Bitcoin Chartpunk Daily Alpha #5

8-Hour Bitcoin Chart

Bitcoin 8-hour 20211001

1-Day Bitcoin Chart

Bitcoin 1-day 20211001

3-Day Bitcoin Chart

Bitcoin 3-day 20211001

Summary

We had a good 1,5 days, resulting in the 8H chart becoming a bit more bullish, and also the daily coming out from a clearly bearish outlook of yesterday. I am however still sitting on my hands, to me the three charts together say to stay in cash, and wait for a clean trend. Yeah, I am missing swings in the meantime, but I am not looking for tops and bottoms, I just want to ride a trend after it has been consolidated. Patience is my core approach, I do not like to jump in and out of positions in short periods.

Global Bitcoin News

Billionaire investor Chamath Palihapitiya, chairman of spaceflight company Virgin Galactic and owner of NBA team the Golden State Warriors, has argued that Bitcoin has “effectively replaced gold.” “I think it’s very hard to kill. So technically, it’s very difficult. Just the way that it’s architected, it is the most profound iteration of the Internet that we’ve seen,” Palihapitiya argued.

PlanB Twitter post

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What is trend trading?

Trend trading is a market strategy that is reasonably different from swing trading or day-trading. A market “trend” is a tendency of a financial market price to move in a particular direction over time. Swing traders and day-traders are usually trying to pinpoint low-term market tops and bottoms, and take aggressive positions expecting to profit from a swift change of market direction. Trend traders are looking for consolidated and strong directions on a given market, and are trying to ride the trend for as long as possible. These traders normally enter in the market after the trend “properly” establishes itself.

What is the indicator coloring my chart candles?

I am using the Predator indicator from Decentrader as my core trading tool, that is coloring my candles green-red-turquoise-orange, and is providing me basic information on the trend. I am also using the 20-period moving average and Fibonacci levels for the identification of supports and resistances.

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Disclaimer

The present article is a free material, for entertainment and educational purposes. Nothing in this post shall be considered as financial advice, you shall never make any financial decisions or financial investments based on a singly source of information and without doing your own research.

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Chartpunk

Chartpunk

Trading and hodling bitcoin since 2015 I Focusing on longterm trends I No alpha for daytrades