Bitcoin - That's it, I'm out guys, I've hit my limit.
When this happens you have no choice but to pull the plug, it is pointless to keep going. It happened three days ago and the best thing to do in cases like this is to leave, pull-out, end it! So yes I am talking about me being 100% percent back in cash after we hit resistance. Just as I predicted the small pivot BTC made meant that it was gonna try to reach out to the 200MA. I closed all of my positions, I hope you all have done the same. Anyways, we hit resistance and now as you can see we were not able to go over the 200MA on the 1-day chart. One month ago I told you this would happen, Also one month ago I told you when and where to buy so you could cash in on this move.
WHAT'S NEXT?
Simple, let BTC tell us what to do. If we go over resistance (the 200MA on the 1-day chart), let's buy on the pullback, if we go down, we'll wait for stabilization and jump back in. A lot of you are understanding how the game is played, I heard from a few and some indeed made some nice profits on the last run. Only the ones that did not FOMO made a profit. So let me be clear: Do not jump back in until we have clarity. The game goes on forever and there are always opportunities to go back in, no need to panic buy because we went up a few candles or down. BTC goes up by a lot but it also comes down by a lot, the point is to know and understand basic charting so you know if you are at the right spot to buy. You could find your self in the middle of a run or towards the end of a run, and those are places where the odds are not that good for you. How do you lose money? Easy, when you buy at the top and ride it all the way down, you then sell and BTC goes back up without you. That just means you are not charting properly and that your timing is off. I can help you fix your bad timing, and start teaching you charting. Reach out to me and I will guide you.
What to keep an eye on now?
This is a look at the 4H time frame, here you can see what is going on with the 50 moving average. If we close too many times under it we will go down. So far BTC is locked under the old support line (the red one) which now is resistance, it is also stuck under the 50MA but running sideways and not down. What BTC needs to do is get over the 50MA asap. Please make sure you have closed out your previous trades, as of right now we are simply watching for clarity.
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 want to become 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.
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: Finishing a rally
WHAT'S NEXT?
Simple, let BTC tell us what to do. If we go over resistance (the 200MA on the 1-day chart), let's buy on the pullback, if we go down, we'll wait for stabilization and jump back in. A lot of you are understanding how the game is played, I heard from a few and some indeed made some nice profits on the last run. Only the ones that did not FOMO made a profit. So let me be clear: Do not jump back in until we have clarity. The game goes on forever and there are always opportunities to go back in, no need to panic buy because we went up a few candles or down. BTC goes up by a lot but it also comes down by a lot, the point is to know and understand basic charting so you know if you are at the right spot to buy. You could find your self in the middle of a run or towards the end of a run, and those are places where the odds are not that good for you. How do you lose money? Easy, when you buy at the top and ride it all the way down, you then sell and BTC goes back up without you. That just means you are not charting properly and that your timing is off. I can help you fix your bad timing, and start teaching you charting. Reach out to me and I will guide you.
What to keep an eye on now?
This is a look at the 4H time frame, here you can see what is going on with the 50 moving average. If we close too many times under it we will go down. So far BTC is locked under the old support line (the red one) which now is resistance, it is also stuck under the 50MA but running sideways and not down. What BTC needs to do is get over the 50MA asap. Please make sure you have closed out your previous trades, as of right now we are simply watching for clarity.
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 want to become 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.
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: Finishing a rally
Comment:
As I mentioned above this is the new battleground by which we can get directional info. You can see here that nothing is by chance in this business, every move tells a story. BTC only dipped once under the resistance line, that's where the stop losses were, the exchanges just screwed over their own customers, but immediately went back up and above the 50MA so not to close too many times under it. In the end, we were stopped precisely by the white resistance line, right on the nose. What needs to happen? BTC has to close 3 or one decisive candle above the combination of the white resistance line and the 50 moving average -- which is represented by the mustard color line. Let's continue to keep an eye on this chart.
Comment:
Above you see the 4-hour chart and this is the one day chart from a different perspective, we seem to be going sideways for now. We are very close to the top of this structure which is the last place you want to buy. We never buy tops! We'll buy after the breakout, which means; Let it go over the 200MA and the white resistance line, after it closes 3 times above those two resistance points we will evaluate and find an entry point.
Comment:
Update: What we are looking at now is the 4-hour chart. The red line you see here is called a minor trend line. You look at these fast charts to get a feel for what the market may be leaning towards. Your job as an analyst is to get as much info as possible out of this chart, so what do we see here? We see that the minor trend which was support was violated and it became resistance. We see that BTC went under the 50 moving average and it was not able to close above it again. We see that BTC is caught between support and resistance, hitting my two lines precisely a few times. As a trader, I would look at this and think that the odds of
BTC going back up are fading, and the odds of going back down are gaining strength. We are also at the top of the support and resistance channel on the 1-day chart, with all of this info there is zero chance I would put a dime in.
BTC going back up are fading, and the odds of going back down are gaining strength. We are also at the top of the support and resistance channel on the 1-day chart, with all of this info there is zero chance I would put a dime in.
Comment:
LEARN TO READE ONLY WHEN THE ODDS ARE COMPLETELY FAVORING YOU. That means you don't take every trade and you don't think too much when you see a trade that favors you. There is more money in this style of trading than trading 2 to 3 times a week.
Comment:
So on your desktop, you should have multiple time frames open and you should be looking at multiple flashpoints, much like a dashboard. I want to show you the 3-day timeframe; Here we can see that we've gone up very fast and also almost without a break. Breaks or pullbacks are a much-needed part of going up, BTC seems to be resting at this point. What I want to make clear is that if it goes up, we'll buy on the pullback if it goes down we'll buy cheaper. The only way you'll lose is if you FOMO. What are we watching here? Simple, BTC has to stay above the 100 Moving Average (the blue line.)
Comment:
Currently going below the bottom support.
Comment:
How good does it feel to be on the winning side? I told you buy at $6900 and to dump BTC around $9100 and if you did, now you know why. On the chart below you can see we have lost support again. Once BTC hits resistance you have to dump BTC and Altcoins. We then wait to see what BTC wants to do next, If we go up we buy on the pullback and if we go down we buy cheaper. For now, sit on the sidelines counting your cash!
Comment:
Meanwhile a few hours later... Just as I told you!
Comment:
WHO WANTS TO BECOME A BETTER TRADER? PM ME I CAN HELP YOU.
Comment:
In the end, the lesson is to sell once we hit resistance or you will give back your gains. The game is simple and it requires a lot of discipline and patience, master that and you are almost there.
Comment:
As mentioned before, keep an eye on this moving average, it now has become resistance. What are we looking for? Simple, to see if BTC gets rejected by this MA or if BTC goes back over it.
