In the previous post, we talked about how closing 3 candles above resistance constitutes a confirmation that we are now above resistance. Do we want to jump in now? You could with a good stop-loss, but if you want to jump in using a much safer strategy let's go in on the pullback as long as the pullback stays above support. Why be so conservative with our entries? Because that's where most of the money is made or lost, in the end, it's about timing. If you set your stop-loss too close your exchange will close you out, if you set it too low you risk losing a lot. The more capital you have at risk the more you should be concerned with a safe entry point and not price. Also, please use a good risk management strategy. The best way to keep that cash safe is to jump in when there is a low-risk entry point (which is building up right now.) Know when and where to set your stop-loss and position sizing to minimize risk and maximize your profit.
WHATS BTC DOING NOW?
So far BTC has gone over months-long resistance that has turned into support. What will be a good entry point? Once we retrace to the white line and if price refuses to close under it. What constitutes support is when price (candles) test and retests a line while refusing to go lower. So far we have one small initial test (not too impressive.) We are looking for a strong obvious retest. Make no mistake BTC has been on a short uptrend and it is looking to certify it. We'll go in when it is safe not when it looks like it's safe.
WHAT TO LOOK FOR?
The 50/200MA golden cross, this is building up and looking to certify this young secondary uptrend. I am surprised how quickly we may come out of our 50/200 death-cross. The fact that we are coming out of it this just a few months later it may be telling us how strong the next uptrend will be, It may happen in the next 2 weeks if BTC stays where it is or moves up just a little. At this point, only a drop to the "New recommended buy zone" would invalidate the 50/200 crossover.
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: Neutral / Sideways
THE OUTLOOK: More downward movement expected.
WHATS BTC DOING NOW?
So far BTC has gone over months-long resistance that has turned into support. What will be a good entry point? Once we retrace to the white line and if price refuses to close under it. What constitutes support is when price (candles) test and retests a line while refusing to go lower. So far we have one small initial test (not too impressive.) We are looking for a strong obvious retest. Make no mistake BTC has been on a short uptrend and it is looking to certify it. We'll go in when it is safe not when it looks like it's safe.
WHAT TO LOOK FOR?
The 50/200MA golden cross, this is building up and looking to certify this young secondary uptrend. I am surprised how quickly we may come out of our 50/200 death-cross. The fact that we are coming out of it this just a few months later it may be telling us how strong the next uptrend will be, It may happen in the next 2 weeks if BTC stays where it is or moves up just a little. At this point, only a drop to the "New recommended buy zone" would invalidate the 50/200 crossover.
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: Neutral / Sideways
THE OUTLOOK: More downward movement expected.
Commento:
STEADY EVERYONE: if what you've tried many time has depleted your capital, try letting the trade come to you for once and you will be forever hooked on good trading habits. Don't chase the price be careful with your money (No money, No profits), BTC will retrace just look at the ups and downs on the chart below. The reverse of what I told you on the way down is not true, Going down is part of moving up so let's catch it on the down move BUT above resistance which is the white line.
Commento:
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Commento:
Price seems to be frozen in place, no movement for a while now.
Commento:
We did hit the middle channel line and BTC did have a reaction to it. I still do not see a safe entry spot here.
Commento:
Quick update: As I mentioned before the white line is where you want to jump back in again. We are making our way back in. Some alts are looking good still.
Commento:
Why do we wait to see if support holds? Because we can easily go back down to the green trend line which is around $7900. We trade when it is safe to trade not when it looks safe to trade.
Commento:
KEEP HITTING THE LIKE BUTTON IT KEEPS THIS POST RELEVANT AND I CAN KEEP UPDATING.
