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Bitcoin Is Over $7,200!

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Big ole Boy said:
I think the right entry point is around 4900 .
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Okay, but why? My 12 year old can throw out a number for me, but unless you can articulate a logical reason why that is a good entry point, then that information is useless and you are doing nothing more than playing the lottery if that is all that you have got.
 
timd354 said:
Okay, but why? My 12 year old can throw out a number for me, but unless you can articulate a logical reason why that is a good entry point, then that information is useless and you are doing nothing more than playing the lottery if that is all that you have got.
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I rely on technical s from technical traders that are willing to share their opinions with me. I am not a good trader, I have to rely on others for that, but, I will give you what I know. Bitcoin shot through that area without retesting the resistance which traders want to see, so they interpret that area as a key level to revisit. I am not saying I know where Bitcoin is going to go ..... I am saying that is where I have my dry powder saved up for waiting to buy in. The volume today is not high enough today when it went down to 7,500 imo to indicate a potential bottom.

My trading strategy would be to wait for 4900 ..... possibly buy some. If you look at the charts ... 4900 is the next resistance level ... not rocket science once you have been following knowledgeable traders.

You would need to look at the daily charts to see what I am talking about (Oct 12th). Usually the market will revisit a price level on the daily charts and get a confirmation .... but Bitcoin just blew right through this area.
 
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Big ole Boy said:
I rely on technical s from technical traders that are willing to share their opinions with me. I am not a good trader, I have to rely on others for that, but, I will give you what I know. Bitcoin shot through that area without retesting the resistance which traders want to see, so they interpret that area as a key level to revisit. I am not saying I know where Bitcoin is going to go ..... I am saying that is where I have my dry powder saved up for waiting to buy in. The volume today is not high enough today when it went down to 7,500 imo to indicate a potential bottom.

My trading strategy would be to wait for 4900 ..... possibly buy some. If you look at the charts ... 4900 is the next resistance level ... not rocket science once you have been following knowledgeable traders.
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Thanks for a little more clarity and good luck to you trading on it moving forward. Personally, I am loathe to rely on others regarding information that I don't personally know and understand.
 
timd354 said:
Thanks for a little more clarity and good luck to you trading on it moving forward. Personally, I am loathe to rely on others regarding information that I don't personally know and understand.
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I understand what you mean. But, you see I have been making so much money and I have to rely on professionals to help me know where to put it all. I can only hold so much cash and metals ..... the only other thing is crypto... so I have to learn by watching others for months and months.
 
Joe Flacco said:
Tim, based on your fundamental analysis do you know what price the bottom is for GE? :)
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I have not done a fundamental analysis of GE and don't have the time to undertake one but I certainly could place a value on GE's stock, including a potential bottom using a fundamental analysis if I had the time and the inclination to do so. The problem with Bitcoin is that there literally is nothing to analyze.
 
Big ole Boy said:
I understand what you mean. But, you see I have been making so much money and I have to rely on professionals to help me know where to put it all. I can only hold so much cash and metals ..... the only other thing is crypto... so I have to learn by watching others for months and months.
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You and they all caught a big wave on a momentum play, but there really is no way to predict with any intelligence whether that momentum will return.
 
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