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RE: Trading tips & coin of the month from a complete beginner & future millionaire 😉

in #bitcoin3 years ago

Hey there Stonehill. On Btc, based on ABCD formation on the daily chart (Polo) the downside target is 8800. This fits in well with the 9000 level idea (like you mention as well) of support, which is also the previous low on Jan 17th. Where I'm going here, is that these kinds of support levels more often than not, work in reverse to popular thinking. In this case, the Btc price could dip below the 9000 support (at which point everyone thinks it's headed lower) to 8800, and then reverse and continue bull trend. It's called a stop grabber. Of course, there are no certainties, only probabilities. Cheers

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Very interesting to learn about a stop grabber. Many thanks for this. I am new to all these terms but picking them up fast. Really appreciate your notes here.