BTC Update! Back to lower lows!
Here it goes again, we are back to lower lows as BTC was unable to hold the last higher low from prior chart of $3293. We lost that and its been a slow decline since with the two higher lows before 3293 ($3254 and our low of the year $3212) also giving way to bear pressure. Shorts are just now starting to climb back in so they are unlikely to be under any pressure anytime soon in my opinion.
This is an ideal time to be patient if looking for bullish entries. Do not try and catch that falling knife. We will see a bounce and lots will try and gamble on an entry but personal strategy is enter when trend is changing to favor bulls and exit when trend changes back to favor bears. This obviously has left minimal entries for any personal trades the last several weeks if not months as any bounces or rallies are generally short lived by the bulls. But its the same idea of just protect capital. Zero need to constantly be in a specific market, sector, etc. Cash is always an option as your position.
Last chart I had taken on a BNB trade just due to chart setup, had exited about 25% of position for a 5% gain and was stopped out on remainder for just above my entry. Small gainer overall but a low risk entry and a protection of profits/capital exit. I'm staying cash for now and likely over the weekend unless the bulls can shift the trend.
$3,000 is a big psychological level in my opinion and I expect buyers to step in but back to bulls need to prove it mode. I would consider a personal entry again if significant bearish pressure drives the price down quickly and bulls show up with significant volume to try and hop on a V shaped recovery for a quick and profitable play but otherwise patience will remain my game.
Just My 2 Sats!
This is an ideal time to be patient if looking for bullish entries. Do not try and catch that falling knife. We will see a bounce and lots will try and gamble on an entry but personal strategy is enter when trend is changing to favor bulls and exit when trend changes back to favor bears. This obviously has left minimal entries for any personal trades the last several weeks if not months as any bounces or rallies are generally short lived by the bulls. But its the same idea of just protect capital. Zero need to constantly be in a specific market, sector, etc. Cash is always an option as your position.
Last chart I had taken on a BNB trade just due to chart setup, had exited about 25% of position for a 5% gain and was stopped out on remainder for just above my entry. Small gainer overall but a low risk entry and a protection of profits/capital exit. I'm staying cash for now and likely over the weekend unless the bulls can shift the trend.
$3,000 is a big psychological level in my opinion and I expect buyers to step in but back to bulls need to prove it mode. I would consider a personal entry again if significant bearish pressure drives the price down quickly and bulls show up with significant volume to try and hop on a V shaped recovery for a quick and profitable play but otherwise patience will remain my game.
Just My 2 Sats!
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