After getting my morning entertainment on twitter...I've seen a lot of tweets like this....
"BTFD!!!"
"Buy the dip!"
And various versions of that sentiment.
First off....giving blanket advice...even if you put your disclaimer that your tweets are not financial advice...you need to understand that many people still take it as such. So we should be a bit more responsible with what we put out there.
Many people may be looking at a time frame much shorter than those saying to buy the dip. My timeframe from Bitcoin is decades. So yes...for me...I see this as a buying opportunity.
Others may just not be able to emotionally handle seeing the price drop another $1,000 or $10,000 before making new highs.
So how do you know when the bottom is in?
YOU DON'T! I don't. And neither does anyone else.
That being said...You can increase the probabilities by following a simple technical analysis rule.
Wait for a higher high...and a higher low candle to close.
So with the levels today...that would mean I'm looking for a close above $46,664 on an hourly chart for the higher high...then retrace back down...but stay above$42,894.
Be patient...wait for proper signals...be careful of fools on twitter.
"BTFD!!!"
"Buy the dip!"
And various versions of that sentiment.
First off....giving blanket advice...even if you put your disclaimer that your tweets are not financial advice...you need to understand that many people still take it as such. So we should be a bit more responsible with what we put out there.
Many people may be looking at a time frame much shorter than those saying to buy the dip. My timeframe from Bitcoin is decades. So yes...for me...I see this as a buying opportunity.
Others may just not be able to emotionally handle seeing the price drop another $1,000 or $10,000 before making new highs.
So how do you know when the bottom is in?
YOU DON'T! I don't. And neither does anyone else.
That being said...You can increase the probabilities by following a simple technical analysis rule.
Wait for a higher high...and a higher low candle to close.
So with the levels today...that would mean I'm looking for a close above $46,664 on an hourly chart for the higher high...then retrace back down...but stay above$42,894.
Be patient...wait for proper signals...be careful of fools on twitter.