Trade BTC like a boss - from the guy who called the double top!
Chart update. Position: Very Bearish with a chance of bounces
Technicals. Day and Weekly Chart.
1. RSI is in negative territory
2. MACD looking vicious to the downside.
3. Breaking lows.
It's clear we are in a bear market. No question at this point. We want to look for signs of a reversal, but there are none and we will continue looking. With all of that down pressure, What's a trader to do? Profit, of course! There are a lot of ways you can do it, the methodology I will be going over in this post is the Martingale Strategy and how to play the bounces as we move up. The reason I like this is because I am not perfect and I can't watch the markets 24/7. Everyone has things they need to do during the day and you also need sleep. The martingale technique involves looking at what you think the highest probability move is for a bounce and then entering in accordingly and playing the bounces. more importantly if you are wrong, you have points in place and plenty of room to be wrong. You have options, which is important. Lets see what BTC is telling us here.
We know we are moving down. But how far down can we go? At this point a double bottom with a strong bounce off of the 6k mark seems Highly probable. But what if it rebounds early or we miss a bounce? We want to play this bounces at strong support points. For me, I would do something like this:
BTC BUY @ 8k area: 10% of portfolio
BTC BUY @ 7k area: 20% of portfolio
BTC BUY @ 6k area: 40% of portfolio
Where's the other 30% you ask? Well, the highly probably point is a 6k bottom, but what if it shoves through to 3.5k? This is a possibility and while a bounce would be very warranted before a push to 3.5k, personally, I like having a backup plan and options. If BTC looks like its going to bottom at 6k I can always enter in or sit on the sidelines. The key is options. There is a lot of ways you can weight your martingale positions depending on where you think the bounces will happen. At 9k, I was able to weight a heavier positions (20-30%) and get out with a quick profit at 9.4k and move my buys downward.
Lot of ways you can play it, I outlined some of the possibilities I am looking at. Key is to not stress about your trades. Make sure you read up on martingale strategies. You might not make as much using the martingale, but you will lose less if done correctly. Part of trading is controlling your emotions and this strategy allows you to do that.
Happy Trading,
-Sherem
My recent BTC doulbe top call -
Technicals. Day and Weekly Chart.
1. RSI is in negative territory
2. MACD looking vicious to the downside.
3. Breaking lows.
It's clear we are in a bear market. No question at this point. We want to look for signs of a reversal, but there are none and we will continue looking. With all of that down pressure, What's a trader to do? Profit, of course! There are a lot of ways you can do it, the methodology I will be going over in this post is the Martingale Strategy and how to play the bounces as we move up. The reason I like this is because I am not perfect and I can't watch the markets 24/7. Everyone has things they need to do during the day and you also need sleep. The martingale technique involves looking at what you think the highest probability move is for a bounce and then entering in accordingly and playing the bounces. more importantly if you are wrong, you have points in place and plenty of room to be wrong. You have options, which is important. Lets see what BTC is telling us here.
We know we are moving down. But how far down can we go? At this point a double bottom with a strong bounce off of the 6k mark seems Highly probable. But what if it rebounds early or we miss a bounce? We want to play this bounces at strong support points. For me, I would do something like this:
BTC BUY @ 8k area: 10% of portfolio
BTC BUY @ 7k area: 20% of portfolio
BTC BUY @ 6k area: 40% of portfolio
Where's the other 30% you ask? Well, the highly probably point is a 6k bottom, but what if it shoves through to 3.5k? This is a possibility and while a bounce would be very warranted before a push to 3.5k, personally, I like having a backup plan and options. If BTC looks like its going to bottom at 6k I can always enter in or sit on the sidelines. The key is options. There is a lot of ways you can weight your martingale positions depending on where you think the bounces will happen. At 9k, I was able to weight a heavier positions (20-30%) and get out with a quick profit at 9.4k and move my buys downward.
Lot of ways you can play it, I outlined some of the possibilities I am looking at. Key is to not stress about your trades. Make sure you read up on martingale strategies. You might not make as much using the martingale, but you will lose less if done correctly. Part of trading is controlling your emotions and this strategy allows you to do that.
Happy Trading,
-Sherem
My recent BTC doulbe top call -
İşlem aktif:
Per my post above, I went in light just above this 8k level. It's hitting this resistance zone at 8.5k pretty spot on right now. I will be looking to get out from here until 9k. We are going into the weekend which could shoot it past this 8.5k resistance point up to 9k.
Per my post above, I went in light just above this 8k level. It's hitting this resistance zone at 8.5k pretty spot on right now. I will be looking to get out from here until 9k. We are going into the weekend which could shoot it past this 8.5k resistance point up to 9k.
Yorum:
Looks like we are going down sooner rather than later. This is why we martingale our positions in, to hedge against downside moves. Look to get out on a rebound up to 8200. If it doesn't get there, we still have the majority of our positions laddered down to 6k
Yorum:
I had fills at 8k and 7.5k for an average buy in around 7.65k. It's looking good at this point with the recent highs of 8.6k getting blown through. If we bust through 9k, we will go higher. Lot of resistance at this level. Keep a close eye out.