Currently testing the
descending triangle resistance on the 4 hr, therefore next hours candle close will be important.
Bare in mind the 1 hr will be on a TD 9 so don't be surprised by any big price moves...
Please note, I'm not getting "rekt" at the moment. This was a
neutral call due to the 200 Day MA support invalidating the bearish setup for me.
I'm posting this for benefit of seeing if we invalidate the bearish pattern of a descending triangle, and return to the classic bull flag.
"Please note, I'm not getting "rekt" at the moment."
Good for you.
I am also going to note that you should not be relying too much on stupid-ass charts that attempt to treat bitcoin as if it were a mature asset and fail and refuse to incorporate either bitcoin's currently low level of adoption and underlying s-curve exponential components that bias UPPITY rather than other scenarios (such as flat or downity).
In other words, TLDR, you deserve to get rekt (even if you are not) if your chart relies on too many incomplete presumptions. Too many assumptions, not enough logic. FYI my trading account is only ever 10-15% of my BTC holdings, so go figure
If I get "rekt", is because my BTC hodl is going up. If I win, it's because I'm losing overall BTC value.
Some people
Hey. Fair enough if your trading portion is only 10-15% of your total holdings. That is decently prudent, so I find difficulties criticizing you on that aspect.
Your remaining assertion about the meaning of "getting r3ckt" is quite a puzzle.
You seem to be trying to suggest that either there is NO way for you to get r3ckt or that getting r3ckt means something other than a traditional understanding of it.
I do agree that if you are trading with ONLY about 10-15% of your total holdings then it becomes quite difficult to get r3ckt in any traditional understanding of the r3ckt concept.
Now, get out there trooper, and trade some BTCs!!!!!!!!! That's an order.
You're right it's possible for me to get r3kt™️, probably from fakeouts where I was in the right short trade but got tapped out at a loss prior to my hodl position continuing to lose money after I've lost my hedge. When it comes to bull traps I generally try and avoid them, as if I'm already 85-90% long, I don't want to increase my risk. It's worth considering though.
This probably explains my natural trading bias to some degree, maybe my TA requires a disclaimer because of it. But ultimately I apologize for being the pessimistic bull, that by your standard deserves to get rekt™️, but so far hasn't and is otherwise unlikely to happen due to position sizing, risk management and generally avoiding bull traps. The only way I will get truely rekt™️, is if BTC goes below $4K. Then I iz a r3kt™️ moonboy like any other post-2017 moonboy hopes and dreams getting r3kt™️ r3kt™️ r3kt™️.
To let you down even more, I won't be going out there to trade any satoshis, I'm avoiding buying resistance that's a big open space of bull trap, as well as avoiding any foolish bear traps wicking under the 200 Day MA. I'm remaining neutral, believe it or not. Even if I'll retain my bearish bias regardless of lack of confirmation.
Just got a new job to start dollar-cost averaging though, hope that makes you feel better.
Ultimately, it sounds as if you have some kind of system that gives you comfort, and yeah the dollar cost averaging portion can be a good supplement to your other trading strategies.
My bad, I'm waiting for confirmation, but planning to short the bullish broadening wedge with a tight stop loss if that's ok with you?
If you could confirm within the next 96 minutes before the close it'd be appreciated
I drew this chart just for you. To show you that we're in a bullish pattern, but I still want to short it
I'll long again at the 200 Day MA (the support trend-line) I promise
Most of those lines are gobbledy gook to me, and when I said get out there and trade I was suggesting that you follow your own system, whatever that may be.
My system hardly ever makes any changes based on my anticipations of BTC price direction, which is good for me, because I rarely, if ever have much of any kind of anticipation of BTC's short-term price direction that would take me more than 5% or so off of my usual 50/50 disposition.