try to prevent newbies from fucking up and following so-called gurus like this guy.
@Crypto-JJ you should spend more time teaching newbies to take some personal responsibility with their money instead of shitting on guys giving free advice. Anybody who blindly takes calls, from ANYBODY, deserves to lose their money. You could follow the best trader on here and necc your account instantly. I know this from experience. There is no proven strategy, risk management is everything.
So you're mad at some guy who "made you lose your money" in 2017. I get it. Go yell at that guy. Or maybe stop blaming people for your problems.
investicli
⋅
Hi there, you know I value your posts. However, in your last post there was no mention of stop losses. You said talked about riding this out etc. In fact you've been generally opposed to stop losses, as you say "they find you and take you out." So now I am puzzled - I am still in, would you advise riding this out? Or cutting my not insignificant loss?