#BTC#Bitcoin is down 26% today. It can absolutely go much lower. It will need time to recover b/c HTF moves take TIME. This is not the time to Hero long w/ leverage
But, write this down, take a screenshot, set a reminder
#BTC will at least retest $14k in 2020!
#BTC Wyckoff
Pandemic, Recession, Black Swan, etc I must take things station-to-station regardless of the noise
We were all on the Wyckoff train in Jan so you better believe that I will not dismiss the possible BUC as #BTC attempts to hold "THE CREEK"
VALUABLE intel either way
Simplified rules to profit as a trader
1. Never add to a loser
2. Add to a winner only
3. Let profits run
4. Cut losses fast
5. Don’t pick trend changing tops
6. Don’t pick trend changing bottoms
And most important of all:
7. Let the market make the decisions, not your ego
#bitcoin
I recreated my chart from June of 2018
Overlayed my current fractal back onto the chart and the findings are shocking
These trend lines have strong historical pasts
Currently headed to test the red line. It's arguably one of the most important lines in BTC history
The Fed emergency printed $54 billion this morning to correct the lending market.
The last time this happened was in 2008.
Bitcoin was born out of the last crisis and will prove itself in the coming one.
On a serious note, trading can be highly addicted.
Trading crypto even more so due to the 24/7markets.
It can be disastrous on your mental well being if you don’t take planned breaks or find balance with it.
Take care and play the long game, not the burn out quick game. 🙏
1/ I expect this $BTC bull market to end in the most extraordinary epic bubble our generation has ever seen.
But how will you know when to sell?
MVRV z-score is one of the indicators I'll use as a sell signal.
Pro Chart work:
When you start your TA, zoom out first, but, ALWAYS WORK from right to left
- Identify where price has been & the recent market structure?
- Map out S/R & Identify the path of least resistance
- Identify where you are wrong & what the risk is if you’re wrong?
when your, tracking triangles the angle of the decline matters.
if the upper triangle TL has a steep decline and the lower TL relatively flat, we are most likely in a 🐻 triangle
the opposite is true for 🐂 triangles, steep lower TL and flat upper TL indicates bulls are winning
#bitcoin
Both previous parabolic cycles broke above the golden pocket and retested it prior to the next parabolic run.
The golden pocket currently sits around $7,500.
Historically speaking that's a very strong buying opportunity should it present itself.