Bergkampsballs (OP)
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December 01, 2020, 10:42:41 PM |
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Hi,
I'm new to trading and trying to find the best way to trade when Bitcoin is testing it's ATH. I have noticed that it reached $19,300 last week before dropping below $17,000 then built back up to over $19,800 yesterday before dropping then again reaching $19,900 today before dropping again. Does that mean that the sell orders at those levels have now been spent and Bitcoin may find an easier path to break through? How many times could we expect this pattern to repeat before a break through?
Are we expecting similar patterns to repeat over the next week? If so, is it worth transferring a portion of BTC into USDT or similar each time BTC reaches around $19,800 and then transferring it back if or when it seems to have bottomed out?
Maybe it would be more sensible for me to stop trying to be clever and just HODL my way through but either way, I would be interested to hear your thoughts.
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Bergkampsballs (OP)
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December 02, 2020, 12:28:20 AM |
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Thanks, that is a very helpful post and your link looks like a very useful resource for learning the details about Technical Analysis which is something that I would like to understand, I will try to read through it and understand as much as possible. I have copied your post into my spreadsheet for learning about trading so that I can come back to it when I am learning. Cheers.
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lepbagong
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Enterapp Pre-Sale Live - bit.ly/3UrMCWI
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December 02, 2020, 05:29:45 AM |
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it looks like what the OP has told is indeed the reality that happened to bitcoin. and this is like changing the tradition that has been done by bitcoin with long-term investments, but that did not apply to the last month. what the OP says is the reality and if only one speculates to do short-term trades it is certain to get very attractive profits.
but no one will dare to speculate at a time like this because it requires attention such as observing continuously and it is not easy and of course there will be risks that can be wrongly anticipated.
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KnightElite
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December 02, 2020, 12:17:30 PM |
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For me the strategy that you should use depends on what skills that you have because we traders have not same skills and characteristics, I'm more a momentum trader where I usually buy at the breakout. If my strategy is suitable for you then you can try it first in virtual account for you to not take any kind of risks. The current ATH of the bitcoin is the last resistance and it is why it is tough to beat but it doesn't mean that the bitcoin will never beat it. As a momentum trader I have 3 strategies to use in order to trade the ATH, first is the aggressive momentum where you will buy before breakout but the risks are too high because you are just speculating if a breakout will happen next is during the breakout wherein you will buy if the price is now currently piercing in its current ATH because that area have huge sellers and the last one if after the breakout wherein there is confirmation and the risks are less than the 2 strategies that I mention.
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nemey
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Catena X
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December 02, 2020, 01:36:20 PM |
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Playing trading is actually tricky. Because you really need to learn to hone your sensitivity to market conditions. And also you must be able to master your emotions so you are not easily swayed by market conditions. So far, I think the key to success in cryptocurrencies is patience. You can buy Bitcoin at the current price. And can sell when you get a profit. Feels easy, but it's actually hard to implement. If you are buying for under $ 19k then it is best to wait until that $ 20k is reached.
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Scripture
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December 02, 2020, 02:07:24 PM |
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Bitcoin becomes more volatile in the past days and we can see its history, it always go down every time it goes up because we are failing to break the resistance so doing your trades on this level is too risky. I'm just holding right now because I can't follow the trend of Bitcoin anymore on a daily basis and its more safe If I do trade long. If bitcoin was able to break the resistance, we can expect the ride to go up and you can have your trades ready, always have a back up plan.
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$crypto$
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Smart is not enough, there must be skills
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December 02, 2020, 02:31:09 PM |
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Playing trading is actually tricky. Because you really need to learn to hone your sensitivity to market conditions. And also you must be able to master your emotions so you are not easily swayed by market conditions. So far, I think the key to success in cryptocurrencies is patience. You can buy Bitcoin at the current price. And can sell when you get a profit. Feels easy, but it's actually hard to implement. If you are buying for under $ 19k then it is best to wait until that $ 20k is reached.
Sometimes people like to panic first when market conditions start not to improve even though this is only a slight correction if we remain patient with the sensitivity that is applied, when the price is high many people tend to buy because they want more profits for an instant, but this still takes what process has been done. we buy with the challenges that we continue to face that must be overcome and the most important thing is not to be greedy if we have targeted a percentage of the profits then that's good, don't just wait for more, sometimes that's what makes if stuck.
