Is this good or bad?
What to do next?
When to buy back in?
What about the Altcoins?
Good or bad really depends if you have a plan and your level of understanding of how these markets work. Corrections are good, if you are looking at the long term health of an asset, coin or market. There are many players involved, many people bought Bitcoins and other cryptocurrencies without any knowledge of how this market works, the price goes high, everything shoots up, but the time to take out some profits finally comes. The experienced players are hungry they want their gains from the purchase of their coins.
There is also market manipulation, media manipulation and so much more. Our natural behavior as well, panic and other factors. But none of it is a big deal for those that are trading to make money, for us this is just a situation to watch from which we can benefit as well. Look for a re-entry price and how to maximize profits when the correction comes to an end.
So, is this good or bad?
Corrections are good. This type of correction happens after a phenomenal bull run, the Bitcoin price reached all time high, the market grew to new levels, it is safe to say we reached a top, now we want to know where is our bottom, we want to know this market more. So we retrace looking for support, until we find one... we are getting close.
The chart above shows my recommended buy-in (re-entry) levels for Bitcoin . At the same time, this same levels, if they hold, can be considered the end of the correction and activate a buy wave on all altcoins.
So watch for these levels, this might be where the correction comes to a halt. We have already been going down for a while now, so we just need one last push before we find our support.
What to do next?
If you follow my trades, we are taking the hold approach, but why? Because this is the easiest for beginners, not as in a personal way as you might think, but easiest in the sense of following a strategy where you can be sure to win no matter what happens. Knowing that this is a normal correction, you can act on it by making a plan before hand, buy and sell, trade like a boss. Buy and sell can cause mistakes, we like safe bets, that's why we hold.
When to buy back in?
Follow the chart and use my recommended "buy-in zone" square. If the price breaks this level and goes lower, then you buy-in more.
What about the Altcoins?
Our Altcoins are most in the red, just like the entire market. We have a few options here:
1) Sell and buy back lower (this requires keeping track of Bitcoins price and alts price).
2) Sell and remain out, take a loss and wait for new trades (not me).
3) Hold for the correction to be over, maybe reload at the bottom and your money will grow again (reload more while holding the old - I like it).
So it really depends on you.
My relaxation approach calls for a vacation rather than more trades (buying and selling alts), after the correction is over, many new and more opportunities awaits. We are here, and will still be here, to profit from these trades.
Other than that, this correction isn't over yet. Just like we have plenty of time to sell near the top, we will have plenty of time to buy near the bottom.
So take your time, and enjoy the down days, just as much as you enjoy the positive days. It is all trading and learning, we are here to look for opportunities and profit all the way.
Today's lessons, this correction lessons are going to be very useful for our future trades. This will definitely make us stronger, and the entire cryptocurrency market as well.
Next bull run we go to 1.5 Trillions. That's my new aim.
Thank you for your support.
You can the 4h chart here:
The daily is still trending down strong. We need more of this correction before the sellers are satisfied. Let them have their fun, we will come back and we will come back strong.
Here is the daily chart:
If we close trading day above this price, this works as a nice bounce and opens up the doors for a trend reversal but, this is only a small signal and it needs to remain trading above these levels for this to be confirmed. This is an early sign.
Here is the daily chart:
Here is the 4h chart again, looking better than before:
On the charts above you can also see that the price bounced from the "buy zone" square. This is also a signal that tells us the buy zone levels being a good support. It might be tested again before we know for sure what will happen next. Let's allow time for this correction to develop, what I am doing now is looking at it through a magnifying glass... This is no big deal, just some early signals but they look good. We wait patiently, life is good. ENJOY LIFE.
I will keep you posted if we keep on going down or if we reverse and start to go up again.
Thanks for reading.
Thanks a lot for your support.
Hold strong. It is easy to make money when you are long.
We had a good close, yesterday's candle was good, a large stick at the bottom, sellers tried hard but the buyers pushed the price back up. We had a strong bounce from our "buy zone".
Yet, we are still in a downtrend, as it can be clearly seen from the channels and TD Sequential indicator below, but we closed in the sideways channel, so we are back to where we were before.
This is short term though, long term we are still going up.
The correction continues, let's see how this day goes.
Here is the 4h chart (this is the one with the early positive signals):
And let's take a quick look at the weekly chart:
- You can see full down on this chart, but look at the RSI line (2nd indicator: green), it hasn't gone below where we are at now since 2015. It can go lower, it just hasn't happen in a while. This is a bullish signal, even if we go below, which is more than ok with us, we should be looking at a strong bounce soon after that...
Please enjoy the chart...
We don't want to rush anything, the support (buy zone) might be retested and that is something to look for. But overall things look good.
Here are some charts...
So far the bounce has been pretty strong. I will keep a close eye on the day today and start updating all of my active trades.
Thanks always for your support.
Thanks a lot for reading.
