A picture from the past when Bitcoin was trading at $11,000 and XRP at $1.380 there is a reason why I'm sharing this picture with you. There is a lesson in it. Open the picture and see that there are some coins sitting in top 10 LTC , BCH , XEM and XLM and now they're nowhere to be seen even the prices are lower than these prices and BTC is trading much higher. This is the big lesson for the people who blindly trust on Altcoins and hold these coins for their life. Everyday hundreds of coins are coming in market and you never know which coin will do what. No coin deserves to be held for long-term except Bitcoin. Choose your investments wisely. Never trust any coin for life. Get in, ride the cycle and take your money out. ONLY Bitcoin will stay here. Most of the coins will come and go in dust. Just like the coins in the list and just like The LUNA and FTX.
I caught a good move in feb , march this year and took my exit almost at the top, I'm looking forward to playing it again. But one thing is sure i will always take profits when i feel like i should no matter how good the coin is.
Will you get the same amount of hamster tokens as airdrop that you see on your screen like Dogs airdrop did?
I don't think you will get as many tokens as you see on your mobile screen. i think there will be a ratio. probably something like 1 hamster token against 1 million in game tokens or 1 hamster token against 10 million in game tokens. Not sure about the exact number but i do think there will be some ratio set.
Hamster token total supply will be 100 Billion tokens and there are so many people who currently have over 1 Billion in game tokens.
1B tokens is 1% of the total supply so it doesn't make any sense to me that they will give out the same amount of tokens to participants like the DOGS token did.
US inflation (CPI) data will be released tomorrow. i think tomorrow's newyork session will be highly volatile.
I'm not currently in any position as i said before , i do not have any clean setup on $BTC , I am planning to catch a big swing not really interested in this ping pong price action.
The Magics Of Technical Analysis | Learn How To Trade Charts | Beginner's Guide
Your ability to use technical analysis in order to make good trading decisions and inevitably make money in any market is imperative and it's something you cannot do if you do not understand some parts of technical analysis or if you don't know how to use them correctly then that is likely a huge reason that you are currently either losing money as a trader or struggling to create profits over time so for that reason today we will learn how Technical analysis works. Technical Analysis can help you to identify trends and can help you to plan your Entry and exit on any specific Coin. There are so many tools and techniques that traders use to predict the market direction but in this article we will start from the basics and focus on Support and Resistance Analysis i will also Share some live examples so you can understand it more better. What is support and resistance? Support and resistance are two important concepts in technical analysis, a methodology commonly used in financial markets to predict future price movements. Understanding these concepts can provide valuable insights for traders and investors. Support Support refers to a price level where demand is expected to be strong enough to prevent the price from falling further. It acts as a floor, preventing prices from declining. Technically, it is the price point at which the number of buyers in the market exceeds the number of sellers, leading to increased purchasing activity and a halt in the downward price movement.
Chart Example
You can see how each time price reached that area and bounced , this represents that this area is a support and buyers donât want to let the price go below it.
Resistance On the other hand, resistance is a price level where supply is expected to be strong enough to prevent the price from rising further. It acts as a ceiling, preventing prices from moving higher. Resistance occurs when the number of sellers in the market exceeds the number of buyers, leading to increased selling pressure and a halt in the upward price movement. Chart Example
In the above picture you can see how the price is getting rejected each time its approaching the area of resistance. Similar to support, traders and analysts identify resistance levels based on historical price patterns and previous highs. Most of the traders use these levels to take profits on their buys or open shorts depending on what they want to do. How to draw Support Levels? First i will show you a whiteboard picture how you can actually draw it and how it looks like and then we will see a live example on chart. Before we start drawing it, remember that technical analysis doesnât guarantee you that your analysis will always be right, you can be wrong and the probability of a failed TA will always be there.
Carefully read the above picture and notice i mentioned âYouâre expecting it to be a supportâ that means you do not have any confirmation yet that this area will act as a support or not unless price gives you a bounce from that area as i marked it later.
Chart example
Here is the real time example from the chart how the support is developed. Horizontal Resistance Drawing resistance level will be the same as support level but it is the other way around
Same description as the support.
Remember that at least three touches of the level you use as support or resistance makes it a strong area.
Now Lets Apply Support and Resistance levels on a live chart Here is the live chart of $BNB How price respected that $180 - $240 Support zone the whole time.
Here is the live example how $70k zone is reacting as resistance on $BTC
Important Message Remember that if you want to take the full advantage of #TechnicalAnalysis make sure youâre trading where the trend is. Support and resistance works perfectly when the trend is bullish or bearish. When the overall market trend is bullish your support levels will most likely work , when the market is bearish and you are trying to trade support levels it can fail your analysis because youâre taking a counter trend trade. Even though your analysis is right you can still lose money because that is how markets are designed. Long Story short Never short a resistance in Bull market Never Buy a Support in Bear Market Trend is your Best friend So keep in mind to follow the trend first and then apply your analysis on it.Â
Technical Analysis is just a tool to find your entry and Exit levels once you take a trade setup then comes the Risk Management and it is one of the key essential of trading i would say it's more important than knowing the technical analysis. If you're good at drawing levels on charts but your risk management is bad you will always struggle trading.
In My next trading lesson we will learn Risk Management.
If you learned something from this Article, Do not forget to leave your feedback.
I am not a typical signal provider you see everywhere. I post what i personally trade this is why the chart setups i post are very few.
If you're losing because of my setups i am losing with you. If i am winning and you took that same setup. We both are winning together.
Something that can make a huge difference is the way i manage my risk and the way you do. You have to learn that and do it properly based on your account size. Everything else i give you on the charts , how i am planning my trade and how i will execute it. sometimes i even record a video to briefly explain how i am looking at the market for a potential trade setup.
That's all i can do for you as a teacher. This is not my priority my aim is to teach you about the market but i still do it so that my followers can trade with me while they learn from me.
A lot of people make this mistake that they hesitate to change their bias.
if their Analysis is bullish and market doesn't go as they predicted, they don't change their bias they keep drawing levels on chart that fits with their bias.
Remember that being right or wrong on your analysis does not matter at all. The only thing that matters is how you're managing your risk and how profitable you're.
it's totally ok to be wrong no one can be right 100% of the time. If you had plans that market is bullish but now it's shifting the trend. Shift your bias as well.
Do it even if you have to do it 100 times you make money when you trade where the market trend is. Not when you stick with your bias.
$BTC (Weekly) Not really a good looking weekly chart, Rejected from $59k-60k zone and then a lowest closing candle. Cpi data will be released this week and then the next week FED interest rate decision is due. The rumors are that there will be a potential rate cut between 25 Bps or 50 bps.
if i just follow up my strategy and the chart. As long as i don't see some strength i will remain cautious being a bull on Bitcoin. Either i'll buy at some lower prices or in a better market condition.
If you're starting trading it's very possible that you're going to lose money for a long period . you're looking for a career that pays a lot of money, everyone who is trading wants to make a lot of money. But remember that you're competing against very smart people and it's Essentially a zero sum game.
You're trying to take money from these smart people who are trying to take money from you and when you start trading you are going to lose and they're going to win. That's because you didn't prepare for it, you don't have any mentor, you didn't read any book, you didn't watch any educational video you just signed up deposited money and started trading.
You think this is the right way to win from smart people? I don't think so. if you learn before you start, you have discipline , you're careful and you learn how to be objective and you try not to be greedy. You can beat these smart people trying to take money from you.