Some TA and Fundamentals to keep in mind for DIP buyers

Zaktualizowano

Hello all.

Today we'll be looking at some of the things i am concerned about trading the current bitcoin price action.

I have written most of my thoughts in the charts.

Some other things you should keep in mind are -

Bitcoin dominance has acted very suspicious since the dump to 20k its not giving me confidence.
Ether dominance has gone up significantly and has gained significant market share. The flippening could happen - so thats a thing y'all should keep in mind.

Short term price action on bitcoin is absolutely brutal - There are no easy levels to trade here other than 18k and 24k.

It's a big range choppy price action , and i think macro is playing bit of a role in the current btc dump.

Over all if you are bitcoin believer know how to manage your risk - We all know how brutal bitcoin dumps can be.

All the best guys - my trade idea on how to DCA for this is written in chart.

The bitcoin halving is 625 days away! That's a long time and a lot of stuff can happen during this time!

Uwaga

Also here's a fun chart to keep in mind and why i think breaking down below 18k again is not good - see this.

Uwaga

Uwaga

uh oh jpow don wanna print money

hang on boys this market is gonna get a lot ruffer

Uwaga

jPOW about to put some reality into the markets soon.

Keep an eye on US STONK MARKETS AS WELLL

Uwaga

If us stonk market crashes and btc loses 18k, say goodbye to any hope for a quick recovery.

Uwaga

Started reducing position size. Will hedge if btc break 18k

Uwaga

reason is gbtc chart looks awful

Uwaga

Left chart is current market price, And rightside 2019 bottom.

This aint it boys.

Gbtc went down 90% in previous cycle fyi

Uwaga

getting very nervous with btc hitting that 18.8k level again and again only a matter of time before it breaks.. Not selling just yet though going to be very hard to time this hedge,

Uwaga

START PRAYING that stonks don't dump in the coming weeks. You can take a long position with a very tight stop, But get out if it dumps and dont play knife catches.

Uwaga

note : i am still LONG. Just very nervous long atm.

Uwaga

If you are going long keep your stops a tad bit under 18k maybe. Any moves below 17k will likely be quick and cascade fast.

Uwaga

And as usual risk only what you can afford to lose.

Uwaga

i'd advise intraday traders to sit out of this chop action. maybe slightly long , but strict risk management.

Uwaga

gbtc recovering?

Anulowano zlecenie

Well there goes this plan. Buckle up boys we are in for a rough ride, FTX selling to binance is not good imo- Can't predict where market goes from here.

Uwaga

Get your funds out of FTX as well till this storm is over.

I am trying to get mine out of FTX and can't withdraw atm. Man i feel like an idiot trusting SBF - never expected this storm to hit so hard and so fast.

Uwaga

Apparently FTX has severe liquidity crunch issues - Second biggest crypto exchange - First biggest exchange is apprehensive about guaranteeing customer funds - We're fucked.

Uwaga

Note if you can buy BTC spot - NOT FUTURES - then buy BITCOIN.

DONT TRADE FUTURES IN THIS MARKET. I am always long BTC.

Uwaga

ALSO - never trust any exchange and keep your funds in your hardware wallet as much as possible.

Uwaga

1 btc is always 1 btc.

Uwaga

If u are a gambler - ftt seems to be a good place to be gambling atm.

Uwaga

lets see if btc will hit 10k if ftx collapsing. That'd be something to watch and buy ! :O

Uwaga

still buying btc at these levels. will pay off in longterm hopefully :/

Uwaga

Will wait for price to reclaim 18.5k-19k area before DCA'ing again. Just waiting and watching atm breaking 18k is not good.

Uwaga

To be completely honest trade is going in the exact opposite direction i want it to. Gonna wait and watch before buying any more bitcoins. Not DCA'ing and NOT in any hurry to buy any more further Bitcoins.

Uwaga

If price goes back above 19k again i might start DCA again, but for now - im just gonna wait n watch. maybe buy some if price shows some signs of recovery - but not catching any knives here tbf.

