[BTC] - Sub 6K$ when to get back in?

in #bitcoin3 years ago (edited)

HI all, Crypto sludge here.

The crypto space is on fire, and not in a good way, but the oldest rule of trading is that you buy the panic and the blood of the streets, and you sell the news and euphoria.

So the big question here, has the market panicked enough, and has the capitulation arrived?

Let's take a look @ the charts, shall we?

image.png

The 1H chart, the sell off so strong, that the market rejected the TD9 Buy signal we got earlier. The Big purple line @ ~5800$ is the stop-loss of this TD9 and my most obvious support line at this time.

The 4H chart, very similar situation a rejected TD9 Buy, very similar TD support line @~5800$, but the StochRSI is flat lined in the oversold area, so that's a positive sign.

image.png

So what does this tell me?

I think we will have some sort of a recovery here, i doubt it will last for to long at this stage, as the higher time frames are still very bearish, but if you are feeling brave and lucky, i might dip back into the market now, with a very tight stop loss @~5800$, and try to ride the recovery, probably into the 6500$ area.

Trade ON!

Crypto Sludge.

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Those who are optimistic enough would say it is now the best time to buy bitcoins. Nevertheless, I have not heard any positive analysts lately who would suggest people to buy more bitcoins during this price drop.

Hahaha ever since it started dropping from 20k people have said this is the best time to rebuy. Truth is all were wrong or maybe all were right. I guarantee that very few if any sold at the 20k mark and of those that did I’m sure they bought in again somewhere on these down trends . I WILL GUARANTEE THAT IF THIS REBOUNDS IT WILL DO IT SUPER FAST THAT YOU WILL NOT EVEN HAVE TIME TO REBUY.

I agree, for a longer term strategy i wouldn't do it as well, but the fact that the market is bearish doesn't mean good traders can't profit of it.

You are very right. How can people be so enthusiastic about crypto as they were in November and December last year? The traders who are well established will continue to buy and see it in long rung. But the ordinary people who do not have experience in crypto trading will step away for a while.

Yes. Bitcoin is at it's bottom and it is the best time to invest in Bitcoin and trade and make a profit every day. Every one has a chance to buy Bitcoin now...

Nice hearing from you side, Sludge!

I've stopped active trading 3 month age, what price fell below $11000
We are now in the downtrend, so it does not make any sence now to play bull games.

Here is what I posted 5 months ago: https://steemit.com/bitcoin/@dkn/when-was-the-last-winter-the-north-remembers

"The north remembers" post reminds the over-one-year downtrend and fell from 1100 to 250 bucks:

We've reached 20000, downtrend lasts for ca half a year and it can freely keep going down up to 4000 and below...

Earning money during the downtrend is possible by shorting, but it is... dangerous :) :) :)

I wait for the spring and advice you to do the same.

Thanks for the updates!

hey man! good to see you as well.

I personally don't like shorting on the platforms currently exist for crypto. i just don't trust them.

i prefer when i make a move to have the actual asset (call me old fashion :) )

but yea, everything i say here, is short-term only, i don't see the blood and capitulation just yet, but i am not going to stop trading right now, this is how opportunities are missed.

Take care!

I also do not short. I've heard stories about bill sent to unlucky shorters from the exchanges - stoplosses do not work on time and 'farewell sweetheart'.

I hope, that people who trade now really love, what you do, cause in the other case they just spend major part of their life spectating the downtrend and losing money.

That is not for the weak of heart or people that can't afford to loose, that is true now then it ever was.

Watch till july end... Bitcoin will on fire again..... Mark my words..

you are absolutely right.