Today on The Trend we talk about the unknown direction of BTC. It's a challenge to call a move upward, or downward with long term trends crashing one another. What usually gives it away? VOLUME. There is no volume in sight. We have to wait untill we see some volume to have conviction in the next move. Later today - or possibly tomorrow we're going to create one of the most important pivots we've had since the 15-17k retests.
These are the times we have to manage ourselves. These are the times we have to have the discipline to set stop-limit's and protect ourselves from price-action that could empty our wallets. This is not the time to get hopped up on a new indicator, and think we know whats going to happen in a market which is running so cold, for so long, with little volume. Lets take some solace in what we DO know:
There is a giant sum of money on the sideline
There is a ton of capital in Alts which left BTC earlier this month - ripe to come back
The mining difficulty has not gone down, indicating sentiment that BTC is not dying
Talk, chatter, and new analysts are picking up BTC daily! This is not a market losing favor!
Now some last minute things. Last night I had a moderator who was nice enough to point out that I don't need to create a second idea for you to "Make it mine" on my chart! Apparently that works on the video too! So if you want to steal the chart from this video and muck it up yourself, simply click the "share" button on the bottom right of the video, and choose "Make it Mine" on the window which pulls up afterwards. If you have questions, challenges, or ideas you want to show off relating to this episode of The Trend I would like to encourage you use that feature.
I appreciate everyones support, and thank you for all the kind reviews so far!
Thanks for the video! Could you talk about the Heikin Ashi candles and why you use them on another episode?
blessmywork
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@ignacio560, That is a great idea. I think I will have to do that. Most likely I'll leave that for my other series (The Support Line) where I talk about indicators, overlays, tools and more of the fundamental things you would want to brush up on while trading. We may do a tiny bit here, but the real learning experience will be in the other series. Thanks for dropping by, and I appreciate you taking time to leave a comment here!
ttt4567
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Good one. Would be cool to see something where you see BTC in 1 year +.
blessmywork
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@ttt4567, Hey hey hey! Now that is an idea. We'll have to put that on the docket for one of these days... a massive forward project, with a regression to daily target. BOOM! You're the man with the plan today!
polskiboyy
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Nice
_ArjunA_
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Nice work, TOP status deserved! *clap* :)
blessmywork
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@_ArjunA_,
Hey thank you! That's a big compliment. I don't know that I deserve the top designation, but I'm happy to have a bigger audience. Certainly does feel good. Thank you for your time, comment, and kind words friend!
vitlic
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Thank you!
Excellent explanation!
blessmywork
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@vitlic, Hey thanks! Thanks for taking the time to drop by and leave a comment. I'm glad to know I'm explaining thoroughly enough to make it all make a semblance of sense!
GordonR
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Thank you very much for creating these videos and TA.
It's been great advice for me so far.