$1 Question; Million Dollar Answer.
Updated
Don't read this if you already know when Bitcoin will touch 6K and bounce back.
Ok many of you have been desperately waiting for BTC to bounce for market conditions to improve so we can be back to making a fortune on a day 2 day basis.
You will see very clearly in this chart the downward trend we are in and how long until we may have to wait before we reach a bottom and can see some money return and a bounce.
the .786 fib line is where we will more then like see a bounce from, the million dollar question is when is touch down when will we bounce and break this trend.
Reality is that it may not happen until the 7th of May this year, now if you look at past years with the Crypto market June and July were always healthy months where the market takes a turn for good and we see a boom. This year is more then likely going to play out the same way by looking at the current chart. Money is falling out of the market on a daily basis, we don't see and strong signals for a turn.
Yesterday you will see our daily candle closed as a long legged doji, this is a symbol of indecision saying that today could of gone either way. Each candles shows us solid indications but when you have an indecision you must look at further indicators so if we revert to the momentum indicator where I have drawn a blue arrow showing its trend, you will clearly see this is not supporting a change of trend so it wouldn't take a guru to figure out that we are going to continue downward.
The day the volume stops decreasing in the Crypto Market in general is the day we would get excited if we seen a bullish looking candle, if we see a bullish looking candle now it would be from aggressive buying which may excite people and flood some short term buys and slow us down but not stop us falling.
To break trend we need BTC to break the RED trend line, until this is broken, expect no action other then continuing down. Day traders can continue to trade support lines and daily channels...
We can see some sell off's that will make us touch the .786 fib sooner then May of course but even after we touch we need a bounce and we won't have a breakout confirmed until we break the red trend line, at this point the market conditions should improve for the best.
In between now and then we are trading Alts in a bearish market, so for some its like swimming against the stream why bother, its too tiring and risky.
I have come from a stock foreX background and for me to make 1% per day is huge, yet in crypto I can still have an average of 5-10% per day which in my opinion is astronomical, anyone still trading and relying on Crypto as an income needs to realise market conditions aren't really that bad, things could be a lot worse but if you come from making 1% a day to 5-10% you would still be jumping for joy.
There are very few top traders on here posting Alts to trade and this is because they see that there is only short term trades available with 5-40% gains; for them this is small, they have never seen a chart until crypto started. They are used to making 100% + on 1 trade so now all they are doing is updating the high volume coins and praying that the market changes.
You can join them and read updates everyday or make the most of what the market still has to offer in regards to an income which currently still provides better returns then any other market sector.
You will see on my profile we trade daily, I became a top author quickly from making people money I'm not their daily social amusement.
Lets say you run 10 Alt trades and 5 were successful and 5 failed.... each successful trade provided a 5% gain and each unsuccessful trade you hit stop loss at a 2% loss, I you run the math on this an will see you still come out miles in front and have some very nice profits. By the way our strike rate is much better then this.
Get a calculator and add 5% profit to your stack for next 30 days compounded you will be very surprised.
Cash Is King!
Ok many of you have been desperately waiting for BTC to bounce for market conditions to improve so we can be back to making a fortune on a day 2 day basis.
You will see very clearly in this chart the downward trend we are in and how long until we may have to wait before we reach a bottom and can see some money return and a bounce.
the .786 fib line is where we will more then like see a bounce from, the million dollar question is when is touch down when will we bounce and break this trend.
Reality is that it may not happen until the 7th of May this year, now if you look at past years with the Crypto market June and July were always healthy months where the market takes a turn for good and we see a boom. This year is more then likely going to play out the same way by looking at the current chart. Money is falling out of the market on a daily basis, we don't see and strong signals for a turn.
Yesterday you will see our daily candle closed as a long legged doji, this is a symbol of indecision saying that today could of gone either way. Each candles shows us solid indications but when you have an indecision you must look at further indicators so if we revert to the momentum indicator where I have drawn a blue arrow showing its trend, you will clearly see this is not supporting a change of trend so it wouldn't take a guru to figure out that we are going to continue downward.
The day the volume stops decreasing in the Crypto Market in general is the day we would get excited if we seen a bullish looking candle, if we see a bullish looking candle now it would be from aggressive buying which may excite people and flood some short term buys and slow us down but not stop us falling.
To break trend we need BTC to break the RED trend line, until this is broken, expect no action other then continuing down. Day traders can continue to trade support lines and daily channels...
We can see some sell off's that will make us touch the .786 fib sooner then May of course but even after we touch we need a bounce and we won't have a breakout confirmed until we break the red trend line, at this point the market conditions should improve for the best.
In between now and then we are trading Alts in a bearish market, so for some its like swimming against the stream why bother, its too tiring and risky.
I have come from a stock foreX background and for me to make 1% per day is huge, yet in crypto I can still have an average of 5-10% per day which in my opinion is astronomical, anyone still trading and relying on Crypto as an income needs to realise market conditions aren't really that bad, things could be a lot worse but if you come from making 1% a day to 5-10% you would still be jumping for joy.
There are very few top traders on here posting Alts to trade and this is because they see that there is only short term trades available with 5-40% gains; for them this is small, they have never seen a chart until crypto started. They are used to making 100% + on 1 trade so now all they are doing is updating the high volume coins and praying that the market changes.
You can join them and read updates everyday or make the most of what the market still has to offer in regards to an income which currently still provides better returns then any other market sector.
You will see on my profile we trade daily, I became a top author quickly from making people money I'm not their daily social amusement.
Lets say you run 10 Alt trades and 5 were successful and 5 failed.... each successful trade provided a 5% gain and each unsuccessful trade you hit stop loss at a 2% loss, I you run the math on this an will see you still come out miles in front and have some very nice profits. By the way our strike rate is much better then this.
Get a calculator and add 5% profit to your stack for next 30 days compounded you will be very surprised.
Cash Is King!
Note
Little exercise for you all...Get a calculator and add 5% profit to your stack for next 30 days compounded example if you have 1 bitcoin and made 5% per day at the end of 30 days you would have 4.32 Bitcoins.....
Heard the saying shoot for the Stars land on the moon..... Before we were landing on starts now forget that and come to the moon with us. Consistency, strategy and patience is what you need for success/
Cash Is King!
Note
I think this chart is very important to always refer back to so you can see BTC in the bigger picture of the trend.You will see here this little pullback was no where near breaking its trend line.
Note
As you can see before we see a change of the trend of BTC here we might have some time on our hands.Note
We are getting close to breaking downward trend on BTC on the daily. When we close over this resistance line we may see some rapid growth. Its testing it now but don't think it will close over.
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