Uwaga

If it reclaims 18.5k i am gonna start DCAing again.

Uwaga

The gbtc chart looks horrific.

Uwaga

Remains to be seen whether this break below 18k is legit or just a well planned fake out.

But as long as price remains below the 18.5k-19k area i'd say bulls be cautious.

Uwaga

lol look athe wicks on ftx charts haha poor chaps trading there are getting rekt still.

Uwaga

Check the gbtcusd charts on ftx - what a joke they are still allowing trading in that exchange.

Uwaga

GBTC now saying they cant show proof of reserves. lol wut.

all scammers boys.

Uwaga

So yea seems like GBTC does have 50% of its claimed reserves. hmm thats good i guess?

Uwaga

twitter.com/ErgoBTC/status/1594308427899076610?s=20&t=hEZeym-vacgvJQcLQmb3bA

Uwaga

still gonna wait for that there 10k btc hopefully

Uwaga

would be great to have a 10k btc buy opportunity again. unsure if we'll get it though,

Uwaga

Maybe saylor is next? lol sounds insane thinking about it...but could it be possible? Saylor gets rekt at 3.5k.

Uwaga

If btc gains another 10-15% in value i'd buy back. im not trading here

Uwaga

awful market nowadays. Worst movement i have seen in years of trading Btc, this is even worse than the 2018 consolidation.

Uwaga

weekly 200 sma long broken..(which has never happened in BTC history)

feeling like arthur hayes dumped his bags on us.

Things that used to work no longer work. It has become so difficult to trade.

All my edges have been stamped out from the market as it has become more efficient - i don't have much edge left trading btc nowadays.

Uwaga

But i will say this.

Long BITCOIN will always have a better gains than shorting Bitcoin.

I absolutely hate shorting bitcoin. The risk rewards are never worth it as bitcoin pumps will always obliterate bears.

I am always long btc - But the question is where do we DCA with price hovering at 17k.

I am watching , if bitcoin gains another 10% ie goes back above previous broken support of 18.5k - it means it was a fake down move to force weak hands out.

I am starting DCA if bitcoin gains back 18.5k again , but i need an entry trigger.

The current market movement is consolidation - I am sitting out - i have no edge left here - my TA tells me to hedge - but my instinct of always long btc means i dont want to bet against Bitcoin.

Uwaga

only longer term view of btc and hoping to DCA, i aint day trading no more.

Uwaga

I'm DCA' ing.

It can go further down maybe ,

but idc - I can't time the bottom on this shit.

Uwaga

This market is crazy. I like bitcoin, I dont want to short even if my TA tells to short bitcoin.

I am starting small amounts of DCA. It can go further down - but i ain't gonna try to time the bottom of these movements and i sure as hell ain't touching leverage trading.

Uwaga

Whats surprising to me is its been more than a month since FTX news broke out, And price is barely 10% from where it used despite all the chaos going on.

Uwaga

Im only dcaing small quantities here as i think there is a chance bitcoin can hit 10-12k area. That'd be a great place to buy. I hope we get that price again, but you can't be too sure.

Bitcoin is already down ~78% from its previous ATH. The question is how much further down can it go? Not easy to know answer to this question sadly.

Uwaga

The market movements are totally different to what we saw in 2018 bear market.

2018 bear market had a swift down move from 6k, This time we ain't seeing that shit, maybe markets changing idk. Maybe it might dump slowly - Lots of maybe's here - Very very difficult to trade - but hey if it was easy - everyone would be making money.

Uwaga

dca some here , will dca more if btc gives me opportunity to buy at 10-12k. idk though , so happy to buy bitcoins here spot.

Uwaga

Also just a headsup regarding binance.

Binance has 2x-3x more web traffic than coinbase - but bitcoin reserves are almost same b/w 2 exchanges. Be careful. Don't keep more than what you're trading in exchanges no matter how legit they appear.

one-two

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