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Sterbens
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Duelbits.com
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December 02, 2020, 04:41:22 PM |
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it looks like what the OP has told is indeed the reality that happened to bitcoin. and this is like changing the tradition that has been done by bitcoin with long-term investments, but that did not apply to the last month. what the OP says is the reality and if only one speculates to do short-term trades it is certain to get very attractive profits.
but no one will dare to speculate at a time like this because it requires attention such as observing continuously and it is not easy and of course there will be risks that can be wrongly anticipated.
Yes, the risk is large enough to make a short sale when the situation is difficult enough to predict. I thought I would do a partial sale and hold a part. because the movement of bitcoin cannot be predicted accurately by anyone. until now bitcoin is looking for loopholes to increase its pump strength. I am personally still waiting and alert.
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Mpamaegbu
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Once a man, twice a child!
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December 02, 2020, 06:16:41 PM |
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There is nothing special trading Bitcoin as it approaches the $20k level other than watching for more buys. It's an uptrend and so you should avoid the impulse of selling until you're sure the trend has turned bearish. Just look out for buy trades, not sell.
How many times could we expect this pattern to repeat before a break through?
Normally, I will look at the third attempt of it happening and if on the third attempt it doesn't break the Resistance then I should consider it very hard to warrant a drop from that level. But if it breaks on the third attempt, that means it's a continued uptrend. Are we expecting similar patterns to repeat over the next week?
Yes, history has a way of repeating itself. This is the same reason traders study charts.
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passwordnow
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December 02, 2020, 08:24:26 PM |
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Maybe it would be more sensible for me to stop trying to be clever and just HODL my way through but either way, I would be interested to hear your thoughts.
I do the same, I'm just monitoring it and if it does makes sense to sell then I sell. What plans do you have this time? we're at the peak and it is unknown if it will go ahead pushing to the top or we'll see some corrections again just like it actually did. I think we're seeing the 2nd correction this time after it has reached $19500+. It hasn't struggled to recover but it is having hard time to reach $20000. Speculators are only waiting for it to step on $20000 and probably a lot of selling orders will be filled.
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Bergkampsballs (OP)
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Activity: 145
Merit: 25
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December 02, 2020, 09:06:45 PM |
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Maybe it would be more sensible for me to stop trying to be clever and just HODL my way through but either way, I would be interested to hear your thoughts.
I do the same, I'm just monitoring it and if it does makes sense to sell then I sell. What plans do you have this time? we're at the peak and it is unknown if it will go ahead pushing to the top or we'll see some corrections again just like it actually did. I think we're seeing the 2nd correction this time after it has reached $19500+. It hasn't struggled to recover but it is having hard time to reach $20000. Speculators are only waiting for it to step on $20000 and probably a lot of selling orders will be filled. From my total lack of experience my thinking is that the $20,000 barrier hasn't yet been hit which means there's a large amount of sell orders that have not yet been triggered. I think that these will act as protection for my bet if I choose to sell half of my Bitcoin the next time it reaches around $19,700 which is what I am planning to do. Once that $20,000 barrier is hit a lot of sell orders will likely be activated creating a rejection that will bring the price back down well below the $19,700 mark and I can then buy more Bitcoin back at a lower price. If I am wrong and the price shoots up through the $20,000 then I buy back in ASAP, kick back and watch the dollars roll in. Does this sound like a reasonable plan?
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passwordnow
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December 02, 2020, 09:55:52 PM |
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Maybe it would be more sensible for me to stop trying to be clever and just HODL my way through but either way, I would be interested to hear your thoughts.
I do the same, I'm just monitoring it and if it does makes sense to sell then I sell. What plans do you have this time? we're at the peak and it is unknown if it will go ahead pushing to the top or we'll see some corrections again just like it actually did. I think we're seeing the 2nd correction this time after it has reached $19500+. It hasn't struggled to recover but it is having hard time to reach $20000. Speculators are only waiting for it to step on $20000 and probably a lot of selling orders will be filled. From my total lack of experience my thinking is that the $20,000 barrier hasn't yet been hit which means there's a large amount of sell orders that have not yet been triggered. I think that these will act as protection for my bet if I choose to sell half of my Bitcoin the next time it reaches around $19,700 which is what I am planning to do. Once that $20,000 barrier is hit a lot of sell orders will likely be activated creating a rejection that will bring the price back down well below the $19,700 mark and I can then buy more Bitcoin back at a lower price. If I am wrong and the price shoots up through the $20,000 then I buy back in ASAP, kick back and watch the dollars roll in. Does this sound like a reasonable plan? It is reasonable but I'm not expert with that. Taking profits then wait for a retracement and do a buy back. That's a common strategy that a lot of traders do. But sometimes there's no TA that fits bitcoin just like how it ended well on $19k lines. What matters in that strategy is your firm thinking and decision. It might sound like you are in FOMO but if you've done that according to your plan then that shall reap you profits.
