How do we play this next move?
This TA is for short term traders or long term traders looking to jump in. Short term traders, you need to set a "Stop Loss" and learn about resistance. So, after an up move where do you jump in? The simple answer is after the pull-back. What does that mean? When you see a big green candle take off, you wait for momentum to stop and then put a buy order at the 38.2% or 50% pull-back point. If the trend is very strong you have to be ready at the 23.6% or 38.2% area using the 2H or 4H timeframe. If the trend is moderate, be ready at 38.2% or 50% pullback.
For a long term pull-back using the 1D be ready at the 50% or 61.8%. What this means is to use your Fibonacci tool and find the swing low and swing high to draw a scale and buy-in at the points I explained above. BTC stopped exactly at the 61.8% retracement of the entire 2019 move which was at the beginning of my optimal buy zone.
[imge]
Did I buy-in? Nope, I was waiting for it to hit my green X on the dot and it did not. Am I disappointed? Nope, There will always be another chance to catch it low. For now, I am 25% in and looking to buy more, later.
Why later? I'm looking to see how this whole move is affected by the death cross. When we exit the death cross (enter a golden cross) it should be a violent takeoff.
This is a link to my live chart so you can keep an eye on that battle. tradingview.com/chart/0FJOpaqx/
For a long term pull-back using the 1D be ready at the 50% or 61.8%. What this means is to use your Fibonacci tool and find the swing low and swing high to draw a scale and buy-in at the points I explained above. BTC stopped exactly at the 61.8% retracement of the entire 2019 move which was at the beginning of my optimal buy zone.
[imge]
Did I buy-in? Nope, I was waiting for it to hit my green X on the dot and it did not. Am I disappointed? Nope, There will always be another chance to catch it low. For now, I am 25% in and looking to buy more, later.
Why later? I'm looking to see how this whole move is affected by the death cross. When we exit the death cross (enter a golden cross) it should be a violent takeoff.
This is a link to my live chart so you can keep an eye on that battle. tradingview.com/chart/0FJOpaqx/
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