My Bitcoin Plan
Good day everybody, I wanted to do a little run-through of what I’m watching at the moment on the big dog Bitcoin. By the way thanks heaps for the survey results that came in. We are collating, we’ve just collected them all together. There’s a whole bunch of them. And we will be drawing a winner soon.
It’s really interesting there to see what’s what’s holding you back, what your issues are, what your thoughts are, feedback from you, the community within this sort of database that we have in our socials and whatnot. It really does help us because we do it to tailor things better for you, understanding who you are, and what you’re in need of.
And one of the major things that came out was a lot of people are suggesting that emotional intelligence, for the lack of a better way of putting it, is a huge holdback for your trading. So I will work on that. I’ll try and get some stuff together to help you guys with that and build something around that for you guys.
I think one of the best ways to overcome that is by just simply having a plan. A lot of people also do comment on that saying that since they’ve gone through the program that they realized that now they have a plan of what to do, it does help to hold back that emotional attachment to a market move, and therefore wanting to try and grab it.
It’s relieved the FOMO and that’s kind of what this video is about. As much as it’s about just a market commentary. It’s about helping to plan things out because that’s what I do every day. You know, my Live Trading Floor scan is every single day; six to five days a week and then I do one on Saturday, usually anyway for myself, but it’s, it’s about planning, you trade it out prior to it occurring and then trading that plan.
It keeps your head in a very straightforward logical mindset. Very, very good indeed. So with that in mind, yesterday’s selling off on Bitcoin. It’s very bizarre. A lot of people are quite emotional bear already. You know, you got to remember that we’ve seen this wonderful move to the upside. And we’ve rejected 10,000 here.
Now this is a proper rejection of $10,000. This low yet one candle to a new low, this was a pullback, and this is now you know, a lower high here $10,000 been rejected. There’s been a little bit of a pullback. A little bit move lower there. But, you know, you got to look at both sides of the coin.
If we are to not break this low, then we’ll have a higher low and if we break this this area here of $10,040 We’ll actually have a higher low and a higher high and that will make Bitcoin even more bullish in my eyes. That being said, if we do break down through here we’ll have a lower high and lower low. So where could we actually get to?
Well, it’s based on the cradle zone, which is where I trade from 10 to $8800, we could even go a bit deeper. Let’s have a look at this monthly right here, bullish actually. A good look at the XBT here but more data. Yeah, so pullback in, good move, 30% to start the year. We can’t really complain about that, can we?
And a little bit of a pullback at the moment going on the weekly. It’s some between getting $8800 and then setting a higher high as in about 10 was at 10,550. That would be extraordinary bullish to have a clear, higher low and a clear higher high, that would be amazing. So no matter what we do, I’m pretty positive still on the meat on, you know, bigger timeframes on the weekly and whatnot. It’s just really interesting to see what comes next.
And I say really interesting to see because like I said, we can go higher. I have a higher low and a higher high, which will make it very bullish, or we can go lower and have a lower high and lower low. So what do you do in the middle of that? Well, in the middle of that well, because there’s no real clear direction for me on those higher time frames, and it is still quite akin to spike as you can see, I’m probably not going to do too much at all to be fair.
Have a look at this top 10 right now. We’ll look a Bitcoin bearish candle in the cradle zone. Will I take that personally? Not interested in that right now. Ethereum not interested there either. XRP just too big a candle. Bitcoin Cash too big. BSV too big. Litecoin on the two-day doesn’t look too bad but it’s not enough cyclicity there for me.
EOS the same. Binance the same. Cardano. Ethereum Classic, it’s not so bad there actually but it’s just so early on in the move. As a matter of fact, Ethereum Classic is probably the better one and I’ll show you why. Jumping up and looking at the daily. Although that’s not a lower high, really it’s just one candle. We did see a consolidation period divergence or flat MACD coming in, then we’ve come away pulled back in for the first time, so if anything, Ethereum Classic, possibly looking the more likely for potential agreeable short.
And Tron the same sort of thing. You know, we’re back into an old level but for me, I’m not so jumping at shadows right now. I much prefer to trade when there’s a really nice cyclicity and I talk about trading in clusters. I get a bunch of trades at the start of the year.
It’s a profitable bunch. Then I got a bunch of trades the last week that was a profitable bunch as well. My next cluster is the trade that I’m in right now being stopped out of one I mean, two that are still open. And for me, you know, that will be that cluster. When opportunities arise, I’ll take them.
It doesn’t mean I’m always going to be profitable. But I like to trade when the market’s in agreement like this higher low higher high, higher low higher high. This could potentially be another higher low here on the two day to a higher high but until I see this either going higher or lower, i.e., back into an uptrend or into a downtrend. I’m probably going to be very, very patient.
So having a plan guys is extraordinarily important. That’s what we teach. It’s about reading the markets knowing what to look for. Plan your trade and trade your plan. Obviously we do cover a lot of psychology stuff in there as well to make sure to keep your head together.
But mostly it’s the actions that you take. We teach you to take that helps you keep that emotional stability. I hope you have a great day. I had a good start tomorrow. Take it easy guys I’ll speak to you again soon. Bye for now.
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