Newbie trader here. Would like some trading tips. I see consolidation is happening right around $105.00-$106.00 area for the past few hours. Usually does this mean it will break out upward after or will it drop? Thanks in advance.
their no way to know where its going next...
with that said
180$ in 14days
This is bitcoin, the word 'usually' means nothing here.
Edit: A lot of people find that they either break even, or would have more BTC if they'd just kept them as opposed to daytrading. The trouble is that due to the small size of this market it only takes one person with a large amount of BTC to decide to buy or sell to send the trends off in the opposite direction. These people know this and use it to their advantage, this means that often if you've sold your BTC and are hanging out for a lower price that they'll unexpectedly buy in, the price shoots up and you're left with a choice of hoping it comes back down or buying in for more than you sold for. (or dump them as you're waiting for the price to peak, crashing it back down again). For this reason I prefer to try to keep to BTC as much as possible, swapping into USD for a short time to gain a little profit because staying in the opposite currency from the one you're trying to build up for a long time can be dangerous. However, I still get it wrong half the time anyway, you'll have to develop a strategy that works for you.
It's far too easy to let emotions get in the way of your strategy too, like hanging out too long for a good deal or caving in too early.
Edit: Basically I can't advise you how to trade because I'm not that good at it, but I can point out ways that I've discovered to get it wrong.
