Month of Bull Traps
The last two months have been a day traders dream. Its also been a great opportunity for long term investors whether they se it or not. People who got it at $13-$17k are probably real salty about where the price of BTC headed afterwards. But, what this correction did best was shake out the weak hands, the ones who only seen BTC as a money faucet and nothing more. I haven't been in this game long but Ive learned that you gotta take the good with the bad or you'll get REKT. Fortunately, I believe in the long term potential of BTC, the blockchain, and cryptos as a whole. I believe it will take over sooner than later, and that makes it a whole lot easier for me to deal with the bear market and downtrends. Where others see loss and rekt deals , I see potential and opportunity. Just a little bit of your own due diligence and you can easily learn when to sell your position in order to buy it back at a better price. My entries may not be perfect yet but they get better each time, and as long as its profit...ITS PROFIT. I'm setting myself up to acquire as much BTC as possible just by dedicating an hour or two a day to research, study, and TA. With that said and out of the way, lets see where we're at......
BTC formed into a falling wedge pattern until it broke out at $9700 yesterday. It met some resistance between $10,200 and $10,400 for almost 20 hrs and then busted through until it reached exactly the point of the downward trend resistance line that has formed since its ATH, now at around $10,800. My opinion is that downward trend line is a major resistance and is going to prove to be tough to get through. If we do been downward movement to the lower support levels then we could see the price settle between $8400 and $8800 before beginning to head upward again. We start to get excited when we see BTC start making small bull runs again. We grew accustomed to BTC being a straight beast last year and we want those bull runs back, and believe me, they will come back. We just have to wait for the right time. Until then we have to make sure we're seeing the correct patterns and protect ourselves. Learn to play the small bull runs and dips to your advantage so that you can acquire more BTC for the major bull runs without having to use any of your hard earned cash.
Become smarter traders and investors everyday. Remember what the most important investment is and put that first every morning.....YOU. Make it part of your routine to learn something new everyday before you even open an exchange to look at prices. Before the computer screen is even turned on tell yourself that you're gonna kill it today. Tell yourself that you have a goal that will be met no matter what. Remember why you're doing this......family, wealth, passion, etc. whatever the reason may be. Focus on what it is and apply yourself as best you can, and when you've exhausted all options spend some more time educating yourself so you have more to reach down deep for. These are our lives and our wellbeing, and we're not gonna go down without a fight. Be the best version of yourself, that day, and remember that tomorrow that version will be better. GOOD LUCK TODAY