abc corrects to number 4. low volume on this last leg down makes sense. You would be seeing higher volume if BTC was going lower. This last leg
down on low volume should be considered bullish. A more conservative approach would look to a bounce to 8500-9000. I bought back at 6820 6943, 5% of my funds. At these levels even if you are wrong and we drop to 5900 than maybe 4300, we will bounce back higher over these losing trades. Key to trading btc is allocation. Id another 10% at 5900 and another 30% at 4300.. this still keeps me 55% in cash just in case we crash to 2700 or even 1100.. Re!ember tax season ends april 15th. Id imagine most have sold to pay taxes ahead of time. I also like the fact that most traders are short and looking for a break below 6000. good luck~
btw i have been trading 100 point swings for past two months, up 25% since jan 25th. Reason for being up only 25% ive been making small bets. Ive only lost on 4 trades. I set no stop losses. If i get "stuck" in a trade i just forget it.. I keep trying to make 100 point gains.. Normally after i get stuck in a trade i can have 5-10 successful trades that make up for the "stuck" trade. You will find if you trade with less it clears your mind. I only trade after work looking for only 100 point gains. Its like a job, but it has been working. This chart is more of a longer term outlook.. I trade very short term only looking for 100 points so my long term outlook may not be accurate. That is what makes trading BTC so great. You only need to "not" trade at certain levels. At this level even if you are wrong and we drop to 5900 and than 4300 you should be able to make 100 point gains in between . How you lose at trading bitcoin is buying in more than 2% of your cash at a time. If you had 10k or 100k you could buy in 2% at t time all the way to 2000.. You would just need a rally back to 4500 to break even. And in between you would have chances to sell your winning trades.
down on low volume should be considered bullish. A more conservative approach would look to a bounce to 8500-9000. I bought back at 6820 6943, 5% of my funds. At these levels even if you are wrong and we drop to 5900 than maybe 4300, we will bounce back higher over these losing trades. Key to trading btc is allocation. Id another 10% at 5900 and another 30% at 4300.. this still keeps me 55% in cash just in case we crash to 2700 or even 1100.. Re!ember tax season ends april 15th. Id imagine most have sold to pay taxes ahead of time. I also like the fact that most traders are short and looking for a break below 6000. good luck~
btw i have been trading 100 point swings for past two months, up 25% since jan 25th. Reason for being up only 25% ive been making small bets. Ive only lost on 4 trades. I set no stop losses. If i get "stuck" in a trade i just forget it.. I keep trying to make 100 point gains.. Normally after i get stuck in a trade i can have 5-10 successful trades that make up for the "stuck" trade. You will find if you trade with less it clears your mind. I only trade after work looking for only 100 point gains. Its like a job, but it has been working. This chart is more of a longer term outlook.. I trade very short term only looking for 100 points so my long term outlook may not be accurate. That is what makes trading BTC so great. You only need to "not" trade at certain levels. At this level even if you are wrong and we drop to 5900 and than 4300 you should be able to make 100 point gains in between . How you lose at trading bitcoin is buying in more than 2% of your cash at a time. If you had 10k or 100k you could buy in 2% at t time all the way to 2000.. You would just need a rally back to 4500 to break even. And in between you would have chances to sell your winning trades.
Trade closed: target reached:
At this point getting a rally from 6900 to 8100 id take profit if you were a buyer at these levels. I wouldn't count out BTC retesting 6600 one more time before trying for a run to 11k.. It would also make a classic W bottom.