Bitcoin (BTC) update - Free fall
Hi guys, I hope you're enjoying the volatility! Buckle up because this is nothing comparing with what we will see if this sucker hits 4k & I don't even want to imagine if it wants to go to 5k
I said it before, I wouldn't expect nothing less than $500 dollar movements up & down every three or four days when we are approaching the top.
If this red support line doesn't hold, we're going straight to the next fib line down to $3160 for a 50% correction since the parabolic movement started. It's even possible that we go all the way down to test the $3k level before we can shout up again.
So this morning I sold most of my BTC for USDT at $3380 as soon as the moving averages crossed & two candles closed below moving averages. (I hope you've seen the top comment in my last YouTube video warning about this with time).
I now bought some BTC at $3266 & I have an automatic buy order to buy more at $3165 if it hits that target. I would expect a couple of days in the red numbers for the market cap in general so it might even go down to test the $3k level in the next couple days...
Remember this market is very risky, invest only what you're willing to lose!
That was all for the quick update ;)
good
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Really enjoy your YouTube videos!
thanks :)
TA doesn't work very well on BTC
TA doesn't work very well on any market... if you're a good analyst you'll get it 70% times right 30% wrong... consistency with stop losses & automatic profit selling is the only way to stay profitable in the long run. This applies for BTC or any other market in my opinion.
I very appreciate your analyses. Where do you set your stop loss and take profit?
Hi thanks for the comment, that is different in every situation.
Yes right
I would say the complete opposite: There's nothing better in the world that TA works on!! For triangles patterns, it's my favourite. Ema cross-overs also, awesome - though that could be said for crypto in general (ETH is a great example for this too).
Maybe you're just not doing the TA right? ;) I've made quite a bit from crypto, and I'm doubtful it's just luck!😄
My TA works 70% of the times in average. The profits I made in crypto are huge comparing with any other investment I ever had. I never heard of anyone getting it right 100% but hey congrats if you can ;)
Agree....I find it insane really....it's almost like free money, and the 'TA' I use is so simple😄
For sure, nothing works 100%, but a strategy that on average generates a net profit is all you need!
Exactly :)
@xaero1 , I am gonna stat learning trading crypto, any links for beginners that u suggest, there are lots of info out there and it's hard to find a good one to be honest. if you have commented it somewhere , can u share the link too.thanks in advance!
The problem is that it's only easy money, I find, if you dedicate a lot of time to it :-/. So I wouldn't recommend it exactly! But just adopting a buy and hold strategy would have proved very lucrative over the past year (e.g., you could have just chosen the two biggest cryptos - BTC and ETH, but pretty much everything had great gains). But in the next year it could fall rather than rise - I have no idea! As I trade though it is not so important. For a non-trader, I mentioned dollar cost averaging is an option. Good places for info, I would say is: Reddit: r/bitcoin and r/ethtrader - if you can put up with memes and talk of 'lambos'! ;D
Can I follow your trades :D
Haven't figured out a way to focus on trading and make posts at the same time yet haha...maybe one day :D
Ping me when you do :D
Hi dobe4ever,
Great work as per usual.
Does this affect your thinking on the BTC/BCH pair?
Thanks
Hi, I would expect one or two red days for most cryptos but I could be wrong, I'm going to check the market now & make an update here.
Thanks!
thanks for the analysis
I sold all my BTC too - at between $2380 and $2410 ;). Also sold half my eth at just under $300. Made some extra money on the panic spikes down as well -- normally a pretty reliable strategy, I find 😀
Dobe,
Any advice for NEO? This has gone parabolic and looks like it will be contending with ETH. NEM is Japan's ETH, so that will be next. WAVES, STRATIS also look to be top contenders. Coinbase finally released my funds buy banned my account. Never gave me a reason why and refuse to give me one.
Upvoted!
Bitcoin will correct but not yet. See my analysis where I nailed the recent Bitcoin bottom and current rally. https://steemit.com/@haejin
Besides localbitcoins.com how else do you sell your bitcoins for fiat? Is it possible to sell bitcoin with a profit when the difference from where you bought and where you sell is just of (let's say) 100 usd?
You can make a profit by buying in the regular exchanges, for example coinbase, or the one which has it cheaper, then sell them in localbitcoins for 5% more. Many people makes a living like this, but you need to be all day in front of the computer & ready to sell any time someones opens a trade with you. I don't think that would be profitable in a down trend, tho. But many of the big users at localbitcoins do this for a living...
You said that you sold your BTC at 3380 USD. On which site did you sell BTC for fiat? Coinbase?
Hey sorry for the late response, I just saw this now. No, I sold then for USD tether at Bittrex
Hi echinox, you can sell your btc on paxful.com
Hi dobe, thanks for the update. Do you think bch is a good buy now. Also any update on Neo?
I just got up. I'm going to look now. Last night I got out of everything, I'm only holding a lot of BTC cause I cought them cheap when crashing & a little bit of monero . I would expect one or two days in the reds for everything but let's see. I'll be sharing here later ;)