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Folks, we have had some serious moves these past couple days, and I thought it would warrant an update.
Bitcoin (BTC) has blown past this major resistance zone and has continued demonstrating a lot of strength. While RSI is oversold on the daily chart, it’s just barely getting there on the weekly. Notice MACD on the weekly. It’s sloping up and going into positive territory. This is a huge indication that we will continue to get more upward movement.
At this juncture, what’s critical is that we get a solid close on the weekly. This would be quite bullish and would indicate we’ll get a further push to the upside. What was once resistance would then act as support, and we would continue to go higher. While the $8,500 area is another point, it’s relatively minor, and I would expect the stall at that level to be minimal.
Since some people seem to be confused about money management, let me recap what I did and what I am doing. How you trade is entirely up to you. How you divide your portfolio is entirely up to you.
What you risk in crypto should be carefully planned according to your situation with what you are willing to risk. My ideas are to convey not only a trade idea, but how you enter into all of those trades. I use a laddered strategy for any particular trade. Let me detail how I manage my trading account.
When I trade, I determine what I am willing to trade with and lose, then divide up my portfolio accordingly. There was a bit of a mix up in my terminology in my last BTC to 10K post where I said to go in with 33% of your portfolio. What I was trying to convey was to go in with 33% of the sleeve you have allocated.
Remember it’s not about how much you make. It’s about how much you don’t lose when you are trading. Don’t stress, pick your points. There will always be another opportunity.