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RE: Bitcoin (BTC) Morning Update: Longer to Short Term

in #bitcoin7 years ago (edited)

You said 4k/5k is "very" possible, how is entering at 6k a low risk trade then when you think it very well could go much lower? Trying to catch a falling knife is never low risk.

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We are retail investors, but have to thinking like the Big Boys. The Big Boys buy low and sell high. The retail investors sell low (falling knife) and buy high (FOMO). I agree with you on the falling knife, so I usually look for conviction. I read price action to ensure price wants to move higher. So for example, this is the pattern I'm looking for to go long within a buy zone:

where I'm looking for lower highs to form, than I'm buying a pull back where there are buy orders within a lower time frame...15 or 5 min chart. I call these confirmation entries. Most importantly, I use stops, so if price hits my stops, I just move on to the next set-up.

Does this make sense?