Let's take a quick look at some of the charts:
4 Hours chart:
- Here we have the early signals but the indicators are still in the bearish zone trying to turn bullish.
- The candles are looking good but you can clearly see a negative count on the TD Sequential indicator. This is a short term view:
- The daily chart looks ok. The bounce from the "buy zone" was a really good one but still not enough strength to start to move up.
- The indicators on the daily chart are trending down, bearish.
- The MACD is trending down. The RSI is trending down. You can see lower highs and lower lows on these indicators, the same is happening on the charts. This is a bearish signal, a strong one.
- The possibilities of retesting the buy zone levels are strong, according to this chart. Here, take a quick look:
Finally, let's take a look at the weekly chart, let's see what it has to say:
- This chart is pretty interesting to me, it shows a more clear picture as to what is going on.
- First you can see on the weekly chart that we reached a high #9 candle, after that a nice push to reach the top and then the retrace started. The large stick on top of the candles after the #9 are good sell signals. Signals telling us that pressure is mounting up and price might start to trend downward.
- The indicators are curving, from the top to go down. They are all looking bearish, with plenty of room to go down. See the image and see for yourself. The indicators are the different group of lines right below the main chart.
- The candle sticks are giving us even more information. We are on a clear and strong downtrend on the weekly chart. And we are on a #-2 candle, a very ugly one. This trend can reverse anytime, like always anything can really happen in this or any other market, but for now the signals and indicators are telling us that Bitcoin wants to stay in the red. Let's wait for this week to close, to know for sure what is coming next.
Here is your chart:
Even though I see some positive signals and even a small negative trend line broken, I am still not seeing enough momentum. So once again we have these early signals that look good but are not good enough and we remain on a strong decline since reaching the top.
Here are some charts for your learning and entertainment:
30 Minutes chart (lacking all sort of momentum):
1 Hour chart:
This update is just for your entertainment, these short term signals are not very strong. I rather focus on the 4h, 1D and 1W charts, these are better use to determine where Bitcoin might go next.
Looks we are getting ready for the next drop...
We will keep on waiting patiently. The market will be here tomorrow, it will be here a week from now, a month from now and hopefully for many, many more years from now.
So all is good, we are still in this correction, let's leave the decision for the market to decide what's to come.
Here is the 4h chart:
And daily chart:
- Notice how the indicators are on the bearish zone, very low, and curving up. These are good signals but need to be confirmed in order to be strong. These signals are confirmed when the day closes above $12590. I still like the way it looks.
Now, I am always open to all possibilities, but let's start by saying that there is a huge difference between $100 and $1000, specially when you are coming down from a $19,000+ high. Anyways, I do think it is incredibly hard for Bitcoin to go this low.
If Bitcoin had no support and could go this far down, we would be seeing it crashing way harder right now. It can happen slowly as well, over the months and maybe years, but I just think this is hard.
This is a relatively new market.
This is a fast market.
This is the equivalent of the stock market but for the entire world, minimum restrictions.
We all love it. This is an amazing opportunity for all of us, and we want it. We want it for long.
Do you really think that people will stop trading Bitcoin, and other Cryptocurrencies, just because some people are selling it?!
I mean, the price can go down but to go this low people would have to be leaving the market... the market is actually growing.
So, I won't be making any predictions, but I will tell you what I believe.
I believe that Bitcoin is a very unique experiment. I believe this experiment has a purpose that is not yet visible, or let's say understandable, to many people. The interests behind Bitcoin are strong. There are many billions of people that want freedom from economic manipulation, and Bitcoin and the alternative cryptocurrencies it represents promise just that. Decentralized, freedom money.
Can this dream be broken? Yes.
Will it be broken? I don't think so.
We own Bitcoin, literally, and we are not selling it just because a few people decide to sell. If the price of Bitcoin goes down into the low thousands, or even the hundreds, we will just buy it all up all over again, just like we've done many times in the past. Bitcoin is here for the long term. I believe that Bitcoin will only get stronger, over time... Bitcoin will thrive.
Looking at past trends, charts and patterns is not a predictor of the future. Bitcoin is bigger now, stronger, way more stable, more people involved, different sentiment, lots of mixed interests, many incredible projects around it, lots of money, lots of beginners, lots of experienced traders. Lots of businesses now accept Bitcoin, lots of cashiers and much, much, more.
We are also in a different stage of Bitcoin's life and you have to consider the alternative as well. The banks aren't looking any better now that in the past. All major economies are in huge financial problems and the service and quality of the products these companies provide is not as good as what we want. What we deserve. Because you know we are all special, we deserve the best. Banks do not meet our expectations, cryptocurrencies can.
Bitcoin is here to solve a problem, the rest of the cryptocurrencies as well.
Now, let me ask you this question. If the price of Bitcoin happens to go down hard...
Will you sell Bitcoin @ $8,000 or buy?
Will you sell Bitcoin @ $6,000 or buy?
