BitcoinLong
If you are reading this it's too LONG BTC
Whattup
I keep my TA simple and to the point, I am not a big fan of overcharting and using trillion of indicators. Think about it, early investors who were playing stocks did not use tools that we have nowadays. They were only analyzing order book and price movement. No charts, no MACD, no freaking Eliot waves, just simple demand and supply.
I believe that by looking at the candles, volume, and order book we can find possible direction of a trend. If we can’t find it than it’s simply a no trade zone. I am a swing trader, I only trade when I see high probability of wining. I don’t play day trading game, it’s just not for me.
Let’s get to the analysis.
After 2 weeks of staying in 6000-6600 range we have finally seen some BTC action. NICE GREEN CANDLE with volume that backs it up. What does that mean? That we had a breakout from the 6000-6600 zone and possible bullish trend continuation. Break outs with high volume like that are great because they indicate that there is a lot of power to push it up.
The trend is up, and my rule is to NEVER TRADE AGAINST THE TREND! If we are going up, I only put longs. Shorting this doesn’t seem like a smart idea to me because it is hard to find temporary bottom.
How far can we go with this bull run?
The answer is simple: I DON’T KNOW, and I don’t think anybody knows that. Trading is unpredictable game and there are no specific targets, everything changes constantly and a good trader needs to adjust to the situation. However, what we do know is that we have a strong confirmation of a possible bull run and you should put some long orders for now my friends.
I keep my TA simple and to the point, I am not a big fan of overcharting and using trillion of indicators. Think about it, early investors who were playing stocks did not use tools that we have nowadays. They were only analyzing order book and price movement. No charts, no MACD, no freaking Eliot waves, just simple demand and supply.
I believe that by looking at the candles, volume, and order book we can find possible direction of a trend. If we can’t find it than it’s simply a no trade zone. I am a swing trader, I only trade when I see high probability of wining. I don’t play day trading game, it’s just not for me.
Let’s get to the analysis.
After 2 weeks of staying in 6000-6600 range we have finally seen some BTC action. NICE GREEN CANDLE with volume that backs it up. What does that mean? That we had a breakout from the 6000-6600 zone and possible bullish trend continuation. Break outs with high volume like that are great because they indicate that there is a lot of power to push it up.
The trend is up, and my rule is to NEVER TRADE AGAINST THE TREND! If we are going up, I only put longs. Shorting this doesn’t seem like a smart idea to me because it is hard to find temporary bottom.
How far can we go with this bull run?
The answer is simple: I DON’T KNOW, and I don’t think anybody knows that. Trading is unpredictable game and there are no specific targets, everything changes constantly and a good trader needs to adjust to the situation. However, what we do know is that we have a strong confirmation of a possible bull run and you should put some long orders for now my friends.
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