When you're trading with a sizable portfolio value you're looking for the smartest entry points without too much jostle in-and-out of positions. It means having the patience to let the market come to you and trading far less often. Bitcoin has clearly shown that the market makers have accumulated nicely with some good follow-through price action, but we're about to see a lot of upset buyers. The lowest risk entry point with the highest probability of success for Bitcoin and crypto overall is still weeks out but will come very quickly. The greatest bull market in crypto history is going to be an exciting ride, just as shorting the bear has been very lucrative indeed. Visit cryptonitetv.com to take the uncertainty out of crypto trading.
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In the event this downward move does not happen, a close about the 50 week moving average (blue line) is a firm buy signal as well. So we have our strategy set for either direction.
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Typo correction: "a close ABOVE the 50 week moving average (blue line) is a firm buy signal as well"
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The problem with our default mindset is we expect ourselves to be right all the time, and we LOVE to predict, why? Because it makes us feel amazing when it turns our right! Right? So we bind our ego to our opinion. In trading we can afford none of these things. Its not about being right or wrong, we should never listen to anyone's long-term predictions. Trade what you see in front of you. Have an exit strategy before you trade. Know you will lose some and win some, and the game is about having a stranglehold on losing trades and letting winning trades run with targets in place. So back to the chart... here is our updated (cautiously bullish) analysis.
