I am almost certain Bitcoin will smash through $20, 000 in the next few days, which is very exciting. However, I am pondering, if in fact, it can go higher before any major retracement. There is a chance that $25,000 will be hit and maybe even up to $30,000! The best thing to do is buy soon and hold, seeing where it takes us then having a simple, but effective, exit strategy (if you are playing for short term gains as I am doing).
If you are prepared to hold long term, you have to take into account there will be much deeper corrections along the way. This is inevitable. You have to have the discipline and the dedication to sit through your account losing up to half its value because this is something that very well could happen. I don't like this kind of long term holding strategy and I don't like the idea of putting a large amount of money with a broker. Therefore, I feel like playing short moves in Cryptocurrencies, like the ones often posted here on my TradingView, are more suited to me. Besides, you can make much more money this way if, and that's a strong if, you know what you're doing.
Let me talk a bit about this trade setup. As we all know, this is a consolidation within a larger trend, which in this case, is to the upside. Elliotticians call this certain pattern a "contracting triangle". I'm sure you can see why. The problem with these patterns is that they can often take up a long period of time and also give many false breakouts. That's why one should keep stops wide, but also look for confirming price action before actually hopping into the trade.
Please let me how you think this market will play out for the rest of January!
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If Bitcoin smashed through that level, I can't help but be very bullish. Let's see how it plays out!
Market presently in mood of ETH AND Xrp...BITCOIN STILL IN BEARISH ZONES..IT SEEMS..
StippWian
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@ghose12, I agree, I have more faith in ETH at the moment as you can see by my other ideas, however I cannot ignore that Bitcoin is forming this pattern to the upside. Besides, I'm not in the trade until I see the confirming price action, thereby tipping the probability in my favor. Cheers for the idea mate.
i sold btc at 13 600, i wanted to reBuy it at 12900-13100 and.... and then btc was 14 500-15200 and i was still waiting for downtrend... All traiders were screaming about 12800-13400... So... now 16 300.. What can u recommend me? Buy at market price or wait
StippWian
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@Dimu, Hey there. I can't specifically recommend how you should trade it, however I can tell you the way that I trade it. I normally look on higher timeframes for the overall pattern and trend (as shown above), then I will drop to lower timeframes to enter at more specific levels using a combination of different tools. I don't randomly buy when the markets go up or down, I have a set strategy with set rules for me to follow. What I can recommend is that you do the same and find a strategy that works for you. If you don't want to be an investor in bitcoin and you want to trade it, then you first need to develop a strategy that you can use. If you send me a private message we can talk more.
I think that BTC will go up in the second half of January...people are obsesed with XRP now, but it is going to get dumped at around 4 USDT and then the money will go into BTC...that is my take...thank you :D