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As I mention on previous posts I havent not been doing trading to do so much as money but to learn it as a skill and probably in the future put some money into it, there for this posts are with no intentions to teach others or give out “signals” as I can see how ppl call it, saw this on Twitter and btw a very very toxic space to look for trading information so would not recommend it for anyone who want to learn like me. The market has been very volatile and I decided to make a post today because I believe we finally getting to that point where soon price going to start to bounce back, so far I have lost 3 out of 5 trades of if this would be real money its basically nothing but a few days ago I laugh at my last trade.
BITCOIN 4Hr Chart – 8/28/20024
On August 27 the price had a drastic drop touching $58k with a good wick on the down side and what I have learn so far is that this kind of large movements with wicks are like magnet for the prize as big players try to dry out the rest of liquidity on that area plus on the 1D I still had my chart setup very bearish so I decided to take a trade.
Bitcoin 1Hr Chart
Had my order open at $57,721 you cant pick the right price to join so I had my plan to get in this trade with a possible 4% gain on a 5x leverage trade so that was anything from 15% to 20% so that was nice gains for a single trade and I end up missing the trade for $130 bucks.
Why did I join this trade?
– I was trying to trade with big players hunting liquidation on the $57k zone going long
– I was expecting that if price bounce would go meet the 55 EMA (orange line)
– SQZ indicator turning positive (light green)
– ADX indicator turn positive direction so means price has force
My only problem lately is that there is no volume so the market on a bigger scale is only moving sideways movement to then keep dumping, leaving us with days of ranges, making it boring and for someone new like me making it hard to have nice setups like this one because my setup was good, I was right although Im not going to chase the price.
A day latter the price proof I was right, moving close to 6% to the upside, you win you loose but this time I lost nothing but at least have the satisfaction I was right, paper trading on Trading View is an awesome tool although you got to pay $15 a month, I hope they have to sort of sale during next Black Friday so I can pay for the entire year cheaper.
Bitcoin 1D Chart
12 days ago I made this post, @ftrekt/bitcoin-trade-005-not-so-well-aex , where I was expecting the price was going to drop and I think this is nothing for the weekly, I just bought another $100 at $53,303 out of the $1k I have to invest, my first purchase was $56,161 both spot so I still have 80%, this is the only real money I’m risking so far, the leverage trading is an experiment to learn.
I hope the price does not go under the yellow box on the 1D chart, if the price goes to this area and stays down there I think then its game over.
Bitcoin 1W chart
This is why it would be game over for this market cycle, the 1 week chart would make a cross between the 55 and 10 EMA, on this bigger time frames this strategy seem to be very very strong, right now I think we still have another month of sideways and a few drops to then start to keep up, going up. Indicators look very good in the 1W so far, ADX close to go bellow the point 23, SQZ could turn light green (positive direction), the EMA is no support so the price stopping there means nothing.
Even though indicators look good real live events might change the direction of the market, markets are irrational and you cant tell the future, there for all we can do is try to control losses.
My spot Bitcoin I will eventually sell some depending on how high it goes, the hole target of this experiment is to make USD, right now I got no plans to accumulate Bitcoin or crypto since I believe I join the market a bit too late for that, those moments were below $20k and I was not active in the market at that moment, I might start accumulating latter on, specially if I can me this work.