Well Bitcoin has shown us its possible next direction. I was stopped out at 4K pips, and that's why we put our SL into profits when moving up with price I guess not surprisingly it looks like it could be a bear. We have now had our second lower low and a lower high created in structure. Elon Musk said he will no longer accept BTC for Tesla and Bitcoin took a nose dive. Is this just a reaction to what he said? Or are we entering a short term bear market? We have already got out demand zones marked out where to buy in next, lets just hope it drops further so we can get a good cheap price to buy in again. GLIYF
Is BTC Reloading?
- Thread starter Lee-Bax
- Start date
Well it looks as though Bitcoin has turned bearish . We have broke structure on the Daily time frame creating our second lower low and we also have our lower high. But where will it find its support? Obviously the cheaper the better for us, but can we trust it to pump so high again? Ive marked out the levels that I would be interested in buying from. I would need to see a daily doji candle on one of these levels before I would take a buy. But the good thing with crypto is we can also hold physical in these low areas as well as trading. I will be stacking at each level we hit going down. Let me know your thoughts below. GLIYF
I'll be adding to GBTC at lower levels but for long-term investments I feel a basket of alts will do better than BTC. Big traders will bog down the large coins (BTC & ETH) with the futures the same way they do with gold/silver. Alts are more retail IMO and won't have futures shorting against them. I'll be adding more to my alts than GBTC.
@johnarb knows much more about this & I believe he prefers BTC so don't act on my opinion.
I'll be adding to GBTC at lower levels but for long-term investments I feel a basket of alts will do better than BTC. Big traders will bog down the large coins (BTC & ETH) with the futures the same way they do with gold/silver. Alts are more retail IMO and won't have futures shorting against them. I'll be adding more to my alts than GBTC.
@johnarb knows much more about this & I believe he prefers BTC so don't act on my opinion.
Sorry guys, I'm not much of a short term trader...
[Outside of cashing to fiat for over 3 weeks now to lower real-life situational risks as I've quit my job recently, below are my trading actions and plans]
I only play the real crypto assets and not wall street proxies such as mstr, riot, gbtc or cme futures
I dabbled into FTX btc perp futures and that was interesting but short term trading is very difficult for me, I'm much better at hodling as I have more experience dealing with emotions related to it
What I've been doing whenever we get really nice bull market runs where everything pumps hard is to buy what I think are the strong alts performers
When we get these severe pull backs, I trade out of the alts (for profits, luckily and hopefully) into btc. This is beneficial for me as I'm also looking at the end of the bull market cycle so btc is the easiest way to cash out to $, i.e. highest liquidity on exchanges
In the past week with these big crypto downturns, I've gotten out completely of BNB, cut my CAKE position to 1/3, acquired some small positions in new coins (although DOT is on the heavier side than light)
In the context of this bull market, I'm looking at 3 timelines, short term 1-3 weeks, medium term 1-3 months, and long term 3-6 months
In those 3 timelines, I'm looking at the tail risks while still considering potential for profits
Defensive more than offensive is my strategy. I'm willing to ride out the next 3-4 year bear market btc cycle, but the only way to do that is to be well capitalized
I need visibility for exits and smooth and timely executions, thus I position for such
All of us in crypto twitter have a plan for cashing out when the bull market ends, until we all get punched in the faces by Elon's stupid tweets
Who's selling Bitcoin? Clearly looks like a bearish market as stated previously. So let's take a sell if it presents itself. I have marked out the area just under 50K where I would like to see price make another lower high in this bearish movement. If we get one then see resistance then I will jump on the sell. That's what trading is about making money up and down. Mark your area's out and get ready to take the trade. GLIYF
Good evening all, hope everyone had a good weekend. Forex markets open later but the Crypto never stops. Is it time to buy Bitcoin yet? Well this is now in my first real area of interest. To the left is a very strong weekly demand zone where we had a double bottom and then the rise. In the recent flash crash on 19th May we saw price move down very quickly only to wick out from the 30K demand area, which shows it to be a strong area, For which we are now around. I will most likely place a buy here for 2% account risk just to test the water incase we do find some good support. If its not the case then the next zone below I would like to buy from. GLIYF
Good morning all, back to Bitcoin today and I think we have our temporary bottom here. I placed buys here at this entry point, we are at a strong weekly demand zone , we look to of formed a bottom here, each daily candle closing higher than the last since the first impulsive bearish candle to wick from the demand zone . If you followed then make sure to move SL to break even when in profits as with crypto you never know if its the real bottom or not. GLIYF
Good morning all, keeping a close eye on Bitcoin lately. I took the buy from the 34.6K price level below and currently in some small profits. But which direction will we take now? From a technical stand point it looks like its forming a bearish flag here which could signal a further drop. But will it follow technical or will we see some fundamental influence that makes it turn back bullish? Certainly one to watch over the near future for sure. Let me know your thoughts on where you think its going below. GLIYF
Bitcoin and cryptos were on a solid uptrend for a few days now, then 1 Tweet from Elon changed the direction
I think it's possible Elon and Tesla are selling their btc holdings and Elon's Tweet today is to reverse previous one when he said "Tesla has not sold any bitcoin"
Imho, Tesla being out of the bitcoin treasury holding business would be a good thing for the long term but painful in the short term