A Or B For Bitcoin ? + The Best Strategy To Trade Bitcoin
Updated
What's up guys so this is a new analysis and educational update on the only true crypto king, Bitcoin. So we have a strong support at 7.8/7.9k and we could bounce on it and go retest the 200 sma around 9k or continue to drop thru this support as you can see on the chart with scenarios A and B.
If the market decides to break that support and go with B, I think BTC could drop around 7.1k where I see good supports again. Bitcoin will maybe finally crack that 6k base one day but I expect a strong bounce back to the previous support before it happens. Remember that supports often become resistances... And Bitcoin is an asset that particularly respect very well this kind of pattern. This is why I think under 7.8k is a good buy for a swing trade on Bitcoin.
A lot of people say that Bitcoin is so weak right now and as an investor they're maybe right. But when you look at the BTC chart as a trader, this statement is so far from reality. I mean go take a look at this chart again... Look at all those bounces that BTC gave us. I mean if you wait for a good drop to buy you will always have a strong bounce to sell at profit. Just wait for those long big drops of BTC and continue to buy as Bitcoin is falling. Never put all your money at once. Buy a little at X price and buy a little bit bigger when it continues to fall so your break even sell will fall with Bitcoin...
However guys, practice with virtual money before trying this strategy. Cause even if it's easy to me, I know some inexperienced traders can struggle a bit at the beginning and I really don't want you to lose money.
Be wise on markets, never try to time the market, find a good strategy and stick to it and starts with small amounts ! Cause markets can be brutal.
Alright hope this helped you guys !
Stay tuned for more updates,
Fred
If the market decides to break that support and go with B, I think BTC could drop around 7.1k where I see good supports again. Bitcoin will maybe finally crack that 6k base one day but I expect a strong bounce back to the previous support before it happens. Remember that supports often become resistances... And Bitcoin is an asset that particularly respect very well this kind of pattern. This is why I think under 7.8k is a good buy for a swing trade on Bitcoin.
A lot of people say that Bitcoin is so weak right now and as an investor they're maybe right. But when you look at the BTC chart as a trader, this statement is so far from reality. I mean go take a look at this chart again... Look at all those bounces that BTC gave us. I mean if you wait for a good drop to buy you will always have a strong bounce to sell at profit. Just wait for those long big drops of BTC and continue to buy as Bitcoin is falling. Never put all your money at once. Buy a little at X price and buy a little bit bigger when it continues to fall so your break even sell will fall with Bitcoin...
However guys, practice with virtual money before trying this strategy. Cause even if it's easy to me, I know some inexperienced traders can struggle a bit at the beginning and I really don't want you to lose money.
Be wise on markets, never try to time the market, find a good strategy and stick to it and starts with small amounts ! Cause markets can be brutal.
Alright hope this helped you guys !
Stay tuned for more updates,
Fred
Note
As expected the price bounced back to it's previous base at 7.8k... That was the time to close your trade. Now we just cracked a even bigger and stronger base around 6.5k. Time to buy ? I'll publish a analysis soon ! Stay tuned
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