Let's use the tools of Technical Analysis and try to predict possible price movements. We can see that the price reached the up line of the ascending price channel. Mainly markets bounces from such zones and this time we also should be ready to price reversal with further downward movement. We have at least 2 solid signals confirming the price reversal - it's a reversal candlestick pattern and RSI reversal in the overbought zone. I offer you to compare this possible high with the previous one. The market can repeat the previous price movement. The difference can be only in size of correction movement. The previous correction movement was supported by fundamental factors. Will we have the similar news for pushing the market down? We'll see. But this time it looks like we'll have a retracement to 5000.00 level with quick bouncing and a new upward movement. Also it can be a variant with consolidation around 5000.00 level and further upward movement. The market can drop below 5000.00 level and reach the trend line. If so, we'll get a very interesting level for buying. But this variant seems not so real as the price reversal from 5000.00 level. We have to consider now 5000.00 as the key level for further price movements. Let's watch closely for price actions near the up line of the price channel and the zone at 5000.00 level, if the market reaches it. We must be ready to act based on the confirmed signals from the market in order to get new trading opportunities on time.
Kommentar
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I can't post any comments and reply on your questions below. I have to pass through the moderation of TradingView. But they work too slowly. Hope you can understand why I'm keeping silence )
Kommentar
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This trading idea still workable. The price reached a new possible reversal zone formed by the uptrend line and 6000.00 resistance level. Be careful with profitable positions. Markets in such zones mainly are reversed. Don't forget about it and be ready to act based on price action in this zone.
@CyborgDroid, this is channel, where only @DLavrov can post. I meant public chat group.
NTRad
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Hello @DLavrov, tomorrow is ETH fork, how do you think what is better now: sell ETH to USDT for buying BTS at 5000 level or hold ETH? Thanks.
DLavrov
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@NTRad, it depends on your deposit size, how many % you invested in other markets and how much free money you have for new investments.
Sabibaby
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@NTRad, why not buy a little bit of each every week rather than trying to time the market? Have some extra cash on the side for dips that happen every once and awhile.
NTRad
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@Sabibaby, may be my strategy isn't correct, but i'm keeping now all deposit in one currency, it is easier for me as a newbie to react on market changes and i have no long term strategy by now.
NTRad
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@Sabibaby, so my strategy is based on believing that BTC will grow to 10 000++ in future. So the aim of my trading strategy is growing my balance in BTC equivalent. My deposit isn't very big for majority of you, it is about 0.2BTC. So, i'm trying short term trading for better understanding of the process. I'm mistaken?
Sabibaby
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@NTRad, This is my personal opinion but if you have a small amount in the market and you're a noob I would suggest a small amount of diversity or one coin and make that coin BTC. For diversity maybe 50% btc and 25% eth and 25% ltc or even 75% btc, use whatever ratio you feel comfortable with. Long term the market is going up, there might be short term fluctuations but 3-5 years from now things will be going up. So one week/month/pay check/ put some money into BTC.
Trying to time the market is tough even for experts. You've probably heard that only 10% of day traders make money, the other 90% lose money. Those are bad odds. If you buy, hold, and replenish every paycheck or two -whatever you're comfortable with you'll most likely make more money in the long run, if you "gamble" or try to time the market it is highly more likely you'll lose money or you won't make as much as if you would have just saved and diversified with a few coins (heavier percentage of BTC). Too many people try to beat the market and the whales make moves to eat the small fish.
If what you're doing is working and your not paying fees ("market maker" using GDAX) cool but otherwise less to worry about just buying in increments -(dollar cost averaging). Then when you get a lump sum (tax return or something) wait for a dip and see what others here are betting on. When the dip hits, buy in more.
That's just my thoughts though, seen/heard of to many people burn through their stack trying to day trade.