Bitcoin - The good, the bad and the ugly - important!
No question that there are solid good times ahead. Let's explore the charts and in different timeframes to find safe entry points, let's keep it short and informative.
WHATS BTC DOING NOW
We are currently going uphill with minor corrections along the way. We started loading up a few months back and got out once we hit resistance. We are looking to jump back in during pullbacks now that we have gone over resistance (which is the horizontal white line) and have confirmation that it is safe to jump in. Why is it safe?
First, the trend has been confirmed and we have a golden cross forming looking to cross over by the 18th - 19th, which will act as support and a booster of price the days after. Also, we are staying above resistance, all key moving averages are lining up (I have shown some of you the power of this chart.) So why did we get out a couple of weeks back? Because we hit resistance (under a death cross) and at that point, BTC can either go up slow or down fast, so we take our money out and keep the profits while we get confirmation, this is the only way to make and keep that money consistently. Your job is to protect your capital and any profits you make. If you set up trailing stop losses they get hit most of the time, and if you set them low enough you will lose most of your gains if we correct too much. Stop losses are one of the main reasons you can't make as much as you should. I have a way to avoid this continuous problem, let me know if you need help with this issue.
MORE GOOD NEWS
Here you have the Total Market cap chart that shows us how fast we are going up and how much money is currently pumping in, keep in mind that we simply can not keep going up this steep, I have shown you what happens previously when the climb is at an unsustainable angle. So what will happen? It will pull back to catch its breath. As you can see also in this chart we have a 50/200 golden cross.
4 HOUR UP-HILL RUN
Below you can see the beginning and if you can use the FIBO tool you can measure the strength of this run at every swing high and swing low. It has run up and has mainly stayed around the 23.6%, 38.2 and 50% retracement. I did show you before how to read these numbers and their significance. We have gone up so fast and steady that we are due for a moderate correction, says who? The odds.
POINT OF INTEREST - 3 DAY CHART
The weekly chart illustrates very well the possible pullback and to where. If you notice the trend and price have been going up and the volume has been going down. In this case, we will take this divergence as the sign that a possible pullback is coming. As of the last few days, the price has not kept up with the previous momentum. Overall the good news is that the pullback will be temporary, not continuous, the best part is that we will use this event to buy-in.
WE HAVE BTC WHERE WE WANT IT
If it goes up we keep buying on the pullbacks, if it goes down we have plenty of cash to buy lower, maybe even lower than when we got out. Patience and discipline are what wins this game.
A WORD TO THE WISE
1. Do not short any coin unless you are an intermediate or expert trader, you will lose your money.
2. Put your money at play only once you find a low-risk high reward entry.
3. Learn to chart and listen to fewer opinions.
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: Sideways still
THE OUTLOOK: Potential golden cross around the 18th
WHATS BTC DOING NOW
We are currently going uphill with minor corrections along the way. We started loading up a few months back and got out once we hit resistance. We are looking to jump back in during pullbacks now that we have gone over resistance (which is the horizontal white line) and have confirmation that it is safe to jump in. Why is it safe?
First, the trend has been confirmed and we have a golden cross forming looking to cross over by the 18th - 19th, which will act as support and a booster of price the days after. Also, we are staying above resistance, all key moving averages are lining up (I have shown some of you the power of this chart.) So why did we get out a couple of weeks back? Because we hit resistance (under a death cross) and at that point, BTC can either go up slow or down fast, so we take our money out and keep the profits while we get confirmation, this is the only way to make and keep that money consistently. Your job is to protect your capital and any profits you make. If you set up trailing stop losses they get hit most of the time, and if you set them low enough you will lose most of your gains if we correct too much. Stop losses are one of the main reasons you can't make as much as you should. I have a way to avoid this continuous problem, let me know if you need help with this issue.
MORE GOOD NEWS
Here you have the Total Market cap chart that shows us how fast we are going up and how much money is currently pumping in, keep in mind that we simply can not keep going up this steep, I have shown you what happens previously when the climb is at an unsustainable angle. So what will happen? It will pull back to catch its breath. As you can see also in this chart we have a 50/200 golden cross.
4 HOUR UP-HILL RUN
Below you can see the beginning and if you can use the FIBO tool you can measure the strength of this run at every swing high and swing low. It has run up and has mainly stayed around the 23.6%, 38.2 and 50% retracement. I did show you before how to read these numbers and their significance. We have gone up so fast and steady that we are due for a moderate correction, says who? The odds.
POINT OF INTEREST - 3 DAY CHART
The weekly chart illustrates very well the possible pullback and to where. If you notice the trend and price have been going up and the volume has been going down. In this case, we will take this divergence as the sign that a possible pullback is coming. As of the last few days, the price has not kept up with the previous momentum. Overall the good news is that the pullback will be temporary, not continuous, the best part is that we will use this event to buy-in.
WE HAVE BTC WHERE WE WANT IT
If it goes up we keep buying on the pullbacks, if it goes down we have plenty of cash to buy lower, maybe even lower than when we got out. Patience and discipline are what wins this game.
A WORD TO THE WISE
1. Do not short any coin unless you are an intermediate or expert trader, you will lose your money.
2. Put your money at play only once you find a low-risk high reward entry.
3. Learn to chart and listen to fewer opinions.
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: Sideways still
THE OUTLOOK: Potential golden cross around the 18th
Comment:
Nice!!! Our second buy order just got hit during this pullback. We are entering slowly and with small amounts, leaving enough cash to buy more and more as BTC makes moves to our key entry points.
Comment:
Once again this chart is giving us one of the biggest clues.
Comment:
KEEP HITTING THE LIKE BUTTON IT KEEPS THIS POST RELEVANT AND I CAN KEEP UPDATING.
Comment:
So far BTC is hanging around the bottom of the channel, if BTC does not pull up we can have a trendline violation which could lead to further down movement.
Comment:
The trendline plus the 100MA could provide strong support. But one candle closing under the trendline will open up the probabilities of going to the white horizontal line. We will know more about this battle by tomorrow.
Comment:
KEEP HITTING THE LIKE BUTTON IT KEEPS THIS POST RELEVANT AND I CAN KEEP UPDATING.
Comment:
Just something to keep in mind. When we had the death cross BTC went up in price essentially going the other way, now we are looking to have a golden cross next week, price is expected to go up, expect the same type of divergence from BTC, meaning price may drop for a few days before moving up.
Comment:
When the yellow line crosses over the white line we will have a golden cross of the 50/200MA.
Comment:
Here is something to watch, on the 4-hour chart BTC dipped below the 50MA and it has not been able to recover. it is currently being pushed down towards the trend line by the 50MA.
Comment:
As mentioned last night the 50MA was pushing price down to the trend line, eventually price fell and we have now closed one 4H candle under the trendline. If we close the current candle plus another under the trendline the odds are high that we will hit our safe entry zone.
Comment:
The area of concern turned out to be right. We are moving back a little from there.
Comment:
The area of strong support for so long has now as expected turned into stiff resistance. BTC interacted with the green trend line perfectly and it did not have the strength to go over. It tried 3 times and it was rejected in all three attempts.
