Bitcoin broke to the downside of this weekly descending triangle thats been forming over the last several months. I was pretty confident that it would break to the downside but actually thought it had a better chance of breaking up.
I was really hoping it would work it’s way back to the top of the triangle for a chance to make a buck.
We’ll just have to watch this for a bit to see what happens next. I would expect a test of the bottom of the triangle and see it act as resistance. I’m thinking this may take some time. I have difficulty with patience sometimes.
I did learn, or reenforce, some important lessons this week. I made a buy when we reached the bottom of the triangle. I should have waited for the weekly candle to close before making a trade, but a fool I was. I just had it in my mind that we would bounce up and retest, at least one more time, the top of the triangle. I figured it might just wick below the triangle but surely close in it.
I did sell because of the other technicals now. The daily and weekly MACD are bearish. The overall trend is still down. We are actually below the 50 MA.
So here are my takeaways from this week.
TRADING RULES FOR ME:
*Wait for a candle to close before making a move to buy or sell.
*When considering a buy or sell, when in doubt, go with the trend. The trend is your friend.
Thanks for listening.
satoshmike
I am not a professional trader, investor or adviser. This is not, in any way, financial advise. Always do your own research.
Twitter - @satoshmike
I was really hoping it would work it’s way back to the top of the triangle for a chance to make a buck.
We’ll just have to watch this for a bit to see what happens next. I would expect a test of the bottom of the triangle and see it act as resistance. I’m thinking this may take some time. I have difficulty with patience sometimes.
I did learn, or reenforce, some important lessons this week. I made a buy when we reached the bottom of the triangle. I should have waited for the weekly candle to close before making a trade, but a fool I was. I just had it in my mind that we would bounce up and retest, at least one more time, the top of the triangle. I figured it might just wick below the triangle but surely close in it.
I did sell because of the other technicals now. The daily and weekly MACD are bearish. The overall trend is still down. We are actually below the 50 MA.
So here are my takeaways from this week.
TRADING RULES FOR ME:
*Wait for a candle to close before making a move to buy or sell.
*When considering a buy or sell, when in doubt, go with the trend. The trend is your friend.
Thanks for listening.
satoshmike
I am not a professional trader, investor or adviser. This is not, in any way, financial advise. Always do your own research.
Twitter - @satoshmike