Happy holiday everyone, Today I wanna talk about #bitcoin.
#bitcoin Breakout the demand zone at 56,855 that holds $BTC still 28 Feb. This breakout demand zone made Bitcoin price fall 16% last week to the zone; 56,900- 52,344.
#Bitcoin confirmed a bearish trend. if Bitcoin can break the supply zone at 56,880 we will see Bitcoin at 52K price.
To use profitably one trading system, does not mean that there are no other trading systems that make money for their users. Indicators are lagging. Moving averages don’t work. Fibonacci levels are for amateurs. Elliott waves do not make any sense.
I have heard traders saying these things so many times. I have probably used similar words in the past myself. Being a price action trader myself and not using indicators or having failed in using indicators does not give me the right to say that indicators can’t form a profitable trading strategy. Not understanding how a certain tool works does not give you the right to dismiss its value.
Traders commonly make the mistake of taking something for granted when they shouldn’t and this act forms an unprofitable trading bias, which is very hard to eliminate.
No matter how much evidence you have for or against something, never underestimate the possibility of being wrong. There is always a chance to experience a black swan moment (low probability event) at some point in your life. And if you have never believed that black swans exist, then you will probably wake up surprised one morning. Everything can work some of the time, but nothing works all of the time.
Traders tend to get an ego boost after every profitable streak.
Learn how to eliminate emotional swings and you will become a master trader. Do not look for strengths outside of you but look deeper into your trading psyche and search for moderation.
Do as Seneca has said, “What a wonderful privilege, to have the weaknesses of a man and the serenity of a god!”1 Be humble and the results will follow.
If your trading strategy works only 75% of the time, stop complaining and start embracing it. Your thinking should not be, “If only my strategy worked 100% of the time.” Instead, you should be thinking of how to make your strategy make money even if it was working only 50% of the time. Your risk/reward ratio is what you should focus on. The job of the trader is not whining but winning!
Trading experience peaks motivation when something is not too hard or too easy, but just about the right level of difficulty. Therefore, make sure that you are motivated just the right amount about trading if you want to last in this field.
My prediction on Big Trend was right..! as seen in my old post.
Now I opened a Short Position At 62K. after #bitcoin breakout that supports at 62K.
$BTC will soon reach the demand zone at 59K price.
LIVE
boyLoyTRADER
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Today I want to share my analysis of $BTC Price.
After my Target Price hit I got a profit from short position: 2000$+.
the $BTC price hit the strong demand zone and bounced back as you can see on my graph. Now it's time for me to wait for the price to bounce back a little more to around 62K I will be back to open a short position again to 56K price.
If you want to be a good trader you need to wait until the right time to watch the market reaction and follow the market. don't feel greedy in this situation.
I hope you have a good day. stay calm and analyze carefully.
- Keep trading needs separate from your personal needs and take care of both. - Don’t try to get even after a losing streak. - Always keep an open mind for the possibility of losses in trading and do not get too comfortable with any trade. - If you are in a long-term profitable trade, do not get carried away with it and let it reverse back and eat away all profits, take some profits off the table.
Before entering a trade, I tend to use the same logic. I try to pretend I do not see the favourable trading environment and focus instead on what could go wrong.
Unsuccessful traders often concentrate on only the things that makes sense. Everything else that is beyond their grasp tends to get classified as non-essential things. Instead, they should classify that as the “things that could prove me wrong” and prioritize it before anything else.
Seek only the trades that show you the full view with their risks and rewards. Avoid anything in-between, especially the blind spot of seeing only the good things and don’t forget that a house should be viewed in the winter when there is nothing blurring your view.
Traders should not be worried about testing new strategies if they have not found one that works for them yet. What you should be most cautious about is not trying hard enough and being resentful in the future for doing what everyone else does today. In this sense, inactivity is the highest risk of all.
After you analyze based on technical analysis, Don't forget to keep monitoring the fundamental analysis.
Today at 20:30, We have the "United States Fed Chair Powell Speech" Event talk about the U.S. economy and making decisions on the next interest rate that may affect the market.
Traders often wrongly believe that profitable trading is all about positive results and an endless winning streak. The more I have experience in trading, the more I have read about other traders, and the more I have talked with other profitable traders, the more I have come to realize that every success holds within itself a failure.
To reach great results, you need to be positioned correctly. By positioned correctly I mean that you should not over-leverage yourselves and have enough courage to make the right decision even if it is considered wrong by the majority.
It is usually the one who is at a disadvantage that will pick the lucky card. Because a winning streak starts as a losing streak ends.
Asking if a long-term trading strategy is better than a short-term trading strategy just doesn’t make sense. You should take a step back and ask yourselves the question: What strategy would better suit your own life? By “life” I mean your lifestyle, your habits and your character. Nobody can answer this question but you. As Zig Ziglar says, “You don’t have to be great to start, but you do have to start to be great.”So, get started.
1h time frame: The price already hit the price and breakout as I predicted last night (Old graph as you can see).
the trend changed from bearish to bullish: - the dynamic resistance line on 200 SMA breakout (RED as I pin the red cycle ) and breakout the resistance trendline at 61K-62K. - Elliot wave: #bitcoin completed impulse wave (5 waves). and now in the process of completing the corrective wave (A-B-C wave) at a 64K price.
I believe the #Bitcoin trend changed from bearish to bullish will hit the price at 64K and will continue to 66K.