The crypto market is in the recovery and then here come another waterfall/dip/dump due to the news of China Ban Crypto. Another perspective to view the market is based on the Crypto History, September has always been a red month in the history.
BTCUSDT 1 Hour Chart
Before the waterfall, BTC was trading at the 44K - 45K level (highest touched was $45,200) then next, BTC dumps all the way to $40,675 within 4 hours which was 10% dip. After the demand absorbed at the 40K level, BTC bounced a little bit to 42K level. Soooo what do you do when the market is in red, do not have clear direction, indecisive? It's okay to be on the sidelines, doesn't have to be in the position all the time.
There is a saying in trading that my good friend share with me and I will never forget: No Position is BETTER than being in a Wrong Position/Messed Up Position.
I was scrolling my Twitter feed and I saw a valuable compiled information that in my humble opinion will be useful for all trader in term of communication, reading report or just to enhance your knowledge which is Technical Trading Terminology. Some of the terminology I had just learn too.
The above photos are courtesy of EmperorBTC. You may view the full thread on twitter. https://twitter.com/EmperorBTC/status/1441083574132695040?s=20
Cheers Everyone, have a good weekend!
On a fine afternoon talking to ladyyunajay about trading view functions.. A simple idea pop up!!
Me: Why not we start paper trading at trading view (100K capital, fake money) record it down in a google sheet and share to the world? We can do this as trading exercise and have fun at the same time!
https://docs.google.com/spreadsheets/d/1aogT9AGMsisUbN1ZrfAV0DWeKGy8WWy9uSZ5y3_DT9o/edit#gid=0
Trading is risky and using Leverage to trade is an even higher risk than Spot trade therefore I will suggest you to try out paper trading first before going into Live Trade.
This is just MY PERSONAL OPINION/BIAS/VIEW on the crypto market, 100% NOT FINANCIAL ADVICE & Please Do Your Own Research/Due Diligence. During this pandemic I had started picking up Technical Analysis, doing some small trades and doing my best trying to make ends meet.