Good morning again ladies and gentlemen and welcome back to the ups and downs of Bitcoin. Today I have the 4hr time frame pulled up after attempting to retake former support. More on that later. We are still sitting above 30k and I will consider that a win for now. But there could certainly be more red candles as time progresses and I will explain myself so dont freak out. Anyways lets get this show on the road.
I see that we broke through that 4hr 50 MA. When that happened I was happy no doubt. But I was also doubtful. Doubtful to enter a position til a confirmation candle showed its face. That confirmation candle would need to close above the 4hr 50 MA for me to show interest in entering a long. But that didnt materialize therefore I skipped that trade. Being a good trader doesnt mean you win 100% of your trades. Being a good trader also includes knowing when you should hold em and when you should fold em. Yesterday I decided to refrain from going long on a knee jerk trade and it seemingly paid off well.
I want to also bring up something that seems to be becoming more and more relevant and that is the possibility of a bearish continuation pattern. We have the bearish pole and the flag so all we need is the drop. I sure hope the bulls dont allow this to occur but keep an eye on 30k. That is the current line in the sand in my opinion. Im not in any trade at the moment after closing a recent trade. I should have made an entry but Ive been busy with the youtube channel and other projects. Oh well. I will catch the next pump (or dump) either way I see a pump or dump as an opportunity. Get more $ or more sats. Either way I win.
25850 could be a good place to look for support if this continuation pattern plays out. I usually dont like giving exact predictions as it gives the trolls ammo to come at me with. I am not always right and Ill be the first to admit it. I use logic in my analysis and as we all know logic is a lost cause in 2021. But by eliminating emotions from the equation I make much more sound trades that typically end with much better results. If you are sweating over your investment you are over extended. Step back and amend the situation. Isnt investing supposed to make your life better? Than why are you sweating so much? Re-think your strategy if you are losing sleep over your bags.
Im bearish short term yall. I hope I am wrong. The crypto community is so much easier to converse with in a bull run. When the dumps occur people get distracted with the next hot topic in the media. Or the next sports game. Its going to happen. Bitcoin will get hot, cool off and we will see that reflected on the charts. After all the charts are just a story of the market. If you can learn to decipher that you can certainly profit from it. The ball is in your court. I have a course. There is free info all over the internet. Learn to trade when there isnt a massive run to 40k. Anyone can trade a pump. Trading the alternative is the true challenge. I hope you all have a great day my friends. I hope you all have so much profit you can come live with me on Mars when Elon is ready... Make good choices folks. and always remember WTFDIK???
TLDR: Bearish short term. Looks like the 4hr 50 MA rejected us so it looks like down is the next move. Especially considering there is what looks to be a continuation pattern... A bearish one at that. So set a stop loss. I hope Im wrong. I dont want to see us lose 30k but it doesnt matter what I want.
I see that we broke through that 4hr 50 MA. When that happened I was happy no doubt. But I was also doubtful. Doubtful to enter a position til a confirmation candle showed its face. That confirmation candle would need to close above the 4hr 50 MA for me to show interest in entering a long. But that didnt materialize therefore I skipped that trade. Being a good trader doesnt mean you win 100% of your trades. Being a good trader also includes knowing when you should hold em and when you should fold em. Yesterday I decided to refrain from going long on a knee jerk trade and it seemingly paid off well.
I want to also bring up something that seems to be becoming more and more relevant and that is the possibility of a bearish continuation pattern. We have the bearish pole and the flag so all we need is the drop. I sure hope the bulls dont allow this to occur but keep an eye on 30k. That is the current line in the sand in my opinion. Im not in any trade at the moment after closing a recent trade. I should have made an entry but Ive been busy with the youtube channel and other projects. Oh well. I will catch the next pump (or dump) either way I see a pump or dump as an opportunity. Get more $ or more sats. Either way I win.
25850 could be a good place to look for support if this continuation pattern plays out. I usually dont like giving exact predictions as it gives the trolls ammo to come at me with. I am not always right and Ill be the first to admit it. I use logic in my analysis and as we all know logic is a lost cause in 2021. But by eliminating emotions from the equation I make much more sound trades that typically end with much better results. If you are sweating over your investment you are over extended. Step back and amend the situation. Isnt investing supposed to make your life better? Than why are you sweating so much? Re-think your strategy if you are losing sleep over your bags.
Im bearish short term yall. I hope I am wrong. The crypto community is so much easier to converse with in a bull run. When the dumps occur people get distracted with the next hot topic in the media. Or the next sports game. Its going to happen. Bitcoin will get hot, cool off and we will see that reflected on the charts. After all the charts are just a story of the market. If you can learn to decipher that you can certainly profit from it. The ball is in your court. I have a course. There is free info all over the internet. Learn to trade when there isnt a massive run to 40k. Anyone can trade a pump. Trading the alternative is the true challenge. I hope you all have a great day my friends. I hope you all have so much profit you can come live with me on Mars when Elon is ready... Make good choices folks. and always remember WTFDIK???
TLDR: Bearish short term. Looks like the 4hr 50 MA rejected us so it looks like down is the next move. Especially considering there is what looks to be a continuation pattern... A bearish one at that. So set a stop loss. I hope Im wrong. I dont want to see us lose 30k but it doesnt matter what I want.