The people that make remarkable amounts of money only trade a few times a year, it's called letting the trade come to you. Ok so how is this done? Technical analysis is only a small part (but you must learn TA or have an advisor) 90% of the success comes from discipline. Specifically, it comes from creating a trading strategy and sticking to that strategy no matter how long it takes price to arrive at your buy point. Over the years I've read a lot of books on trading, and what stands out is how the lack of discipline eats up your gains. Let's focus on what having discipline means. Example; Just like any other asset Bitcoin likes to be around the 200MA, when it makes a parabolic move up, it has to make a slow descent down to the 200MA (sometimes while moving up a little) no matter how many small moves up it makes just have the discipline to wait until it meets up with the 200MA. The skill comes from knowing which timeframe BTC will be using. Which brings us to today's TA.
The chart above indicates that we have touched base with the 200MA on the 1D timeframe which is why I am 50% in as far as the capital I will invest in Alts. There is a big chance BTC is using the 3D chart to stage the bounce up so I left 50% in the bank just in case. The probability is there that once we hit the low 7k we bounce up and this will be nothing but a healthy and perfect retrace on our way back up to 20K, this is the likeliest of scenarios. however, if that 200MA does not hold then we are going to the last 200MA (the weekly) which is around the low 4k area.
NOW, THE LEGEND; Support trendlines are green Resistance trendlines are Red Horizontal support lines are Black the thicker the stronger the support 50 Moving Average is yellow 200 Moving Average is Black
THE TREND: Going a little further down still. THE OUTLOOK: Unsafe to buy BTC but safe to buy top 10 market-cap Alts as they dip.
Be safe and follow me to make money and stay ahead of the curve.
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IF WE LOSE THE 200MA, WE WILL DROP QUITE A BIT MORE.
We are hanging on by a thread, I would have to say it is inevitable that we go further down. We have now closed twice under the green trendline and have been hanging around the 200ma for 2 days now.
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