A quick daily outlet of my thoughts including analsis of Bitcoin movements and brief insight into my daily strategy.
Any trades I open or close will be listed here. No values will be listed (think beer money, no Lambos or yachts on order… Yet!) I will include my reasoning for the trades and a description of my risk management will be explained.
Not financial advice.
My previous daily post using support and resistance can still be found here.
Thursday 18th June 2020
Bitcoin has been moving sideways now for the past 7 days. It has been bouncing around $9,430.
My thoughts for today are that this now looks extremely ‘toppy’ and I’m guessing a move to the downside is highly likely after yesterday’s push for a higher low.
Any breakout needs to happen quickly, if it is going to happen.
Fragile support at $9,323. Lower FIB support at $8,932.
Lots of room for movement still on the RSI downside.
I would be surprised at any movement up.
BAT (Bought at 0.1618) with a stop loss in profit set below the 50 day MA line.
XRP (Bought at 0.22460) with no stop loss, will hold if I have to. Very bad risk management on this one. You don’t win them all though. Haven’t sold therefore I haven’t lost.
Recent stopped out trades (in profit) were:
NEO (Bought at 8.408 / Sold at 10.010)
TRX (Bought at 0.01394 / Sold at 0.01500)
Okay, onwards… Adding funds to Coinbase is the next step before being able to purchase Bitcoin.
When you first log in to Coinbase you will be presented with your ‘dashboard’. This gives you a quick overview of all your cryptocurrency, which is stored with Coinbase.
** Click on image to expand **
Coinbase makes it very easy to add funds, but first you have to link your bank account, PayPal address or debit/credit card with them.Continue reading “Coinbase is all setup and ‘verified’. Next: Adding funds.”
Last update was in March? Wow. What’s been happening? Well, Bitcoin isn’t trading still at $5,000 that is for sure. Bitcoin price headed north and broke through the major resistance at $9,204.20.
On the 1st of June Bitcoin hit the top major resistance point of $10,373.75 and hasn’t made any attempt to break through since.
Life has been a little bit upside down since the beginning of the whole Coronavirus issue for me back in March. I am now, like so many others, trying to regain some normality and will update frequently again.
Have I still been trading? Hell yes! I’ve still been following Bitcoin and selected AltCoins, daily – It’s my addiction!Continue reading “So, back to Bitcoin trading – Time flys!”
Binance Bitcoin warning sent to my mobile phone early this morning. To me this is a very professional approach by a responsible cryptocurrency exchange. Especially since this market is completely unregulated.
Cryptocurrency exchanges, like Binance, do not have to issue a Bitcoin warning at all and to be honest it probably isn’t in their best interest to do so short-term. The market moving is how they make money.
Long-term for loyalty though from a customer/traders point of view this is certainly welcome.Continue reading “First ever Binance Bitcoin warning received.”
Following Bitcoin on a daily basis is all good and well, but what about long-term? Is it possible to use trading indicators and trading tools to judge where Bitcoin may go weekly?
Let’s find out…
Updated: 17/06/20 – Scroll to bottom of the post.Continue reading “Bitcoin Weekly – The bigger picture”
You’re still here! Excellent… It’s time to do the important bit, let me show you how to sign up to Coinbase and lead you by the hand to buy your very first Bitcoin. Exciting times! (Sounds patronising but it’s actually not, I was well excited my first time… I also enjoyed buying Bitcoin as well.)
Note: At this point you should start to have a dislike for Fiat (normal currency). According to all chat boxes on every crypto exchange that you’re going to use from this point forward, Fiat is evil.
Blockchain cryptocurrency… It’s the future, man. Well, is it? Who knows. That being said though it has done pretty well in the past 10 years.Continue reading “How to sign up to Coinbase and buying Bitcoin.”
Bull runs are great, aren’t they? Unfortunately though as the title says the old adage is true.
It goes up it comes down = volatility.
Bitcoin is extremely good for this and makes trading fast and fun, if you’re on the correct side of the trades.
Bitcoin, and cryptocurrency in general, is the stock market… On steroids, wheeeeee.
There can be lots of money to be made/transferred to the educated, or lucky, but that would quickly run out. Knowing where to buy and sell intentionally is the way forward.Continue reading “What goes up must come down! – How I use ‘FIB Extension’ – Fibonacci Extension”
I remember looking at my first Bitcoin chart and thinking “Oh, awesome!” – Now what? Especially when Bitcoin was touching $19,000 (I’m not bitter about not buying £100’s worth still, honest!)
I believed for a long while that these movements were fairly random and there must be some sort of luck involved in managing to work out where to place a buy or sell trade. I considered it to be ‘trading bots’ automatically knowing when to trade.
However, I have a very determined personality and refused to give up looking for the “key” to trading. These movements were too structured to be just luck.
If only I could work out what this is doing, where is it going?
After months of searching I actually found a pretty effective way.Continue reading “For me this is the most essential trading tool. Fibonacci Retracement – Using support and resistance.”
Somebody called Ralph Nelson Elliott, who was a lot smarter than me, worked out that that all tradable assets on the stock market move in waves. This was I believe in the 1930’s way before the time of Bitcoin and cryptocurrency.
The good thing for us though is that the same trends still occur in cryptocurrency trading. Why? Well, it is all to do with everyone looking at the big chart together.
When we’re all working out our support and resistance lines, and looking at channels etc, we’re all buying and selling at particular points.
This creates a “wave” effect and equals an increase in price and retracements.Continue reading “Elliott Waves – Sounds boring, right? I can assure you it’s not…”