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Are trendlines mostly a creative waste of time ... or useful?Here's my trading opinion du jour: Trendlines tend to break and when they do, they get ever so conveniently re-drawn by the chartist. Hey if they don't put the Art in chart then who does? I've learned a lot this past year, re: trendlines. Basically, they're a massive waste of your time. Just like most patterns. Not that they don't exist. Just that you can create them any way and anywhere you want, practically. Which kind of makes most of them have little to no insightful value about where price action may or may not go. And the trendlines and patterns that seem to really actually possibly matter, generally seem to line up with the big Fib and/or S&R lines. Especially when it comes to trading bitcornz and other cryptocurrencies. In other words, trendlines and patterns are probably best suited ... for memes and other humor and cultural color commentary. What seems to work, is the "boring", tried and true method of trading according to simple support & resistance levels, powered by various critical indicators that generally every trader should know if they've studied and learned any good technical analysis course. Happy Trading!
BYBIT:BTCUSD.P
by stepstones
Buy the hype. Sell the news. Buy the dip. Disclaimer: If you are primarily interested in copying other people’s trades then this is not for you. However, if you are willing to put in the work that it takes to learn how to trade for yourself then you have found the right place! Nevertheless please be advised that you can give 10 people a profitable trading strategy and only 1-2 of them will be able to succeed long term. If you fall into the majority that tries and fails then I assume no responsibility for your losses. What you do with your $ is your business, what I do with my $ is my business. Sawcruhteez Strategies: How to BUY THE DIP | Advanced Dollar Cost Averaging Methods Previous Conclusion: Cup & Handle calling for $11,675 50 & 200 EMA’s 15m: Bullish 1h: Bullish 4h: Bullish D: Bullish 4 & 9 EMA’s W: Bullish Patterns: Bull Flag with $10,650 measured move: Cup & Handle with $11,450 measured move: Bull Channel: Horizontals R: $10,400 | $10,585 | $10,980 S: $9,700 | $9,500 | $9,200 Trendlines: Parabola held strong: Futures Curve: Contango with 5.52% spread Funding Rates: Longs pay 0.048% TD Sequential : Paying close attention to the 4h red 9's using HA candles. We have gotten one at / near each of the local lows except for yesterday when it bottomed on an 8: Also paying very close attention to the 12h green 9's using HA candles. We gotten one at / near each of the local highs during the 2020 rally. Buying the dip on the 4h 9's and taking profit on the 12h 9's sure has been a great swing trading approach over the past 6 weeks. Will be very interesting to see if that pattern continues. Ichimoku Cloud: The weekly is telling us that something isn't right. As price is breaking above the kumo the bearish twist is getting more exacerbated. Also still haven't gotten a bullish TK Cross. Will be interesting to see how that gets resolved. Summary: In a recent post I called for Bitcoin to retest all time highs by this July. After a closer look I have started to set my sights slightly lower. $16,000 - $17,500 should be a very significant area of resistance and based on the current velocity (rise over run) we would retest that level on the same week that Bitcoin halves. I am a firm believer in buying the hype and taking profit during the news, which is why I would strongly expect a major correction to follow the halving. Taking out 2019’s high leading into the halving and then getting a prolonged correction back to the newly forming trendline makes a heck of a lot of sense to me. As it stands I do not plan on taking any more profit until May and I will continue to add to my position as stop losses move into break even territory. This is my preferred approach for building large positions. I start out by risking 2% of my bankroll. When the stop is tailed to break even then I am risking 0% of my bankroll and in that situation I can make another entry risking 2% of my roll. I have also been buying alts over the past month and am very intrigued by how well they have been outpacing BTC. That being said the majority of my portfolio will always be BTC (75%+) and I will only look to take small positions in alts when there is a good setup.
BITMEX:BTCUSD.PLong
by Sawcruhteez
7
BTCUSD 4 Hour 3 drive bullish divergenceWe have 4 hour 3-drive bullish divergence currently. Green and red boxes are liquid zones. With all these targets, we have to take them level by level. Target 1 is 8500 Target 2 is 8700 Target 3 is 8900. A daily close above 8900 will create a higher high on the daily timeframe, if this happens then we will likely retest weekly horizontal resistance at 9500. A weekly close above 9500 will create a weekly uptrend and start a new bull market A 4 hour close below 8200 will lead to a support breakdown and likely to retest prior lows at 7700.
BITSTAMP:BTCUSDLong
by Celeres93