cryptoGats

Bitcoin - trapped in a small triangle, it has to exit soon

BINANCE:BTCUSDT   Bitcoin / TetherUS
Bitcoin is trapped in a small triangle, supported by an old trendline and the 200MA, and currently being rejected by a weeks-old resistance line. It is running out of space and a decision has to be made very soon. Also, the volume is dipping down again which indicates that buyers are still sitting on the sidelines waiting for a clear direction. At this point, it is obvious what will be considered "Clear Direction" a break above the white line means that old resistance has been broken, a break below the resistance line and 200MA means we are going down a lot. This is the clue here; If so many days go by and price can't clear resistance you close your trade and keep your money safe.

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So where are we stuck?
As you can see in the 6H chart we are stuck around the 38% retracement point. Usually, this is not a place for long rests, but we have been here now for a few days, this would be a red flag for me. If I was going in for the short term I would pull out and wait for BTC at the 50% or 61.8% and place my trade there.

This is the long term view, here you can see that we have been trapped between two moving averages, the 20MA in green and the 50MA in Orange. There are small clues pointing to a down move but nothing too clear, therefore always trade like a nervous cat, if anything looks out of place close the trade and move to safety.

THE TREND: Going Down, we have not made a new higher high
THE OUTLOOK: Expected to go down, surprising if it goes up.





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So is this hopelessly rigged, is there a chance for us to make much?
+1 Reply
cryptoGats forex-4ever
@forex-4ever, it is fixed, the exchanges pump and dump coins non-stop, so when you see your coin going nowhere and some other coin pumping, it does not mean that you are the only one not making money. It is impossible to catch the next superstar early, next to no one gets it right. Don’t think that there’s a group of great analysts always getting right. The exchanges have the ability to inflate price out of thin air and pump coins to make them look like early winners just to sell you those coins for real money and leave you stuck on a hopeless dud. The real money is made on long term swing trades. Stick with me and you’ll learn the bitter truth and then you’ll learn to steal from the thief.
+2 Reply
forex-4ever forex-4ever
Dark, but since I started to follow you I have made 2 actual money making trades by being very skeptical and disciplined. I now trade like a nervous cat. Lol...
Reply
cryptoGats forex-4ever
@forex-4ever, I’m glad, but now keep your profits and don’t put it back in unless we hit the bottom of something, meaning the bottom a channel, or a triangle or hit the 200MA on a higher timeframe. I told you this about BNB, and NEO and you followed instructions and made some gains. There’s only one way to make money and you are doing it. Good for you my friend.
Reply
@cryptoGats, that's a great article and is something I've strongly thought about over the last year I've been in this space. So, what are your thoughts on long term (years) holding? Personally, I don't believe any government is just going to let BTC or any other ALT come in and overtake it's hold on their financial infrastructure. The idea that currency should be free, open and outside the influences of government meddling is one I strongly support, but I don't think it will prevail. China developing it's own digital currency as part of their central banking system is just the beginning and other countries should soon follow, if they expect to compete in the future global economy. Digital currency is the future of the world, but ultimately, I wonder what role BTC will actually play, other than to open the doors of possibility.
+1 Reply
cryptoGats sojournersoul
@sojournersoul, This is what I have been warning you all about for months now. We are the food, the exchanges and algos control the rhythm od price and make money from us and our emotional way of trading, but I found out a long time ago how to not be part of that crowd, instead, I make money when the exchanges make theirs.
As far as BTC goes there's an old saying "The revolution will eat its children." BTC simply opened the door for the future of digital currencies, it will be devoured within years by more efficient types of currencies that are not even on the radar yet. Also, what we are doing here is immersing our selves into a new space so that when the new tech pops, we'll know about it first. Also, we are learning to trade now so that when the real money comes in on the next wave we'll be experienced traders making top dollar from the new traders. It's hard to see the end result now, but stick with me, we'll gain experience and our readiness will meet the opportunity that's yet to come -- which is the recipe for major gains.
+2 Reply
BTC has three options: Range sideways, go up or go down. Range or down are the likeliest.
+2 Reply
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