My Bitcoin daily strategy. Thoughts and analysis.

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.

Analysis:

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.

Open Trades

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)

So, we have found the direction and we have identified support and resistance… Now, where the heck is this going long-term? Introducing channels.

Time to be honest, once again. I really struggle with placing channels whilst trading. Cryptocurrency, unlike the stock market, doesn’t really seem to move in traditional channels.

That being said though it is always good to try and use them. It’s better to have some idea of long-term predicted movement rather than placing a trade and just hoping.

Continue reading “So, we have found the direction and we have identified support and resistance… Now, where the heck is this going long-term? Introducing channels.”

I’ve got me a TradingView chart. What do I need next, what are these indicator thingamajigs?

The main thing when trading (or looking to buy a cryptocurrency at a really good entry point) is that you’re going to want to identify the direction that a coin is traveling in. Now, even though this sounds easy I can assure you it really isn’t.

Cryptocurrency like all markets is 50/50, most of the time. Either traveling up or down.

There can be times though when a coin just travels sideways, known as “Bart” or “Barting”. This kind of sideways action gets its name after the Bart Simpson character’s hair style. Short movements moving only slightly up and down for a period of time.

Continue reading “I’ve got me a TradingView chart. What do I need next, what are these indicator thingamajigs?”