As anticipated, we did still move a little lower overnight. Price remained bouncing along just under the earlier low for this week (thin red line) before a push down almost to the mid-point (purple) line of last week’s total range. But these are microscopic moves and of little significance in the bigger picture of holding BTC. These are scalper-types moves.
However, the longer term Daily chart does show a clear topping out of the up-move that started last October, but such pauses are not uncommon in long-term trends.
But, at the same time, the Daily chart is also starting to show a possible classic Head and Shoulders formation if prices drops any further down to a possible neckline.
As these lines converge one can monitor the Bias Bands on the shorter TF’s for signs of which way price will break out - and when…
Nothing really new to add here except maybe that when BTC is not trending then:
BTC is undoubtedly, indisputably, totally, and universally, the most tedious, uninteresting, and thoroughly BORING instrument one could ever invent!
The idea here was to trade BTC 100% on TA - and I am impressed with the results as a trading technique…but although mining requires a huge amount of power, the brain power required to trade it near-term is almost zero. Hands become numb from sitting on them.
I¨ve come to the conclusion that the best way to approach BTC is:
decide if you think BTC is going to the moon sometime in the future, then:
if yes, decide the maximum you want to invest, buy it , stash it away in a wallet, write down your password in a reliable and memorable place, and trade something else.
BTC price movements after the NFP release yesterday were bit of a roller-coaster! Looking at the 15 min chart I’m glad I was busy getting into GBPUSD instead - a nice steady down move there
Already this morning (Sat) I have seen some comments on Discords, etc that a lot of accounts got hit bad on BTC.
This, it seems, is a problem with trading short term on an instrument that has no core fundamental attributes of its own and just lives off comparison with other alternatives and a dream of huge gains based on scarcity. A scarcity that can, and probably will, evaporate as Crypto in general becomes more mature, acceptable, widely used in commerce, and broadly regulated. In other words, as crypto and fiat currencies close in on each other and meet somewhere in the middle.
So I’m wrapping this up here. I’ve looked at where BTC came from, where it is at today, and most likely, at least in my thoughts, where it will end up: just another accepted, regulated, component of everyday business/speculative transactions priced in digital currency.
