We are still in the same 9280-11788 zone we've been in for a while.
Ideally this is a no-trade zone.
We got hit by several FUD news at the same time, which brought us close to 9280.
If you were able to buy there good for you.
This chart presents all the levels to watch. Drawings etc can supplement that and give us an edge, but these drawings are secondary. nothing matters more than price levels, as we saw yesterday when FUD hit hard and 10210 failed but 9280 held as we knew it would.
If you are tired and want to take a break, all you need to do is:
- Buy close to strong supports right above them.
- Short right below strong support.
Any monkey can do this.. after you bought if you're a short medium term trader you see a hard bounce you sell some keep some till next resistance.
Investors...well it depends your strategy. Idk you could buy 10% on each line... Really depends on your profile every one is different. Not a financial advisor.
This gives the best risk to reward plus the odds of strong supports holding are near guarenteed. As close you'll get in the trading investing world.
For my part I finally managed to disgust myself with overtrading, and I won't look at Bitcoin until we get close to one of these lines.
If you're in alts... hope you have a strong heart.
I'll look at alts if ETH gets to 500 NEO to 50$ LTC to 100 these kinds of things. to 12 cents or so.
The fat lines on the chart are strong supports, the smaller lines are somewhat intermediary.
We can also notice that when the technical people joined the crypto world, supports and resistances stopped being nice round numbers.
Tip: there's many many lines, and they all matter, you can zoom in to see better if you didn't know.
We're right above the downtrend line by the way which is close to 9280, while the correction downtrend log line is close to 11788.
This makes these levels even stronger.
"Less is more"
"Have a plan"
+++ I am not a financial advisor (good luck finding one in crypto). Trade at your own risk +++
1- Scalpers: Have fun losing.
2- Day traders: Meh. Don't trade crypto while we're in uncertainty zone. Go short oil or something idk, plenty of opportunities elsewhere.
3- Traders: Just look at these lines tbh. Less is more.
4- Investors: Either you're going to spread your buys, or you bought at 6000 and you'll only buy more if we go to 3000 and 1000 and wait a long time.
5- Bonus: clowns. "Oh the guru saw an inverted Stegosaurus let's follow him all in I have no idea what time frames I'm trading I have no plan whatsoever".
A word to investors:
If you bought above 10000 you made a mistake. If you bought above 15000 and you're still waiting...Well you know...
If you were going to buy Bitcoin, and hodl it for years, why would you not wait a few weeks to buy? Why buy when it as fast as possible when it goes above 10000?
They *all* need to keep these lines in mind.
I am number 2 and 3, so my ideas will be focussed on that almost always.
1- Making bear calls. If we go way down they'll say they were right. If we don't they'll stay silent.
2- Making bull calls. If we go way up they'll say they were right. If we don't they'll stay silent.
3- The cancer that is growing on Trading View. Makes random calls. Is almost always wrong. We go 50% in the opposite of their direction and 3 months later we briefly pass by their target which is to be expected with crypto volatility "Who called it better". There are many of these it is spreading. If they do it on purpose or not I can't tell. But people that fall for this would lose anyway so doesn't really matter if they all gladly go to the slaughterhouse.
Will try shorting if I can ...
Let's count how many supports got shrekt since yesterday:
Bonus, on the log chart:
So if I'm correct that's an Octa kill? Damn.
Also, the daily EMA 130 got shrekt, and the EMA 200 might be about to be.
These ones are important and this is why:
"Mix up ignorance and leverage (every "hedge" fund in 2018) and you get pretty interesting results" - Also Buffet
And if you look at the best traders they're staying away atm.
Might as well flip a coin at that point. Until we get to upper or lower boundary.