Bitcoin Correction is Approaching Key Buy Levels | Trading
I'm typically not one to share my trading ideas with you guys, but as per recent requests, I decided to give it a shot. Please let me know what you guys think of this type of post in the comments below and if you'd like to see more behind the scenes looks at my trades.
As you may know, I'm focused on education and spreading knowledge on Steem, but I'm actually a former options trader turned cryptocurrency trader. I'm all about volatility and volume spotting. Please read the disclaimer at the end of this post and remember that this is not financial advice, but simply a look at what I'm personally doing.
Bitcoin
I've been expecting this correction in Bitcoin and it appears that we'll see it here in the next few hours.
Let me first explain my buy levels: You'll see 3 horizontal green lines in the image below. Each of these lines represents a price that I'm purchasing Bitcoin at. I typically scale into my positions as to hedge against continued price movement and try to ensure I get filled on my orders.
Bitcoin just bounced off of my first buy level of $15,000. My actual fill price was $15,300. This represents 33% of my total position for this Bitcoin trade. If Bitcoin continues upward from here, I'd be happy.
But if Bitcoin continues its downtrend, I'll buy another 33% at the second buy level of $14,000. If Bitcoin again drops, I'll buy more at the $12,500 level, but I am not expecting Bitcoin to drop below $12,000 today.
Keep in mind that this is just a day trade and the position will not last more than 24 hours. I'll update you guys in the comments section of this post every time I buy or sell Bitcoin. If you have any questions, please don't hesitate to ask!
Disclaimer: This is not financial advice. Only invest what you are comfortable to lose. Investing in anything, especially cryptocurrencies carries a significant risk of losing some or all of your capital invested. Do your own research and make your own decisions. The information here is provided solely for entertainment purposes.
Thanks for reading, and in case you missed it, I’m running a new rewards program for my followers in hopes to increase the engagement in the comments section. All you have to do is be followed to my account and leave your valuable thoughts in the comments below. The more valuable the comment, the higher an upvote you’ll receive. I’ll see you in the comments!
i believe this is just momentary and Bitcoin will come back up soon !
Yes, I do expect Bitcoin to rise very soon! This is just a temporary correction and thus, a great buy opportunity!
You probably did well getting in at $15K. I'm not sure the price will approach $14K since it looks like it's going in the other direction. You win anyway. Thanks for the info.
Yes, looks like we're seeing some upward movement and approaching 16k now. This is the very reason I suggest people to scale into positions. The markets are so unpredictable, but if you can just take a small trade idea and then stretch it into 3 buy opportunities, you can significantly decrease your risk while also getting involved in the market at great prices. Thanks for reading!
I like this type of post, it's always good to get more opinions on crypto trading. What are some of the indicators you used to pick these particular buy levels?
Thanks! I think I will continue to do them in the future! I'm less technical than most as far as indicators are concerned. 15k was chosen as a psychological support level and is also backed by historical price movement from a few days ago and it does look like its holding nicely. The other 2 levels are arbitrarily picked to reduce risk and allow me to scale into the position. I trade more on intuition and social factors than technical indicators, but that's just me.
Huh interesting. And I imagine you do decently well this way? If so I'll definitely have to get some tips. I'm pretty much just getting into crypto trading so I'm still trying to learn, thanks for the quick reply!
I do pretty well, but I've been trading markets for almost 7 years now. I started out trading stocks and then options contracts and now crypto. I still dabble in options and stocks, but I enjoy trading in high volatility, and you can't find higher volatility than crypto! I plan on doing a series on how investing in crypto has allowed me to drop out of college and trade full-time. Stay tuned!
Just wondering. Is there a way to change Steem to bitcoin and do you think it is worthwhile? I imagine in my case the charges would be about as high as my steem dollars.
Check out Blocktrades.us - That is where I do all my Steem transactions. Alternatively you could send your steem to an exchange like Bittrex and then sell it for Bitcoin... I think Blocktrades is the best way, they are very active and helpful in the Steemit community as well! Hope this helps!
Great. That is good news for me. One day it will be time to trade. I will check it out. Probably what i should do is add the 5 dollars of steem I have left to power up.
it's just temporary it's because of the fall of the platformen south korea
That's what I thought too. Now we can come up with a conspiracy theory that the hacking was just to create a correction, so there would be a buy opportunity.
😂
Are you expecting Bitcoin's fall? What do you think is the reason for the fall?
It's just a temporary correction. Bitcoin is seeing support around 15k, I don't expect it to break through, but if it does, those 2 buy levels are in place.
Excellent and accurate prediction! I think this is the best opportunity to move some resources in Bitcoin that we have seen in a couple months. .. of course as long as it is withing one's means!!! I am buying some BTC tonight. Other coins to watch - Monero, Ripple, Bitcoin Gold (mineable), Bitcoin Cash, EOS (platform launching this coming summer so it will shoot up), Ether of course and Smart Cash.
What position are you in right now?
cryptocurrency world is new to me. many things i dont understand about this.
informative! thank you for sharing @khaleelkazi !