Bitcoin - The breakdown of the long term triangle - must see!
So that you don't sweat every little up and down move, keep an eye on the bigger picture, it helps you look at crypto in a less stressful way. The above is the 1-week chart, it helps you see where BTC has been for the last few years and more or less see where it wants to go in the future. My goal is to jump in once we hit that green X at the end of the yellow line -- which is the 50MA -- with a percentage of my capital and jump in 100% if we hit that green x at the end of the white line -- which is the 200MA.
The green line which is also the bottom of the triangle represents the difference between the bottom and a total meltdown of the crypto market. If BTC was to hit the last X which is also the 200MA it has to stop at the green trendline line, it can dip below it a few times but not for too long. What happens if it dips for too long? It will drown, it will take years for it to go back up and many of the smaller coins will disappear. This scenario has happened before to Silver and it is well-documented how it plays out.
The redline or top of the triangle represents nothing but good times. If we go over it, it is a true indication that we are going to have a parabolic move up. I would think that there will be fuel for 20K for sure. One thing to note is that triangles are to be traded on a breakout. What does that mean? That means that you only put your money in once it has exited and gone over the red line. You never buy where we are right now(which is near the top) it is too risky, the odds of going down are high.
In conclusion: This is how fortunes are made, not through FOMO. Slow down and don't rush. This stuff moves very slowly for the long term trader, If you do it right you'll stress less than your day trader counterparts, you'll also make more and keep more. Lastly, try to learn about charting during boring markets, you can join groups and buy signals but there's no one better than you to rely on.
DON'T FORGET TO FOLLOW ME - STOP LOSING MONEY AND START MAKING PROFITS.
NOW, THE LEGEND;
Support trendlines are green
Resistance trendlines are Red
Horizontal support lines are white, the thicker the stronger the support
50 Moving Average is yellow
200 Moving Average is white
THE TREND: Going Down, we have not made a new higher high
THE OUTLOOK: Expected to go down, unexpected if it goes up.
The green line which is also the bottom of the triangle represents the difference between the bottom and a total meltdown of the crypto market. If BTC was to hit the last X which is also the 200MA it has to stop at the green trendline line, it can dip below it a few times but not for too long. What happens if it dips for too long? It will drown, it will take years for it to go back up and many of the smaller coins will disappear. This scenario has happened before to Silver and it is well-documented how it plays out.
The redline or top of the triangle represents nothing but good times. If we go over it, it is a true indication that we are going to have a parabolic move up. I would think that there will be fuel for 20K for sure. One thing to note is that triangles are to be traded on a breakout. What does that mean? That means that you only put your money in once it has exited and gone over the red line. You never buy where we are right now(which is near the top) it is too risky, the odds of going down are high.
In conclusion: This is how fortunes are made, not through FOMO. Slow down and don't rush. This stuff moves very slowly for the long term trader, If you do it right you'll stress less than your day trader counterparts, you'll also make more and keep more. Lastly, try to learn about charting during boring markets, you can join groups and buy signals but there's no one better than you to rely on.
DON'T FORGET TO FOLLOW ME - STOP LOSING MONEY AND START MAKING PROFITS.
NOW, THE LEGEND;
Support trendlines are green
Resistance trendlines are Red
Horizontal support lines are white, the thicker the stronger the support
50 Moving Average is yellow
200 Moving Average is white
THE TREND: Going Down, we have not made a new higher high
THE OUTLOOK: Expected to go down, unexpected if it goes up.
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