Shocking, Secret Facts Part IIII
Updated
Your going to have to read this, as today I will tell you some shocking, secret facts about some traders.
So who’s opinion can you trust is the interesting question, BTC moves in the opposite direction to most of these traders calls.
OR are traders calling the opposite direction because it gets far more publicity being different?
You need to remember this is a site for ideas, it would be the most sophisticated idea’s platform known to man but some of the people that use it enjoy posting stories more then they do market predictions. This is great this is accepted this is fun.
Yesterday someone called bitcoin was off to $10,000 it was one of the most read articles on the site, of course everyone wants bitcoin back to $10,000 so bad they will read any theory about the possibility. The sad thing is that reading the comments in this particular post these theories are not just ideas to people some people read them and absorb them as trade information.
People on this site are real people, kids, mortgages, responsibilities and social lives to lead, poor advice can lead to loss of funds, someone could read that idea and say right time to mortgage the house, less then 3 hours after the post was released BTC goes the opposite way and takes a 20% dive……..
Don’t believe these ideas for investment purposes just enjoy the read, you don’t go into Wall Street and ask someone seated reading the financial times how to ride a skateboard, the same as you don’t go to the guy in the hooded jumper at the skate park and ask him how you can invest in the stock market. However both parties can write a very comical story about one another that you will enjoy to read but you wouldn’t believe the facts on it as they may of never been to each others world but merely seen it on Television.
Bitcoin is not impossible to read in actual fact its quite easy. The crypto market itself; bitcoin has a 45% dominance in, this gives us 2 charts to look at on the same coin.
We check the crypto market, its daily volume, did market cap go up or down this alone gives us the strength signals on Bitcoin. We then check the Bitcoin chart for momentum, is it getting sold, do we have buys coming in. This is all basic TA, trend, strength, price, momentum and volume is ALL you require to tell the direction of Bitcoin.
Head and shoulders and all these other patterns are very rare to come across, they are great for publicity but 99% of the head and shoulders I have seen posted are not head and shoulders, they are posted midway up trend lines its funny to watch but can be harmful to the believers. Head and shoulders will nearly have a neckline at the same price not 20% apart from each other.
As a trader you know if Bitcoin breaks a level of support we are going down to the next level, if its breaks a level of resistance its going up to the next level.
Example of the chart below, if it broke the red it was a sell if it broke green it was a buy simple stuff. We broke the red….
We had a pullback the other day it was easy to spot as we had volume rising and no one was selling, it didn’t take anything further to spot this other then 2 indicators and 1 set of eyes. You can see in related articles below.
When reading an article do not base your decision on how to absorb it based off someones ranking, base it off the merit of the analysis.
You will notice there is a top author section keep in mind this is top ‘author’ I know I am up there but I know that I am not the best writer but some others are. You are buying an article not a trade in most circumstances and these people want to sell you a story that you want to read like ‘Bitcoin off to the moon’
Continue to buy the story but don’t always buy the trade otherwise you will be 1 broke and poor story reader.
If want to buy a trade idea cross reference it with your own analysis or others, take your time don’t rush.
So who’s opinion can you trust is the interesting question, BTC moves in the opposite direction to most of these traders calls.
OR are traders calling the opposite direction because it gets far more publicity being different?
You need to remember this is a site for ideas, it would be the most sophisticated idea’s platform known to man but some of the people that use it enjoy posting stories more then they do market predictions. This is great this is accepted this is fun.
Yesterday someone called bitcoin was off to $10,000 it was one of the most read articles on the site, of course everyone wants bitcoin back to $10,000 so bad they will read any theory about the possibility. The sad thing is that reading the comments in this particular post these theories are not just ideas to people some people read them and absorb them as trade information.
People on this site are real people, kids, mortgages, responsibilities and social lives to lead, poor advice can lead to loss of funds, someone could read that idea and say right time to mortgage the house, less then 3 hours after the post was released BTC goes the opposite way and takes a 20% dive……..
Don’t believe these ideas for investment purposes just enjoy the read, you don’t go into Wall Street and ask someone seated reading the financial times how to ride a skateboard, the same as you don’t go to the guy in the hooded jumper at the skate park and ask him how you can invest in the stock market. However both parties can write a very comical story about one another that you will enjoy to read but you wouldn’t believe the facts on it as they may of never been to each others world but merely seen it on Television.
Bitcoin is not impossible to read in actual fact its quite easy. The crypto market itself; bitcoin has a 45% dominance in, this gives us 2 charts to look at on the same coin.
We check the crypto market, its daily volume, did market cap go up or down this alone gives us the strength signals on Bitcoin. We then check the Bitcoin chart for momentum, is it getting sold, do we have buys coming in. This is all basic TA, trend, strength, price, momentum and volume is ALL you require to tell the direction of Bitcoin.
Head and shoulders and all these other patterns are very rare to come across, they are great for publicity but 99% of the head and shoulders I have seen posted are not head and shoulders, they are posted midway up trend lines its funny to watch but can be harmful to the believers. Head and shoulders will nearly have a neckline at the same price not 20% apart from each other.
As a trader you know if Bitcoin breaks a level of support we are going down to the next level, if its breaks a level of resistance its going up to the next level.
Example of the chart below, if it broke the red it was a sell if it broke green it was a buy simple stuff. We broke the red….
We had a pullback the other day it was easy to spot as we had volume rising and no one was selling, it didn’t take anything further to spot this other then 2 indicators and 1 set of eyes. You can see in related articles below.
When reading an article do not base your decision on how to absorb it based off someones ranking, base it off the merit of the analysis.
You will notice there is a top author section keep in mind this is top ‘author’ I know I am up there but I know that I am not the best writer but some others are. You are buying an article not a trade in most circumstances and these people want to sell you a story that you want to read like ‘Bitcoin off to the moon’
Continue to buy the story but don’t always buy the trade otherwise you will be 1 broke and poor story reader.
If want to buy a trade idea cross reference it with your own analysis or others, take your time don’t rush.
Note
Bitcoin right now still has an underlying upward trend based off price but the fact is we are trading down in a channel, please see copy of chart below it’s also in related articles until we break this Channel we won’t see anything major happening other then bouncing from wall to wall. That pullback didn’t even make it to the trend line.If your unsure on BTC just hold it long, day trading carries high risk if you don’t know what your doing as its a fast mover and if you miss an entry it can be very very costly.
Chart at the top shows you level if support if we break one we go down to the next.... if we break up through 1 we go up to the next.
Cash Is King! Enjoy, trade safe, we are winners! We don’t become losers!
Related publications
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.