For me this is the most essential trading tool. Fibonacci Retracement – Using support and resistance.

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.”

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.”

Sorted, I understand the indicators. Show me the next lot of fancy stuff! – TA, Trading Analysis.

Now that we have established a price direction using cryptocurrency indicators, we’re going to have to see if this direction is following any trading trends.

Bitcoin, similar to the stock market, has certain ways in which the value is traded. Imagine there is a big chart and everyone has seen a trend together and are following the same lines and levels. It is this that we need to identify as well.

Continue reading “Sorted, I understand the indicators. Show me the next lot of fancy stuff! – TA, Trading Analysis.”