Ok, so Bitcoin 1.42% is correcting a lot, wait not Bitcoin 1.42% , the entire cryptocurrency market is on a huge correction (people are selling an the price is going down). Billions of dollars are gone.
Is this good or bad?
What to do next?
When to buy back in?
What about the Altcoins?
Good or bad really depends if you have a plan and your level of understanding of how these markets work. Corrections are good, if you are looking at the long term health of an asset, coin or market. There are many players involved, many people bought Bitcoins 1.42% and other cryptocurrencies without any knowledge of how this market works, the price goes high, everything shoots up, but the time to take out some profits finally comes. The experienced players are hungry they want their gains from the purchase of their coins.
There is also market manipulation, media manipulation and so much more. Our natural behavior as well, panic and other factors. But none of it is a big deal for those that are trading to make money, for us this is just a situation to watch from which we can benefit as well. Look for a re-entry price and how to maximize profits when the correction comes to an end.
So, is this good or bad?
Corrections are good. This type of correction happens after a phenomenal bull run, the Bitcoin 1.42% price reached all time high, the market grew to new levels, it is safe to say we reached a top, now we want to know where is our bottom, we want to know this market more. So we retrace looking for support, until we find one... we are getting close.
The chart above shows my recommended buy-in (re-entry) levels for Bitcoin 1.42% . At the same time, this same levels, if they hold, can be considered the end of the correction and activate a buy wave on all altcoins.
So watch for these levels, this might be where the correction comes to a halt. We have already been going down for a while now, so we just need one last push before we find our support.
What to do next?
If you follow my trades, we are taking the hold approach, but why? Because this is the easiest for beginners, not as in a personal way as you might think, but easiest in the sense of following a strategy where you can be sure to win no matter what happens. Knowing that this is a normal correction, you can act on it by making a plan before hand, buy and sell, trade like a boss. Buy and sell can cause mistakes, we like safe bets, that's why we hold.
When to buy back in?
Follow the chart and use my recommended "buy-in zone" square. If the price breaks this level and goes lower, then you buy-in more.
What about the Altcoins?
Our Altcoins are most in the red, just like the entire market. We have a few options here:
- Sell and buy back lower (this requires keeping track of Bitcoins 1.42% price and alts price).
- Sell and remain out, take a loss and wait for new trades (not me).
- Hold for the correction to be over, maybe reload at the bottom and your money will grow again (reload more while holding the old - I like it).
So it really depends on you.
My relaxation approach calls for a vacation rather than more trades (buying and selling alts), after the correction is over, many new and more opportunities awaits. We are here, and will still be here, to profit from these trades.
Namaste.
Jan 17
Comment: We've entered the "Buy zone" but do not rush, we will have plenty of time to buy unless there is a sudden dip, which can be countered by a sudden pump.
Other than that, this correction isn't over yet. Just like we have plenty of time to sell near the top, we will have plenty of time to buy near the bottom.
So take your time, and enjoy the down days, just as much as you enjoy the positive days. It is all trading and learning, we are here to look for opportunities and profit all the way.
Today's lessons, this correction lessons are going to be very useful for our future trades. This will definitely make us stronger, and the entire cryptocurrency market as well.
Next bull run we go to 1.5 Trillions. That's my new aim.
Thank you for your support.
Namaste.
16 hours ago
Comment: On the 4th Chart, the RSI indicator is already on the oversold range and showing signs of a reversal. This isn't enough though and we have to wait longer to see how the day closes for stronger signals, we are still trending big negative.
You can the 4h chart here:
The daily is still trending down strong. We need more of this correction before the sellers are satisfied. Let them have their fun, we will come back and we will come back strong.
Here is the daily chart:
Comment: Bitcoin showing strength by entering the old sideways channel. It needs to close daily within this channel (light blue) in order for this signal to be confirmed.
If we close trading day above this price, this works as a nice bounce and opens up the doors for a trend reversal but, this is only a small signal and it needs to remain trading above these levels for this to be confirmed. This is an early sign.
Here is the daily chart:
Here is the 4h chart again, looking better than before:
Comment: Trading day closes around 3 hours from now (00:00 UTC).
On the charts above you can also see that the price bounced from the "buy zone" square. This is also a signal that tells us the buy zone levels being a good support. It might be tested again before we know for sure what will happen next. Let's allow time for this correction to develop, what I am doing now is looking at it through a magnifying glass... This is no big deal, just some early signals but they look good. We wait patiently, life is good. ENJOY LIFE.
I will keep you posted if we keep on going down or if we reverse and start to go up again.
Thanks for reading.
Thanks a lot for your support.
Hold strong. It is easy to make money when you are long.
Namaste.
10 hours ago
Comment: A new trading day starts.
We had a good close, yesterday's candle was good, a large stick at the bottom, sellers tried hard but the buyers pushed the price back up. We had a strong bounce from our "buy zone".
Yet, we are still in a downtrend, as it can be clearly seen from the channels and TD Sequential indicator below, but we closed in the sideways channel, so we are back to where we were before.
This is short term though, long term we are still going up.
The correction continues, let's see how this day goes.
Daily chart:
Here is the 4h chart (this is the one with the early positive signals):
And let's take a quick look at the weekly chart:
- You can see full down on this chart, but look at the RSI line (2nd indicator: green), it hasn't gone below where we are at now since 2015. It can go lower, it just hasn't happen in a while. This is a bullish signal, even if we go below, which is more than ok with us, we should be looking at a strong bounce soon after that...
Please enjoy the chart...
Weekly chart:
for more technical analyse please follow:
Alanmaster: https://www.tradingview.com/u/alanmasters/