₦airaland Forum

Kingsteve:
New day, and BTC still respecting that ascending trendline support at 20k
BTC current price as at writing is 21.3k

If BTC closes the weekly candle above 21.3k or even 21.6k, expect more upward movements for next week's trading session.

As usual...we observe!

Geovanni412:
Kingsteve, I saw this on reddit about leveraged tokens. Someone was saying that btcup and btcdown can go down at the same time. https://www.reddit.com/r/binance/comments/nk2tpk/i_bought_the_leveraged_token_btcdownusdt_just_a/ (See the picture i got from the post)
https://www.reddit.com/r/Binance_Lawsuit/comments/nje74b/btcdownup_price_manipulation_and_token_dilution/

Have you experienced this before?

I thought btcdown had a 1:1 correlation but i have to admit that the theory was wrong in light of this. Xatoxi, Goldbw122 - how una dey reason this matter abeg?

atinga1:
Oga, go and sit down! You employ anyone here to make calls for you? Crypto can go either way. Even Kingsteve who believes he's good at reading charts, was given an unexpected kick at his butt

Islandlady:
I think Handsome and cute now have a new meaning

Op you not handsome pls! Stop decieving yourself. . . With that your flat nose like frying pan!

Make una rest Abeg!

Omobola121:
Thank you Bros.

But I want to believe my submission is very clear and simple.

There is nothing bad getting a good job/business etc..while still doing crypto as a side hustle but everything is bad if crypto is your everything as a young person.

For how long will you keep analysing the market? We are going up today, tomorrow we are done.

lrman:
Oga why not click the sell button and make huge profits when it gets to 12k since you are so certain it will get there....

Kingsteve:
After the storm comes the calm!
Is the selloff coming to a halt?

Well, let's see...
Looking at the weekly BTC chart, an ascending trend line formed from the ATL at 17k.
Ever since BTC price dropped to those levels, there have been higher lows and higher highs which eventually took BTC price to the 25k region, before the recent plunge.

When you carefully study and analyse the ascending trend line, you will realise that there's a support at 20k price range.
That is...the last point of the trendline.

As higher lows keep forming, so would the trendline contine to grow, as I keep joining the points left by the wicks.

This price range is very crucial, because if that support is broken, then anything can happen from there.

However, BTC seems to be respecting that ascending trendline support, as it has recently bounced up from that region and back into the 21k territory.

I'm not going to read too much meaning into it for now, as anything can happen, just like we recently witnessed with the current BTC plunge.

Until that support is properly confirmed and BTC skyrockets from there, then I will be able to say once again...kudos to the brains behind the charting system for creating indicators that both traders and BTC price respect!

Let's see how this pans out.

VeryWickedMan:
Take that job and travel to the UK for holidays whenever you want

Geovanni412:
Yes, that be d thing. I dey leave am to run till tomorrow.

Geovanni412:
Bro, I still dey d short position even though I said it is a risky play. The reward is worth it in my view.
On the Wednesday issue...here's my take : Wednesday - Friday na best days to possibly catch big moves. The commitment of Traders (C.O.T) data showing positions of big hedge fund players is released on Tuesday. The market will likely reflect their positions i.e big money from Wednesday.

Geovanni412:
Update : I dey enter the trade again- chart is not as bad as it seems. Only risk what you can afford to lose

Geovanni412:
The move is too risky right now and not worth it in my view. I had to exit it. Not feeling comfortable about it considering where btcdown is at right now. BEST to wait till Wednesday.

Geovanni412:
The move is too risky right now and not worth it in my view. I had to exit it. Not feeling comfortable about it considering where btcdown is at right now. BEST to wait till Wednesday.

Florasilver:
Sorry about that and to all others in your shoes. Same reason I quit futures some months back to concentrate only on spot. Though I was doing well with the futures with just a few losses here and there, I really wanted to have peace of mind which I value so much at my age. Didn't want to wake up to any rude shock every now and then. Spot gives me that a lot as I always have better confidence of bouncing back more easily. The only painful drawdown I've had with spot for years now is just LUNA. Outside that I'm ok.

SmallDick99:
In crypto your decision making Skill will be put to great test


****

lrman:
Lol...why didn't you make this your analysis when the price was at $25000 days ago....whenever the bitcoin price go down like this they will start telling us of how we are in the bear market...how they saw it coming bla bla bla bla .if the price go back up again you won't hear anything from them..funny thread..

Let the price go up again, they will suddenly keep mute...

XaToXi:
When bottom?

Geovanni412:
Kingsteve, what were you saying about 21k again?

Emmizay12:
Because you no fit handle am,,, no mean say you go speak bad of it,, you are a good spot trader,,, another man can be a good futures trader......

Where you will fail in futures is where you have zero skills, zero experience and you just want to throw money into it and make money,,, even people wey spend 4yrs for university they still graduate dem no fit blow,, na futures you wan blow overnight, I laugh,,,,,,,, pay your dues and study hard inshort sacrifice 1 to 2 years of your life learning it,,, you will never know poverty cos nothing good ever comes easy..... My 2 cents

NotBeenPaid:

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Boss please how much capital do I need to have to go spot-trading?

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SaintUlot:
Which app is this?

Omobola121:
Last week, I wanted to try out futures trading. I already transfer funds from spot to futures that's how I remember you....omorh I commot am oo

DenreleDave:
Very true.... Future gives no peace of mind....

If an expert like u avoid future, I no no wetin person like me wan find go there.

I didn't even bother to learn it at all.... Me and spot are like 5 & 6


Boss, any sign of pull back on btceeeee soon?

Geovanni412:
There are traders that don't set stop loss and there are traders that do. However, every trader has a point at which they admit or are forced by the market to admit they are wrong - we call this mental stop loss. That being said, don't force your preference on us and place it as the gold standard. I say this because in futures trading, one cannot survive without having an idea of proper stop loss. You mentioned stop loss taking you prematurely out of trades - that only happens when you have tight stop losses or due to slippage by the broker you are using. There is no damn way you will be right in the direction of your trade and the market will violate 2 daily atrs and kill your trade. If you find the day it happened on btc, lemme know.
If stop loss is unimportant,why do prop firms insist on it for all their traders?
Your trades have been working good - that is a fact. Since you're so sure of ya method, what stops you from taking trades on futures with your mental stop loss in mind?

Siberia01:
.
Pro trader indeed without SL ......
Since your the market maker

Geovanni412:
There are traders that don't use stop loss and there are traders that do. Don't force your preference on us and place it as the gold standard. I say this because in futures trading , one cannot survive without having an idea of proper stop loss. You mentioned stop loss taking you prematurely out of trades - that only happens when you have tight stop losses or due to slippage by the broker you are using
Finally, if stop loss is unimportant,why do prop firms insist on it for all their traders?

XaToXi:
Are we expecting a pullback anytime soon?

What are the levels for TP before retracement?

25k? 26k? 28k or 30k?

Geovanni412:
Bro, you haven't said anything definitive yet. What is the direction to take and what is the possible stop loss? Over to you.
I might be wrong but I still maintain my position that buying btc right now is a very dangerous play to make unless say na scalping because the movement is too whippy and can violate ya stop loss before u go see profit sef.