People stand around dreaming about the bitcoin price. "It will be 50k/100k in 2020". They start imagining the global economic down turn. The collapse of the financial institutions. They talk and talk and talk. They get clicks on youtube. That's all fine and dandy. I seek out fundamentals as well, however, time is a valuable resource. I can't sit around waiting for something that may or may not happen. There are excellent opportunities for money to be made, even in this market.
The past few days have been dreadful for the bulas. One steep drop followed by another. Now, bouncing repeatedly off support @ 8054-7704. We are in for a new move, a break to the upside/downside. Based on the support, I am more inclined to say the upside. People say bad things about RSI and such. But look for yourself. How much longer can the RSI be this low on the daily? I don't care it we get a fake out pump. I don't care for a pump to 10k. I don't care for a pump to 12k. Whatever the pump is, I just want to ride the wave and lock in profits. The 200 day Moving Average is resting @ 8417. People tell you things like, "don't short the moving average". Well, it looks like it would have made a good deal of money if you had.
Anyways folks, be vigilant, keep stop losses. TA is not a way to predict the future. It is a way of increasing probability of a successful trade.
This is analysis 1/3. Next, I will be looking at the 4 hourly and hourly. Setting up short term swings based on them.
The past few days have been dreadful for the bulas. One steep drop followed by another. Now, bouncing repeatedly off support @ 8054-7704. We are in for a new move, a break to the upside/downside. Based on the support, I am more inclined to say the upside. People say bad things about RSI and such. But look for yourself. How much longer can the RSI be this low on the daily? I don't care it we get a fake out pump. I don't care for a pump to 10k. I don't care for a pump to 12k. Whatever the pump is, I just want to ride the wave and lock in profits. The 200 day Moving Average is resting @ 8417. People tell you things like, "don't short the moving average". Well, it looks like it would have made a good deal of money if you had.
Anyways folks, be vigilant, keep stop losses. TA is not a way to predict the future. It is a way of increasing probability of a successful trade.
This is analysis 1/3. Next, I will be looking at the 4 hourly and hourly. Setting up short term swings based on them.