Last post I was way way way to . I'm sorry. I was looking through way to glasses. BUT
My strategy is bounce (swing) trading, so I specialised in reversal patterns. Thats why I look at short term reversals and make a few percent each time. Using a tight stop loss kicks me out of a losing trade, I lose just 1% of capital for that particularly trade so I can prepare for the next trade pretty quickly, instead of waiting and looking at my screen. This way you dont become a bagholder or a losing trader. If a trade goes well, I sell a percentage at the targeted price and trail the stop loss untill it hits, so I can make more if a trade goes well. Dont be afraid to sell to early, really you will get rich going out to soon.
Whats happening now?
As you can see on the chart, bitcoin is trading between a contracting . Wich is a reversal pattern. If btc trades above the resistance line, seen on the chart as orange line, indicates a reversal. If btc dont surpasses this , it will fall pretty hard untill the next in purple. Also the 78% fib level is a . In theory, the correction wave is finished, the ratios are there and it fits a reversal. Also is steeply declining which indicates there are not high sell orders, also an indication this will do what it is supposed to do, reverse the current downtrend. Actually it is not a downtrend but a momentum.
See it as it is, dont make it worse than it is, but also dont make it better as it is, its just what it is.
Bitcoin To Ash or To Heaven - Can you do something about it? No? Then why worry
Are you a smart trader, with a solid strategy? One who places stop loss and trailing stop loss? Yes? Then why worry
I could be wrong, but... Yeah, I dont think so. Even though, The author, el Magico Tomasso, also known as the Magician, forever remembered in the whole world under alias WhatsThatCrypTom, shorter CrypTom, initials C T is not responsible for any trading losses you may endure. Its your F. money. All very interesting information and chart analyses from C T are for entertainment purposes only.
I hope you all enjoy this bullish move. I want to show you this idea. This update is based on btc finishing an Irregular Running Flat correction. This wave pattern is rare and you will only see it in very bullish markets. Wave B finished well above wave 5, now it looks like wave 5 but its not. Wave C is not below the end of wave A. Wave A and B are an abc and wave C is an abcde correction. On the chart you see what I mean. Now, this is a bullish continuation pattern, if the market intent is still long. And I guess it is :) otherwise we could retrace to 38 or 50%. I dont see 61 or 78 because thats not what the market is telling us right now!