buy the dip but the market keeps dipping all over again?
Probably on higher time frames yeah, but this has been pumping since Feb 8 so I doubt it gives too much back all at once. Pump it again, make everyone really FOMO then it rolls over sometime in June for a deeper correction.
One thing I am noticing now is that BTC is running bearish parallel channels. Bots have flipped over to run this down. But to where?
When all you want is a cheaper DCA Friday BTC price, and then it comes… lol.
Its hard for me to buy when it looks like the shorter term upward MACD trend is turning around, and down. Its been overbought on the weekly and daily so I understand why the bears want appeasement.
I’m looking at the 30m and this kind of happened on April 25th. It took 5 days for the upward MACD trend to return. Also, on the 1h, with this price, RSI was going up around 50-60. Now RSI is back to 0-20. I like to see that because it seems like it has sort of reset and is ready to go back up. This is my noobish TA, however. This weekend I am going to try out free PRO TA trial so I can use EMA.
It’s oversold on the 4h. Good enough reason to buy, right? hehehe. Plus, still looks like a golden cross on the Daily.
I’ve not bought on a Friday and it was very detrimental. Props to those who practice DCA with discipline. In the long term, seems to be a winning strategy.
Personal question, "Did anybody here sell at 6200-6500?
Yoooo! Look at Peter! 0:50 After buying his first BTC! That man was looking into the future
On the Daily, in the next few days, I’m looking for $7000 BTC, with it’s RSI being down at 0. That would be a proper retrace and reset of RSI, in my opinion, 7k being a historical slight resistance and more so of a support. Kind of knowing BTC, it would do something like that. Price today is close enough that I don’t think it matters in the long term. If anybody sold in the 6k range, I salute you, (hope you got plenty more, you can always buy back) because it needed to happen in order to keep the ol BTC healthy like. It was like a checkup.
If Bitcoin can cross 7358, I believe Bitcoin is back on track to attempt 8500.
It looks like a head and shoulders formation, which signals a trend reversal. I don’t own any BTC
Godel and Manuel may agree with this one:
We should start a telegram chat room. I would love to learn TA from you guys. Or does anyone have one to recommend.
no need. we have discord
Create a chat group on yen, it’s the future brah
Anyone shorting Bitcoin right now?
I’m getting tempted, but feel if I was going to do it… it was 2 days ago!
I’d be hesitant, this could just be another hunt
I feel you. 8k - 8300 was a nice time to sell. I should have hedged like Mackenzie mentioned but I was a pig. Still positive though. I figure it will take until at least Monday for the Daily RSI to come all the way down.The 4h stoch RSI is kind of struggling, but maybe MACD will cross up later today. 1h RSI looks like it is resetting right now, just not in line with MACD for an upward trend. I’m also a bit skeptical about being overbought on the weekly. Regret of not selling in the 8k range is motivating me to NOT regret NOT selling here to hedge. I knew a correction was coming from 8k, but looking at the last few minor corrections I thought it would only be a few hundred dollars. I counted that out, like it wasn’t worth it to me, however I would have been better off taking profits and practicing that trade. I would rather just buy back with fresh FIAT next week than risk anymore loss with BTC. You know, just another week of enjoying work as an alternative, to smash into BTC afterwards. I’m obviously not a TA pro, just getting back into it. I don’t have any BTC but its a decent way to get more, shorting with this slight trend reversal, buying the dip, selling for slight profit, then hedging. I will pay/forfeit a few hundred dollars for the sign of end of correction and then buy back with continued bull trend confirmation. AH man, maybe that’s exactly what they wanted me to do… hehe
Ps. I was watching the NBA Playoffs last night, Milwaukee Bucks vs. Toronto Raptors, and at the beginning of the game one of the announcers (a former player, forgot his name) made the comment, “You can’t expect to come into the playoffs and win every single game. It’s just not going to happen.” That’s real. I mean, wtf? Have a winner’s vision and mentality, but also keep it real with yourself. It happens, competing with the best, even as the best. That spoke to me about the recent dip and my own loss of potential profit. I haven’t been actively investing or trading for too long. I have to refresh and retrain my skills and instincts. People here who have been active could see and feel the need for correction, because they have been in the market, they are the market, they analyze the market better, not just feel the market. I’m just another maniac, trying to tone down and dial in. Anyways, we all know we can’t make every single opportune trade.
Did anybody here sell at 8300 and buy back at 6300? If you did, you definitely earned it and I applaud.
@FloridaWater Your TA skills or lack-thereof more than likely aren’t the issue, and it seems like your desires are in the right place. TA and market analysis is very easy, usually your first instincts are the right ones, you just need to trust in yourself. Typically, another layer of market analysis isn’t the answer, and will only lead to continued frustration when your trades don’t plan out as intended. Recommend a read through ‘Trading in the Zone’ by Douglas, and keep as desk reference.
Godel, I really appreciate your words, your advice, and the book recommendation. Thank you. I had the first instinct and should have trusted myself, along with others’ sound counsel. I got lazy and didn’t use all of the tools available to me. The power of shame will produce the will to overcome and succeed. This is the beginning of a new season.
While you’re reading, you should also take a look at “The Intelligent Investor” By Benjamin Graham. It’s old and about stocks but it teaches great mindsets and looks at things through a rational perspective. Its words have kept me level headed through the bear market.
Thanks CraigMak. I’m going to check this book out too.
I see some convergence happening now on the 15m, all of the MACD’s.
Now the 1 day RSI is at the bottom.
It’s been wedging. I’m trying to analyze the wedge.
Ps. I’ve been enjoying the 15m interval since you brought it up so I appreciate that too. The price just broke out of the trend/wedge lines I drew, upwards so I think this is a good sign. I’m just waiting for a retrace before I enter again, like low RSI for 15m, 30m, now that the 1 day RSI is reset.
Oh shit Bitcoin is acting a little funny again.