Daily Bitcoin Report

17 Feb 2022

Here are my observations of the current state of Bitcoin on the Daily.

#1 - We saw RSI and OBV bearish divergences at top of BB.

#2 - Currently holding above multiple moving averages

#3 - MAs and Horizontal support acting as support atm. Still in chop zone from 41k-46k.

Daily close below 41.6 and we will most likely retest local lows. Close above 46k and we should see 52k next.

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Top 10 trading tips:
1. DO NOT FOMO into a trade. Let it come to you. Don’t force it.
2. Find a strategy that works for you and be consistent. Operate like a machine and less like the wind.
3. Let your winners run and cut your losers short.
4. You will not win every trade, but if you are disciplined with great RM you don't need to be right all the time to win!
5. Before you enter a trade, know your target AND your exit strategy.
6. When you are up, you can use a trailing stop or trim off some profit at a logical resistance point with a stop loss at breakeven.
7. Set your trade parameters up front so you keep your self accountable and remove emotions from the equation. (stop loss, take profit levels, etc)
8. Don't fight the trend. The trend is your friend.
9. Don’t enter a trade based on one indicator.
10. Horizontals > Diagonals

Please note:

- This is not financial advice.
- I do not take every trade I post.
- Never trade off of someone else's chart until you DYOR!

17 Feb 2022

Nota

great reaction to converging MAs and HZ support.