Nothing to see here ... Just another lazy 600 point day on BTCUSD
Hey everyone, hope you've all been trading better than I have!
I've been getting taken to the cleaners on this one lately. Not so much losing money, just letting profits disappear via poorly timed exits and following up with poorly timed FOMO re-entries - bad trading at it's finest :)
Major sell off yesterday, but in typical BItcon fashion, pair found a solid bid around 5100 and the rebound was just as quick:
Pair is currently trading below major resistance in the 5750-5920 zone, with a break higher targeting the psychologically significant 6000 handle. Initial support is the broken channel top at 5515 and counting. A break back inside the channel would shift focus lower.
I'm currently flat after taking small profits on a late entry, hoping for some more temporary weakness before the weekend so I can position myself for the next leg higher.
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I identify man, I was right in front of the life charts the last two major swings and missed one by 3 € in a sold order and the last BTC dip thinking it was going even lower.
Yeah, been watching it a bi the past 12 hours, missed the one entry I saw on the 30 min timeframe. Sitting on the sideline still, I like the setup on the daily tho.
You watching anything for an entry? I got a limit at 54 ... another chance at 51 would be beaut, but don't think I'll be that lucky.
Thats exactly where I'm looking. I had to step out for a bit, we have been going sideways on the 30 min. Looking like a coinflip but since my upside target is so much higher given what I'm looking at on the daily, worth a shot. 10 is my stop
Umm, maybe a correction is at hand. Or who knows, it has been kinda stable so far.
Thanks for posting :)
great article , keep the good work
So according to your analysis. Bitcoin is likely to dip again. (Considering the price of BTC is above the upper green bar)
I think we can go back to 4700 in coming 2-3 days before mega jump to new ATHs. What do you think?
Edit: Got my 5s and my 4s mixed up ... bit late now, but nah I don't thing that is likely ;)
We were already at 47 earlier in the session so shouldn't be too hard!
Yeah I'm predicting new record highs next few days, just hoping for another shot at a decent entry first.
I know. I really don't want to sell some of my alts for a loss, but missing out on these swings are starting to get a little painful.
Trading is certainly an art more than a science. It takes a lot of intuition and cunning to excel no matter what the asset. With something so volatile as BTC, there is plenty of opportunity to profit...and lose.
I am a HODL and just use pullbacks to add. My timing in the market sucks.
As for the $600 jump, it is amazing what you can get use to. A 20% pullback in BTC is nothing...if it happened to a stock it would be all over CNBC.
Interesting point you make there, Bitcoin volatility is actually getting closer and closer to that off a stock. 600 is only ~10% at these levels, 10% is a pretty normal day in the equity markets.
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