Bitcoin looks like it has 2 days closing under the EMA 8 showing a downward trend. I am not sure how long this will last but it does seem that it is not breaking below the Fibonacci 61.8% of 2447. The nest level of support will be the Fibonacci 78.6% retracement at 2297.
This is not a fall out so do not fear and go running to your exchange and sell off your position. As many have been doing for the last couple of days, this is not a smart move. Driven by fear is not the way to success in trading. The hardest thing to do as a trader is to control the emotion. In times like this, in my past experience, I would have been the many who has sold off. When this bounces back, which it will, the scared will be kicking themselves because if they sold within the hours when it reverses back to a bullish trend, they will be wondering what happened. Why does this always happen to me, is the question on their minds. It was on my mind.
If you sold in fear, watch the chart closely and once you see confirmation of the bullish trend and reversal, then jump in. The EMA 8 will show you exactly when to get back in. You need confirmation that the bulls are back in the house. A close above the previous high of the day is what to look for. Higher highs. Even if it is a red but closes above the previous day's high keep an eye on in and wait for confirmation.
The Stochastic will also show you what is about to happen if the reversal is coming. Right now the lines are running down in a parallel fashion. This looks like it will maybe close for the day under the EMA 8 and still be in a bearish position. If you are looking to load up, it is always best to wait till the bottom of formed and then the momentum begins to shift to the bulls.
I always got my emotions all messed up by listening to all the experts on Twitter and other platforms. I lost much listening to these guys. I realized that the majority of guys on these social platforms are pumpers so be very careful. What I found the best thing for me was to learn charts and watch for myself and stay off the social pumper sites.
Please learn how the read charts for yourself. You will have a better outcome if you do. I am not an advisor but just passing along some ideas to make your trading much more pleasant than my initial trading experience was for me.
All the BEST!
Thank you very much for the tip. I will follow you because I am a beginner in crypto and I need advice like this one. Good job
Anytime. I just don't want to see anyone make the same mistakes I made in the beginning.
Good advice! Upvoted and followed. Cheers!
Thank you so much! Be following you as well.
Thanks- so where did you learn charting?
When I was day trading a few years back I read and read as much as I could. I also watched plenty of material on Youtube. What I found was that as many that were teaching many were not too good. I found a couple of guys that were really simple and gave away everything for free. These guys get it and know there is enough money for everyone. Have to be careful of the guys trying to make a living passing on information for a profit.
So who's good?
Stephen Bigalow is pretty good. You can find him on Youtube