Will you sell Bitcoin @ $4,000 or buy?
You see my point, I only see buy, buy, buy.
If you somehow are seeing sell, sell, sell, then you have a lot of Bitcoins and you bought cheap. Congratulations to you, YOU ARE BITCOIN RICH.
So you aren't likely to sell either because selling on the way down is a losing strategy and we are all here to make money. Bitcoin is a form of money, according to its creator.
We are here for the long run.
Bitcoin is an opportunity we have to grow together, more freedom, to become strong.
Thank you for reading again.
Let us take a quick look at the daily and weekly charts, just for your entertainment.
The daily chart is looking good. But the upper channel resistance is still far away, around the $15,600+ levels. So we can even have several positive days, like we saw around the 31st Dec - 6th Jan, and still go down hard after that, but in the meantime, the indicators are curving and starting to want to look up on the daily chart - these are short term signals but good signals, let's just enjoy the chart:
The weekly chart (this week closure is important for the future of this correction, so far we have consolidated enough and buyer showed lots of strength by pushing the price back up from the 9000 levels, look at the large stick on the last candle... Trading week closes tomorrow):
Thanks for reading.
Enjoy your day.
So we continue on our descending channel, even though we closed positive, I feel the re-test of the "buy zone" to be closer, it can take several days though as well so we remain on the sidelines. I do not mean that this day will be negative but that things can turn sour pretty quickly, I know there are some people out there already celebrating "Bitcoin's come back" or something like that but I believe this will take way longer to develop. Bitcoin has many barriers to break before it confirms a new trend.
Please remember that I am following up Bitcoin here with the purpose of knowing when to expect a rebound to the altcoins market.
Here is the daily chart for your entertainment:
Here is the hourly chart for your entertainment (all indicators are either turning down hard or curving downwards on the time frames mentioned above):
The picture is clear, we just need to wait and buy once we hit our buy zone. If it goes lower, then buy more.
I will be tracking the performance of Bitcoin after that.
Here is the weekly chart, enjoy:
Here is the chart (1h per candle - short term - entertainment):
Bitcoin is moving exactly as our analysis predict. The indicators are showing bearish signals and we are having bearish movement.
We tested the "buy zone", and the charts told us that another test would come. Here we are, ready for more. So yes, the "buy zone" we test again. This is completely ok. I will keep posted if there is anything else to share.
I am not here predicting what is happening with Bitcoin, I am here as a "translator". I learned to "read" the charts. Actually, I learned to understand what the charts are saying, based on certain formations, candles and indicators, I take what I understand from this "chart language" and translate to crazy English for you. With a touch of LOVE and COMPASSION, which is simply my heart.
So I can't really tell you what will happen next, I only tell you what the charts and indicators are saying might happen next, based on past performance. The market is free, the market is alive, so it can choose to do whatever it wants, just like each and everyone of us...
The indicators are all negative. On the daily chart I see that we will be going down more... This is ok and expected, let's ride this wave until the correction is over.
Here you can see the daily chart:
As for the weekly chart, looking at it from a far and getting a general feeling of how these things work, not really focusing on the analysis (so take this with a grain of salt). Bitcoin might give us this week as negative, consolidation and small more negative the next two weeks and after that we talk. That's when I expect a return to something, just a change in the trend, but we have to get over these 3 weeks before we can get there, as many things can happen between now and then.
So here comes the weekly chart:
Imagine two more weekly candles, finally a bounce or some sideways movement before we see something different. For all this speculation that I am engaging in right now, only time will tell. But this is what I get from looking at the charts.
For now, we will correct for longer and remain in this descending channel a while more.
Thank you for reading again.
I appreciate your attention, your time and your support.
Based on what the charts are telling me, I believe that Bitcoin will go and hover around the "buy zone" for a few days, maybe one last strong dip - forming a double bottom - before the bulls can enter the picture again. But it looks like the bears are losing steam (short term), we will see how it goes.
So we keep on going down the descending channel, and ready to buy some Bitcoins when the time comes.
The RSI is at its lowest it has been since Mid September but it looks like the bears want a bit more. Here is the daily chart for your learning and entertainment:
Thanks again for reading.
Not much to look at it, maybe a few details but we are still on the same trend with all the indicators basically looking the same. So it is easy to just watch.
Thank you for reading and for all the comments and support.
The indicators are telling me that we are not yet done, this will indeed happen. Take a quick look at some charts:
I won't be in front of my computer for a few days so this trade idea won't be updated anymore. When I am back, I will start a new one and we can track Bitcoin together. :)
Thanks for all your comments, I really enjoyed them, specially all those giving me great lessons and incredible continued support.
Thanks for reading, for the likes and follow... Keep it up.
Be great. You are great.
Be special. You are special...
YOU DESERVE THE BEST!!!
1D chart (our support held strong... I still believe this "buy zone" will be tested again):
4h chart (triangle formation):
Thanks again for your support.