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, back to Bitcoin trading – Time flys!

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.

Coronavirus.

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!”

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!”

D.Y.O.R – Eh, what’s this when it’s at home?

Do Your Own Research – Before I take this blog any further, as I noted in the ‘What is going on here then?’ section, this blog is only setup for a bit of fun.

I will try to explain what I kind of know on every topic but I am far from an expert in any of this.

The information I talk randomly about on here is purely from doing my own research.

Continue reading “D.Y.O.R – Eh, what’s this when it’s at home?”

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?”

Well hello, Bitcoin!

Bitcoin – The word’s first decentralised currency

My first post! – Always feels special.

What better way to start this blog off than to talk about Bitcoin (BTC).

This cryptocurrency coin is probably what got me into so much mess in the first place.

Let me explain…

In January 2018 I decided to check back on cryptocurrency. This is something that I had checked out before in 2010-11 when Bitcoin was just a baby and worth virtually nothing.

My first impressions back then were ‘Oh, a made up currency with invisible coded coins. It’ll never work.’

Curiosity did get the better of me though and I download a Bitcoin wallet, and for a brief moment, I did run a miner on an old laptop.

This would be impossible to do now due to increased difficulty in the mining code but back then was fairly straight forward to do.

That laptop is now broken and stuffed in a cupboard someplace, I don’t think I managed to work out how to store any coins on it.

I’m pretty sure I didn’t mine 1 Bitcoin, which would of been easy enough to do back then…

Reading that back over, that is a lot of uncertainty, maybe I’ll find the time to drag it out and check at some point.

Once I realised how long it would take to mine just 1 Bitcoin I considered buying £100 ($130 ish in today’s money) worth of them.

However, we were young parents at the time with a couple of tiny children, and pressing everyday expenses, I couldn’t justify spending the £100 on some random code.

Cryptocurrency… pfft, it’ll never work, remember?

Bitcoin hit $19,783 (£15,164 in today’s money) per Bitcoin on the 11th of December 2017!

Ha! £100, just £100, that is all I would of bought, which would of worked out to be around £1.5 MILLION! ($1.9M)

How wrong I was!!!

So, returning to January 2018 and I could never afford to buy a whole Bitcoin.

Something new to me though was ‘Alternative Coins’ (AltCoins).

These were other types of cryptocurrency, and a lot cheaper than Bitcoin, but were much higher in value at this time than when first released to the crypto market as ICO’s (Initial Coin Offering).

These were far more appealing to me at the time with the fact that I had money to invest, much more than I would of invested in Bitcoin back in 2010-11, and I sure as hell wasn’t going to miss out a second time!!

Yep, I was being a “Noob” and I had no idea what the meaning of “Catching a falling knife” meant.

I do now!!!

This began my love/hate relationship with XRP (Ripple).