We've retraced 30% in 18 days. Bitcoin-BTFD time? I think SO! :|
You can see where we are hitting so many levels of support. I've been told this could be a setup for a massive inverted H&S. I can see it. But I'm focused more on Moving Averages and Trend Lines. I do consider H&S, C&H, along with classical indicators like RSI & MACD. It worsts more often than not with long term and swing trading in BTC - I'd recommend you verify that statement. Of course, buy and hold is the best option if consistent amount you can afford to not think about for a while and you're not leveraged or anything silly like that if you aren't equipped- I digress.
It is likely we don't hit the 128(d)MA. We could see a falling knife, capitulation type or a sudden whale bull action. Just need to adjust accordingly.
Some Tips
- Set stop losses
- keep a lot of cash in portfolio and set limit buys at all supports (I had a small amount at 9,100 and a whole bunch more on the way down [with stoplosses in mind])
- ABHB - Always Be Holding Bitcoin (don't ever emotionally trigger sell) I use trading to time when the right time to acquire more bitcoin for a better price.
*Good buys that you made under moving averages should be stored in wallet with your own private keys. YOUR OWN PRIVATE KEYS.
You can see where we are hitting so many levels of support. I've been told this could be a setup for a massive inverted H&S. I can see it. But I'm focused more on Moving Averages and Trend Lines. I do consider H&S, C&H, along with classical indicators like RSI & MACD. It worsts more often than not with long term and swing trading in BTC - I'd recommend you verify that statement. Of course, buy and hold is the best option if consistent amount you can afford to not think about for a while and you're not leveraged or anything silly like that if you aren't equipped- I digress.
It is likely we don't hit the 128(d)MA. We could see a falling knife, capitulation type or a sudden whale bull action. Just need to adjust accordingly.
Some Tips
- Set stop losses
- keep a lot of cash in portfolio and set limit buys at all supports (I had a small amount at 9,100 and a whole bunch more on the way down [with stoplosses in mind])
- ABHB - Always Be Holding Bitcoin (don't ever emotionally trigger sell) I use trading to time when the right time to acquire more bitcoin for a better price.
*Good buys that you made under moving averages should be stored in wallet with your own private keys. YOUR OWN PRIVATE KEYS.
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