Everyone likes to talk about their winning stocks, some people like to forget their loosing stocks, but what about that trading play you thought was right and psychologically could not pull the trigger. Just over a month ago, I attended Stocktoberfest in San Diego, it was a splendid conference and there were so many inspiring presentations. Presenters displayed some interesting charts and you guessed it Bitcoin ($BTCUSD) was one of them.
Take a look at the $BTCUSD chart ending on October 18th, the final day of the conference. The first thing that came to mind when viewing this chart was the technical pattern, and how it was breaking the $150 resistance. The second thing was if $BTCUSD could clear $166 it might re-test $266. That’s only around 60%...no big deal right? Wrong...Based on today's action I missed out on 666% gains. Thats a pretty weird number now that I think about it.
What is Next for Bitcoin?
Most people are wondering where Bitcoin is going next, and the answer is No Body Knows but we can use charts to help define our risk.
Looking at the 30 minute chart, $BTCUSD is consolidating and forming an ascending triangle. If this triangle breaks to the upside, it could shoot up another 10-30% but like any stock or currency it would be nice to see Bitcoin consolidate as shown in the chart below. Maybe it can work off some of the volatile conditions before breaking out again? Bitcoin was the idea that got away, and the moral of the story is to follow the charts, define your risk, know your entry and exit points then move on to the next one. Might enter a position if it consolidates for a few weeks then breaks above $1250.
Take a look at the $BTCUSD chart ending on October 18th, the final day of the conference. The first thing that came to mind when viewing this chart was the technical pattern, and how it was breaking the $150 resistance. The second thing was if $BTCUSD could clear $166 it might re-test $266. That’s only around 60%...no big deal right? Wrong...Based on today's action I missed out on 666% gains. Thats a pretty weird number now that I think about it.
What is Next for Bitcoin?
Most people are wondering where Bitcoin is going next, and the answer is No Body Knows but we can use charts to help define our risk.
Looking at the 30 minute chart, $BTCUSD is consolidating and forming an ascending triangle. If this triangle breaks to the upside, it could shoot up another 10-30% but like any stock or currency it would be nice to see Bitcoin consolidate as shown in the chart below. Maybe it can work off some of the volatile conditions before breaking out again? Bitcoin was the idea that got away, and the moral of the story is to follow the charts, define your risk, know your entry and exit points then move on to the next one. Might enter a position if it consolidates for a few weeks then breaks above $1250.