Show me the money!

So, you want to know how to buy cryptocurrency?

First things first, understand the market.

I wouldn’t suggest doing what I did. I literally logged on to an online exchange checked out Bitcoin (BTC) saw that it had just had a great run up to $19,000+ and thought “Yeah, this is it! There is money to be made here, it’s going to continue going up, right?”

I was so, so wrong!

Continue reading “Show me the money!”

Daily Bitcoin Analysis – Using Support and Resistance

My daily Bitcoin analysis – Let’s see if I can actually get this right!

Update: I will not be adding any more daily analysis using only support and resistance to this post. I have started another post, which can be found at the top of the blog. Whilst I will be using support and resistance with my TA I will now mainly be using Moving Averages.

Just a brief daily mind stretch. Trying to see if I can identify Bitcoin support and resistance.

Feel free to add a comment if you see anything I miss.

Not financial advice. I’m just trying to work out the overall direction for Bitcoin in the near future.

(This is just for fun) Remember; Bitcoin is a highly volatile beast and has the ability to change direction, in seconds.

Always use a stop loss!

Please note: I am neither bull or bear. I trade either direction, it’s all about the money, baby.

Monday 15/06/20

Daily (Yellow)
Higher Fib resistance $10,225.32
Lower Fib support $8,931.10

Major resistance at $10,373.75 (Purple)
Major support at $9,052.56 (Blue)

Opening price: $9,341.08

I’m going to simplify the way I do trading. Whilst I will still continue to use this TradingView chart for reference I will be relying on using MA (Moving Averages) lines instead.

This will be my last update on this post today. I will start a new one that will replace this as a ‘sticky’ topic. Since the beginning of the Coronavirus lockdown I have been using the much more simplified MA lines. This is mainly because I haven’t had as much time to monitor every move of Bitcoin due to other commitments.

I have found this new strategy to be highly effective without being so time consuming, and as a plus for anyone following this, it will be easier for everyone to follow.

I will still be looking for trends using my full TA but will only publish my TradingView chart when it is really required.

So, for the last time for a little while here is my TradingView analysis:

** Click on image to expand **

Daily Bitcoin chart for the 15th June 2020
Bitcoin has completed a full 5 Elliott Wave up. Will lower support now be reached at $9,052.56?

Previous day’s predictions:

Continue reading “Daily Bitcoin Analysis – Using Support and Resistance”

XRP (Ripple) – What is it and why did I buy it?

If you’re new to crypto and understand how big Bitcoin (BTC) now is, and more importantly how expensive it is to buy just 1 Bitcoin (of course we’re all in it for the technology, hmm), then you are sure to of heard of XRP and Ripple.

XRP – Is this the bank coin of the future?

I’m just going to pause here really quickly to explain why I keep using 2 different names for the same coin.

XRP = The coin/token name.

Ripple = The company who created the coin.

Continue reading “XRP (Ripple) – What is it and why did I buy it?”