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)
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.”