You do not even have to understand charts to understand where bitcoin rallies and where bitcoin drops at this stage. We have seen bitcoin moving to same prices over and over again so many times that anyone that sells at 4200 will profit when the price goes down and anyone buying at 3600 will be profiting.
I did it twice already and made a decent profit back, 4200 was the top it can see and I realized it at third time price went down after reaching 4200, so I said next time I see 4200 I will sell, also when the price hits 3600 its harder to go back down and usually goes higher so I said I will buy next time it hits 3600. So last time it hit 4200 I sold all my coins and I rebought it at around 3740 (couldn't wait until 3600
) and now I am in profit, that was without bitcoin going up, with this new 4000+ I am in even bigger profit. Never looked at any charts neither, was just too obvious.
I can see where you are coming from, but believe me it is not easy. For instance in November we have seen a massive drop from circa $6K to $4.2k. At this stage, many would have thought it was time to buy. I did this mistake. It went back to almost $3k very quickly (if my memory is correct), now we struggle to get past $4.2k again.I did it twice already and made a decent profit back, 4200 was the top it can see and I realized it at third time price went down after reaching 4200, so I said next time I see 4200 I will sell, also when the price hits 3600 its harder to go back down and usually goes higher so I said I will buy next time it hits 3600. So last time it hit 4200 I sold all my coins and I rebought it at around 3740 (couldn't wait until 3600
) and now I am in profit, that was without bitcoin going up, with this new 4000+ I am in even bigger profit. Never looked at any charts neither, was just too obvious.Thanks Mikey for a solid thread, not many of these threads around here.
I personally go for -1 / +2 or -1 / +2.5 (I lack discipline once in a while
) because I am more comfortable with this strategy and it works better for me.