Morning all, checking back on Bitcoin today. Still holding my buy position, and currently in small profits of 1K pips, which on Bitcoin is not a huge amount. But I think the bottom is forming here at 40K. Over the next few days/weeks will be a huge factor. We need the trend line to hold and wait for the moving average to catch up with price and then start trading above it. Could do with a higher low being created to start the next trend off. If you followed keep holding and keep watch over the next couple of weeks. As long as this demand zone holds we're looking good. GLIYF
Good morning all, is it time for Bitcoin to pop? Price has been VERY stale in movement since i took the buy position. but i believe in the setup. We got our TP in the sell and now the market is getting squeezed into a corner. Currently sitting around entry area. The direction of the next mover is soon upon us. Will we see a break upwards? Or will we see a break below. What's your suggestion, let me know below? GLIYF
Bitcoin is a Bloodbath. That's all i'm reading everywhere. Yes we have hit SL on our buy position, but that is totally fine as we have had huge returns of late. We can't win all of our trades it is not sustainable, losing is part of trading. So we move onto the next re analyze and pick our next position in the market. The demand at 40K has been broken, so it looks like we will most likely be re visiting the demand zone at 33K . Which was the original source for the push to make the all time high. Will we see the same again? Time will tell, mark your charts and get ready for support to form at that zone for the buy. Cheap Bitcoin is always a good idea to buy. GLIYF
Crypto has some vols... lol. I'm a somewhat binary person. In my view it is either a belief that civilization will advance and prosper or a bet that all will fail pretty rapidly. It is impossible for me to trade against the idea that we will persist and prosper. Yes, a simpleton in some respects. A Hodler to the end. We've seen this before and it was the genesis of life changing profits for many. Do you believe civilization will succeed or fail because many of us believe that is the the literal question here.
Btw, Lee... I read your posts. Read them carefully and study your charts as well. I'm an old chartist from back in the day and would like you to know that your posts are studied and receive consideration and are appreciated.
i still feel we have had a fake break to the upside to fill in some of the weekly drop and draw in buyers that think we are going moon again before we fall back down and take some lower liquidity and all the buyers stops. just feel we have not seen the end to the down side just yet.
I got short near highs of Bitcoin, always hedge initial entities, got short more/hedged on recent highs of pullback. Great there are Bitcoin futures with options. All one can do long term is take a position, hedge against possible losses and profits will take care of themselves.
Open Interest (magenta colored) bars bottomed (cyan oval) day before spike low and has been in an uptrend, just like price, ever since. Signaling weak hands have been shaken out :-