Bitcoin daily Update..
Morning Folks,
Bitcoin will survive and we will be alright. After all.
What I am certain to advise you is when you read my technical analysis or other peoples technical analysis always in to account that you never know what is going to happen next.
Even if all the technicals tell you or shows us that the price has a HIGHER PROBABILITY of moving upwards the price can still move downwards regardless of the technicals.
Unless you have agreed upon with the fact that you never know what will happen you will never have any rest within you and from one point on you will trade with fear (subconsciously).
And my fear my fear is the greatest denominator in trading. Because fear is keeping you holding back of making money consistently.
Find that place within yourself where you agree that trading is a high probability game and you win some and you lose some.
But the key is to make as much money when you are right and to lose as less as possible when you are wrong!!
Ok back to the chart.
I like to keep trading simple and most of the time I use a moving average (50 day ma) + momentum + volume + candlestick analysis. With these 4 points of information I interpret something out the chart.
When we look at the 4 hour chart we see prices still above 50 day ma. We see a decline in price but with not much volume. What you want to see when reaching a support level are small candles with small real bodies.
That means not so much momentum in the decline. That's good! In conjunction with it I don't want to see a lot of volume in the decline.. That's also something that isn't happening.
Than my favorite the candlesticks.. oo boy what do they tell a lot about the price.. I strongly recommend you reading Steve Nison's work!!
I see high wave candles with small real bodies.. In normal circumstances this doesn't mean a lot of bearishness.. of course we make lower prices but overall it seems like an normal correction.
I expect price to hit back at 42.5K and we could even make lower prices $41/41.5.-K
For now take it easy and wait for the week to begin..
Hit the like button and follow for more to come!
Bitcoin will survive and we will be alright. After all.
What I am certain to advise you is when you read my technical analysis or other peoples technical analysis always in to account that you never know what is going to happen next.
Even if all the technicals tell you or shows us that the price has a HIGHER PROBABILITY of moving upwards the price can still move downwards regardless of the technicals.
Unless you have agreed upon with the fact that you never know what will happen you will never have any rest within you and from one point on you will trade with fear (subconsciously).
And my fear my fear is the greatest denominator in trading. Because fear is keeping you holding back of making money consistently.
Find that place within yourself where you agree that trading is a high probability game and you win some and you lose some.
But the key is to make as much money when you are right and to lose as less as possible when you are wrong!!
Ok back to the chart.
I like to keep trading simple and most of the time I use a moving average (50 day ma) + momentum + volume + candlestick analysis. With these 4 points of information I interpret something out the chart.
When we look at the 4 hour chart we see prices still above 50 day ma. We see a decline in price but with not much volume. What you want to see when reaching a support level are small candles with small real bodies.
That means not so much momentum in the decline. That's good! In conjunction with it I don't want to see a lot of volume in the decline.. That's also something that isn't happening.
Than my favorite the candlesticks.. oo boy what do they tell a lot about the price.. I strongly recommend you reading Steve Nison's work!!
I see high wave candles with small real bodies.. In normal circumstances this doesn't mean a lot of bearishness.. of course we make lower prices but overall it seems like an normal correction.
I expect price to hit back at 42.5K and we could even make lower prices $41/41.5.-K
For now take it easy and wait for the week to begin..
Hit the like button and follow for more to come!
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