Where is the Bottom For BTC?
If you have been following me for a long time, I have always been a blockchain tech bull (fundamentally speaking). I have always felt like the technology can offer so much more too our society and that eventually it will be accepted. I was also one of those people caught up in the euphoria of the 'thrills'. Making 20% in a day was an unbelievable thing. Then it all came crashing down. And when I say down, I mean waaaay down.
I still constantly see people asking where the bottom is. I want to make one thing clear, nobody knows where the bottom is right now. The only people who might know are the whales out there that cause so much of the price movement in the industry (but there has been so much drama with these whales that I think they might not even know).
As an investor, you have to look at charts without emotions. You can't think about how much you have lost OR how much you have made. You can't hope. If you do any of those things, you are going to lose money.
With that in mind, please, look at the long-term chart of BTC. Be completely unbiased and make an opinion. As you can see from my chart above, it is simple. I don't have a million lines on it. I just have a moving average, some trend lines, and support levels. I personally think that technical indicators are a bit skewed in the long term of BTC so I do not use them as much (for the BIG picture moments. I still use them in the short term). From the chart above, I have come to a bearish conclusion. Does that mean I am right? No. Does that mean the price is going to go down for the next month? No.
Then what does it mean?
It means that you have to be smart. This trading and technical games are all about probability. Right now, I believe the probability is higher that we will continue in a negative direction. BUT...I have a plan if things turn positive. I have a plan no matter what and so should you.
The main purpose of this post is not to trash
BTCUSD. In fact, it has very little to do with it. Most great traders don't win because they are geniuses. They win because of their discipline.
So look at yourself. Truly understand how confident you are as a trader. Learn more.
I still constantly see people asking where the bottom is. I want to make one thing clear, nobody knows where the bottom is right now. The only people who might know are the whales out there that cause so much of the price movement in the industry (but there has been so much drama with these whales that I think they might not even know).
As an investor, you have to look at charts without emotions. You can't think about how much you have lost OR how much you have made. You can't hope. If you do any of those things, you are going to lose money.
With that in mind, please, look at the long-term chart of BTC. Be completely unbiased and make an opinion. As you can see from my chart above, it is simple. I don't have a million lines on it. I just have a moving average, some trend lines, and support levels. I personally think that technical indicators are a bit skewed in the long term of BTC so I do not use them as much (for the BIG picture moments. I still use them in the short term). From the chart above, I have come to a bearish conclusion. Does that mean I am right? No. Does that mean the price is going to go down for the next month? No.
Then what does it mean?
It means that you have to be smart. This trading and technical games are all about probability. Right now, I believe the probability is higher that we will continue in a negative direction. BUT...I have a plan if things turn positive. I have a plan no matter what and so should you.
The main purpose of this post is not to trash
BTCUSD. In fact, it has very little to do with it. Most great traders don't win because they are geniuses. They win because of their discipline. So look at yourself. Truly understand how confident you are as a trader. Learn more.
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