Bitcoin can be a fun item to trade. Lots of news, fomo, and chaos all in one item. No matter if your think its worth $1 or $100,000 there's only one way to trade it safely and efficiently. By using patience, and having a plan. So here Is my glance at btc this week.
Its always best to look at the big picture with btc.
The big picture is pretty interesting, we can see we are very close to the resistance, and sitting in a spot to potentially start a new run up. This is a great place to watch, not buy. If bitcoin was a teacher, it would teach you it can bite just as hard as reward you. To give us a potential buy zone we need to see it break its trend and find support on top of the resistance. Until that happens, "the trend is your friend". Why bet against the odds.
Lets get a closer look.
I must admit, I'm neither a $100,000 person or a $1 person. I can see the argument both ways and as a trader frankly I don't really care, my goal is to turn a profit. But I have most defiantly had my doubts that this thing could possibly make another run at it. After getting a closer look, it has my attention. Giving the clearest indication it has ever given us that it just might have the juice to pull it off. Don't get me wrong this is not a buy area still. I wouldn't trust it until it gives us a clear signal that this is the real deal. This is a dangerous area to buy in, a little bump in the wrong direction and your holding btc at its last high point which it may never return too again. I will be waiting for confirmation before I test the waters. Personally I'm not in till it finds support on $10,500, but ill be watching very intensely.
For complete transparency I will share this info, My last buy was at $6000 and I sold at $10,000 last year, and have not bought anymore except for the occasional intra day opportunities. I am currently not holding any BTC.
Its always best to look at the big picture with btc.
Lets get a closer look.
For complete transparency I will share this info, My last buy was at $6000 and I sold at $10,000 last year, and have not bought anymore except for the occasional intra day opportunities. I am currently not holding any BTC.
Comment:
Ok, bitcoin has my attention way more then it should right now, and I have over analyzed this thing to death. Looking at it from every angle, turning my head sideways, the whole nine yards. I never thought I would say say this again but Im slowly turning bullish on bitcoin.