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May 28, 2017, 10:06:36 PM |
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After you buy bitcoin, send it to an exchange where the spread isn't 15% lol.
You can pretty much use any exchange to trade. (or better yet, store your coins offline and wait for them to rise)
Once you are ready to cash out back to fiat, move the bitcoins back to an exchange down under and use that to withdraw your AUD.
Also, profitable traders tend to trade less, not more. Buy it, hold it with conviction. Watch the price, you will notice when it's time to sell...
Use the 5 metrics of analysis to help you: #1: Price: the first and foremost important. Price will flatten out, you will see basically a battle between buyers and sellers right before the initial crash like 70% of the time in my experience.
#2: Volume: You will see extremely heavy volume as buyers and sellers battle it out.
#3: Momentum: This is what shows you what direction the momentum is going. I like to use the indicator "MACD" for this, you can tell as price rises, the momentum behind the price starts to fade. When momentum starts to fade, it's time to start looking for other signs of trend change.
#4: Volatility: Volatility is an important metric to pay attention to. You will notice how prices started out slow and as we got higher and higher price starts to move quicker and quicker. After we broke new highs, Volatility has been extreme and we've seen extremely large movements both up and down. Volatility is not something to be afraid of, you just need to be aware that when all these signs align with eachother (price moves up, heavy volume with waining momentum, extreme volatility) that it's trying to tell you something.
#5: Sentiment: This one is important too. this is what I look on the forums for, we saw some great sentiment indicators last week when bitcoin was around 2500-2700, everyone was posting "Bitcoin will be 3k soon" "bitcoin to the moon" "it's unstoppable" "bitcoin should have a 1 trillion market cap if it's really a global reserve currency, that means 1 bitcoin could be worth more than 100k!!!".
When you see people talking like above, its a sign that enthusiasm has reached a irrational level of exhuberence and that is a sign that we are right on the edge of a correction. I use heavy sentiment (if 90% of a group agrees in one direction = heavy sentiment) in one direction as a contrarian indicator, if they are saying it's going to the moon, beware, if they are saying it's going to crash, be greedy. lol.
Feel free to pm me if you have questions. Best of luck with your trading bro
PS - I forgot to add, do your analysis on weekly & daily charts. Those are the ones that matter. As signs align and it becomes obvious we are getting closer to an exit, start using shorter term graphs to watch for the top. Think of it as periods of time, if your analysis doesn't cover the whole period you are interested in, you aren't getting the full picture.
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