Update on BTCUSD:
Let's begin with an question: Are you part of "the herd" who follows what everyone else are doing or are you able to zoom out and see the possible trading opportunities out there?
Being a contrarian means that you are on the opposite side from "the herd" and when everyone else are selling, then contrarian is the one who is looking to accumulate more or to buy and vice versa. Contrarian is trying to be one step ahead of the game.
Also keep in mind that being a contrarian requires understanding the market movements and emotions that the herd is reflecting towards the market.
Let's take a look at the chart.
In yesterday's report I wrote that if $7.7k support zone would not hold, then downward movement was likely to be continued until it would hit potential support zone that could be found near to 0.786 fib. Before able to establish a solid support here this zone should be tested first and it's very attractive zone to watch for reversals.
If a solid support establishes here with signs of recovery I would start considering longing from here.
Keep in mind that often when the price drops this quickly it takes days before it starts going up (Unless there are some FOMO news). This is giving a chance to accumulate slowly and open small positions at a time.
I'm still bullish on btc and I think these are bargain prices.
If you need any help with trading, recommendations or where to search basics just feel free to leave me DM in here or in my twitter. I try to respond ASAP! :)
Happy trading!
Things to Remember:
Please be aware I am providing this trading information for your benefit and insight to my trading strategies. You are responsible for your trading and investing decisions. It is highly recommended to do your own research before investing anything.
Yarr
Let's begin with an question: Are you part of "the herd" who follows what everyone else are doing or are you able to zoom out and see the possible trading opportunities out there?
Being a contrarian means that you are on the opposite side from "the herd" and when everyone else are selling, then contrarian is the one who is looking to accumulate more or to buy and vice versa. Contrarian is trying to be one step ahead of the game.
Also keep in mind that being a contrarian requires understanding the market movements and emotions that the herd is reflecting towards the market.
Let's take a look at the chart.
In yesterday's report I wrote that if $7.7k support zone would not hold, then downward movement was likely to be continued until it would hit potential support zone that could be found near to 0.786 fib. Before able to establish a solid support here this zone should be tested first and it's very attractive zone to watch for reversals.
If a solid support establishes here with signs of recovery I would start considering longing from here.
Keep in mind that often when the price drops this quickly it takes days before it starts going up (Unless there are some FOMO news). This is giving a chance to accumulate slowly and open small positions at a time.
I'm still bullish on btc and I think these are bargain prices.
If you need any help with trading, recommendations or where to search basics just feel free to leave me DM in here or in my twitter. I try to respond ASAP! :)
Happy trading!
Things to Remember:
- Stop-loss orders are strongly recommended.
- Beware of buying tops or FOMOS, you might end up losing or waiting long periods of time before getting anything back.
- Do your homework before investing.
Please be aware I am providing this trading information for your benefit and insight to my trading strategies. You are responsible for your trading and investing decisions. It is highly recommended to do your own research before investing anything.
Yarr
