I use this chart for both my Spot & Future trades. Before I take any position, I look at the bigger picture and verify the general movement of the market.
While to crypto market as a whole is moving in a primary upwards trend - with new highs every few years - the secondary trend tends to change more often.
The way I understand & use technical analysis is to verify the changes in the secondary trend and manage my positions accordingly.
Let's talk about the current situation: the Bitcoin price is moving in a downward trend. We can also see a textbook bull trap, and the price is aiming for our most recent low at ~17k.
It is not the time to take a leveraged position. The risk/reward ratio is horrible, and people tend to gamble on "does it go lower?" (short) or "is it over now?" (long). But there are no consistent profits to make, just lucky punches.
Anyway, we have another meeting of the FED this week. While we previously talked about an increase of 50 or 75 basis points, we are now talking about either 75 or 100. This is more of a mind game from Mr. Powell. The FED is not going to shift its balance sheet tightening anytime soon. And he wants everyone to know about this with his presence in the media (which I highly dislike).
But: we have the tools to be still profitable. Use these lows to buy in the Spot market for long-term gains. Wait for clear confirmation of a trend change and prepare to take long positions along the line. The trend is your friend. Always.
While to crypto market as a whole is moving in a primary upwards trend - with new highs every few years - the secondary trend tends to change more often.
The way I understand & use technical analysis is to verify the changes in the secondary trend and manage my positions accordingly.
Let's talk about the current situation: the Bitcoin price is moving in a downward trend. We can also see a textbook bull trap, and the price is aiming for our most recent low at ~17k.
It is not the time to take a leveraged position. The risk/reward ratio is horrible, and people tend to gamble on "does it go lower?" (short) or "is it over now?" (long). But there are no consistent profits to make, just lucky punches.
Anyway, we have another meeting of the FED this week. While we previously talked about an increase of 50 or 75 basis points, we are now talking about either 75 or 100. This is more of a mind game from Mr. Powell. The FED is not going to shift its balance sheet tightening anytime soon. And he wants everyone to know about this with his presence in the media (which I highly dislike).
But: we have the tools to be still profitable. Use these lows to buy in the Spot market for long-term gains. Wait for clear confirmation of a trend change and prepare to take long positions along the line. The trend is your friend. Always.
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Sep 9th:
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Sep 18th:
![[UPDATE] Bitcoin Is Perfect For TA - The Proof](https://s3.tradingview.com/l/lMv9IEnD_big.png)
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The price retraced to the resistance area (red) and is now aiming for a lower high. I'm expecting a move down within the next 24 hours
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This scenario is confirmed with the price dropping below $18.8k now. Keep in mind that the upcoming announcement from the FED will put further pressure on the market.
