BTC - Making Profits while BTC Puts a scare into the mob
Updated
Update from my previous idea on BTC from March 2. So far my spread BTC order strategy has paid off well. I've had an _ROI of 6.1% on BTC trades since March 2. In the last few hours I would not have been able to keep up with the pace of this move without the help of a bot to fully implement my strategy. However even if the strategy were placed manually it would have done well.
So what happens now? We bounced hard off of the yellow resistance line I've drawn at $11,622 On the Bittrex USDT 4 hour chart. As I write we are below the Fibonacci line (which I've redrawn for better focus since last chart) at 0.382 or near $9832.00 Also keep in mind the dotted yellow short term bear trend-line passing just below as an indicator of where the price might be into the near future. It's not precise but a handy bit of information to consider.
We can look for a strong likelihood of selling down to next support at $9,575.00 the light blue line on the chart, a zone that presents a buying opportunity for traders as the weaker hands are shaken out. If that line breeches convincingly, then expect the next support at 8,4,84 a thin green line drawn on the 0.236 of the Fib level to come into play. If this move takes place even though bearish in the short term context, it is happening within a broader bull market.
In summary if you are are a trader I believe opportunity is being shown to you. If you are a calm investor, you should not be shaken out but rather cost average with fresh cash if you have it as the price declines in the current move. If you are in a panic, you may have already sold at a loss, and this game may not be for you. Again I say for most people the best approach is to buy and hold with a long term view and to ignore the corrections along the way.
Good Luck
So what happens now? We bounced hard off of the yellow resistance line I've drawn at $11,622 On the Bittrex USDT 4 hour chart. As I write we are below the Fibonacci line (which I've redrawn for better focus since last chart) at 0.382 or near $9832.00 Also keep in mind the dotted yellow short term bear trend-line passing just below as an indicator of where the price might be into the near future. It's not precise but a handy bit of information to consider.
We can look for a strong likelihood of selling down to next support at $9,575.00 the light blue line on the chart, a zone that presents a buying opportunity for traders as the weaker hands are shaken out. If that line breeches convincingly, then expect the next support at 8,4,84 a thin green line drawn on the 0.236 of the Fib level to come into play. If this move takes place even though bearish in the short term context, it is happening within a broader bull market.
In summary if you are are a trader I believe opportunity is being shown to you. If you are a calm investor, you should not be shaken out but rather cost average with fresh cash if you have it as the price declines in the current move. If you are in a panic, you may have already sold at a loss, and this game may not be for you. Again I say for most people the best approach is to buy and hold with a long term view and to ignore the corrections along the way.
Good Luck
Trade closed: stop reached
Correction then expect the next support at 8,4,84 a thin green line drawn on the 0.236 should have been $8484.00tradingview.com/chart/7zsMpvhb/
Trade active
Sorry accidentally selected Trade closed. The Trade is active. Correction "then expect the next support at 8,4,84 a thin green line drawn on the 0.236"should have been $8484.00
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