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dunfida
Legendary
Offline
Activity: 3094
Merit: 1136
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December 02, 2020, 10:25:50 PM |
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Maybe it would be more sensible for me to stop trying to be clever and just HODL my way through but either way, I would be interested to hear your thoughts.
As long you do make money then you can do all things that you do want yet no one can tell about on what would happen on next try on breaking the ATH.We cant really tell if those sell walls had already been spent or would just continously be having that wall because in psychological aspect then theres really some importance on breaking 20k. Big players might really be holding it up on that level and trying to reject it but for us small traders then the best thing to do is to play with those pullbacks and recoveries because on this one we would really able to make money and be sure that you do assure your profits and dont get too greedy and if your gut telling you that you should hold and stop then its up to you.
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Rasel5209
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December 06, 2020, 03:41:30 AM |
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Hi,
I'm new to trading and trying to find the best way to trade when Bitcoin is testing it's ATH. I have noticed that it reached $19,300 last week before dropping below $17,000 then built back up to over $19,800 yesterday before dropping then again reaching $19,900 today before dropping again. Does that mean that the sell orders at those levels have now been spent and Bitcoin may find an easier path to break through? How many times could we expect this pattern to repeat before a break through?
Are we expecting similar patterns to repeat over the next week? If so, is it worth transferring a portion of BTC into USDT or similar each time BTC reaches around $19,800 and then transferring it back if or when it seems to have bottomed out?
Maybe it would be more sensible for me to stop trying to be clever and just HODL my way through but either way, I would be interested to hear your thoughts.
Good trader can guess about coin price. Only can guess don't it 100% sure so this patter can not work every time. Have many source for learning about crypto-currency. First you try to learn then you can guess btc price up or down.
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hd49728
Legendary
Offline
Activity: 2100
Merit: 1032
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December 06, 2020, 04:51:36 AM |
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If bitcoin approaches to $20k, the best way to trade with your bitcoin is trade as many times as possible with the entry and exit price difference from $100 to $150 for each trade. People will go mad when bitcoin approaches $20k and they won't know what to do: long or short. They will change their minds in seconds and liquidations will be more than ever.
It is perfect market with good volatility for you to trade and get income.
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so98nn
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December 06, 2020, 04:58:03 AM |
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I don't think it's good idea to jump in bitcoin trading as long as you are trading large volume mate. If you play in bulk then only you will earn some amount of money out of this trade. The reason: Market is very steady for bitcoin since a week now and it has already built up that resistance where it could go up and down like crazy. Just check any data site for the past week graph of bitcoin and you will understand how steady it is. To be honest, even on the log scale it is standing still. Though it's very intimating to enter into market when the prices are going up still it's not worthy to enter because risk is at its peak as well.
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cheezcarls
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December 06, 2020, 09:22:40 AM |
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Hi,
I'm new to trading and trying to find the best way to trade when Bitcoin is testing it's ATH. I have noticed that it reached $19,300 last week before dropping below $17,000 then built back up to over $19,800 yesterday before dropping then again reaching $19,900 today before dropping again. Does that mean that the sell orders at those levels have now been spent and Bitcoin may find an easier path to break through? How many times could we expect this pattern to repeat before a break through?
Are we expecting similar patterns to repeat over the next week? If so, is it worth transferring a portion of BTC into USDT or similar each time BTC reaches around $19,800 and then transferring it back if or when it seems to have bottomed out?
Maybe it would be more sensible for me to stop trying to be clever and just HODL my way through but either way, I would be interested to hear your thoughts.
In my own opinion about that, I don't think it's a good time to buy yet. You might wanna wait a little pullback by following the advice of the pro crypto traders with good or decent TAs. Unfortunately, nothing is guaranteed and their analysis are not really accurate because the cryptocurrency market is very unpredictable until today. The only thing that you need to do is learn about managing your time and money very well. In other words, invest and trade what you can afford to lose.
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xSkylarx
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December 06, 2020, 10:07:23 AM |
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We can't really know if it will break the ATH in the next few days or go below $19k price. To be sure set a buy order so when it dumps you can still trade. It's very risky to enter the market now because many are excited to break the ATH so it depends on you if you are still going to trade.
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BitcoinOfficialGroup
Newbie
Offline
Activity: 32
Merit: 0
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December 06, 2020, 10:25:15 AM |
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I think before and of this month bitcoin price reach $20k + I'm 100% sure because market is ready do it.
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