Hodling is suggested since you can make the least amount of mistakes in trading if you just hold. Reason most people can't handle the pressure is they enter and exit the market with terrible timing buying when you should sell and selling when you should buy. That's why people suggest you just hodl and add coins to your bag.
The smart contenders will be buying these dips, not selling. And selling into strength, not buying. One wise quote that you may see on the web is said by Warren Buffet. "Trading is the patient taking money from the inpatient." This is words to trade by. As a trader we just need to protect our capital by making the best decisions based on the information that we have. If you are trading on emotions you already lost.
I've had many people approach me asking for suggestions on what I think the market will do. My honest answer is and always will be that I dont know. No one knows, no one will be able to predict the price. But what we can do is correctly time the entry, the best way to do this is to know your risk and reward... The $8k entry is a great entry, considering you will hold til your target of $20K - According to my calculations that's a excellent risk reward somewhere around 1:5, Sometimes its good to give the market a few days to unfold and give you clear signals for entry. Just be patient.
Patience is key, if your feeling pain, anxiety or depression you should reconsider your trading size. Nothing should make you feel uncomfortable in trading, take a break sit back and watch the market unfold. Dont over react and dont make stupid decisions. Margin trading should be avoided.
Now for the analysis.
As I mentioned before in my other charts, We are flirting with the 200MA it is the only real support that we have. The 200MA cannot be dropped. All previous supports were non-existent since we clearly went exponential between 10-20k there was no support so we blew right back down. Not surprising.
We had a slip up today, even with the slip and hitting a lower low, which is never any good. We were still able to bounce off the 200MA once again. Each time that we hit the 200MA it becomes weaker and weaker. If we manage to fall under which is unlikely We will probably fall through $7,100 -> possibly even break down further to $5,500 area. I would say we have about a 18% chance of this happening.
Now, Nothing goes does forever. Once the bottom is in we are free to now do the impulsive wave, don't forget the corrective wave is supposed to scare the market. So I anticipate the impulsive wave to be a bit tough to fight through. What happened today when we dropped $8k again was I noticed the spiked up, I'm assuming these are lots of shorts being opened which created a bear trap. I would really love to see bitcoin pull through to start trading over $8,500 then returning back to $9,500 to retest it and finally break out of this level. I will keep updating so please feel free to follow me and any updates that I make.
One week we will be over $9,500
Two Weeks we will be at $10-11k
By the end of the month we are retesting the previous bull trap. Probably failing and dropping back down again
If you like my outlook on the market, One thing I ask is to please like and share my chart to help people see this outlook.
Be safe, Be smart, Dont margin strong, Be sure to exit losing trades quickly.
Please trade knowing your stops and risk & reward.
I know just one thing- Human beings are always attracted towards scarcity... and there are only fixed no of BTC in the world ...
any evidence to support that whales are buying cheap bitcoins? (just wondering, would love to see too). Thanks