Hello everyone, I am Teacher Qi Yang. The video is from East 8th District.
18:46 on August 17, 2023
Bitcoin plummeted last night. It has plummeted by 1,500 points in the past two or three days.
So have you blown up your account? Let’s review the recent market situation
Let’s see what we can learn. First, let’s look at the weekly chart.
Now the weekly line is a real body going down. The death cross has completely closed.
This means that now is a relatively large cycle.
In a downward passage
Let’s first determine the general direction.
Then look at the daily line. There are three negative lines on the daily line.
Good speed down
The 4-hour chart completely breaks down and diverges. At this time, the rebound is very weak.
All are Yin lines. Have you seen that there are no Yang lines?
This 30-day moving average has gone down more than 45 degrees.
In other words, the rebound is weak now, so it is not advisable to open a long position
Maybe I'll continue.
Now let’s talk about the principle of stop loss
There is a principle for stop loss that is especially suitable for beginners
In addition to setting a stop loss, if you feel
Your list may not be correct.
That's when you should stop loss.
Only when you feel that this order is certain to make a profit
And it is already profitable on the market.
When it keeps going up, this is right and you can hold on to it.
Once you are anxious and want to take it
There is a high probability that you will be stopped out or exploded.
In particular, you should not increase your position due to floating losses and then enlarge your stop loss