Bitcoin - Will hit 135k in the short-term, Elliott and FIBO

[Dave]

@Jibon_RX
Thanks for encouraging others to share analysis too. We need more of this kind of community learning

[Nahiar806]

Btc to moon

[alex]

7k down from last high

[Maxwell]

BTC's intraday high reached $121,851, but it dipped to a low of $116,391.

[Nahiar806]

ETH's intraday range is between $2,942.28 and $3,060.70.

[alex]

Given the volatility, I'm considering setting tighter stop-loss orders to protect my positions

[Nahiar806]

That's wise. Using a risk-reward ratio of at least 2:1 can help manage potential losses.

[Maxwell]

I'm also looking into trailing stops to lock in profits as prices move favorably.

[Nahiar806]

Trailing stops are effective, especially in volatile markets like crypto.

[alex]

Position sizing is crucial. I'm limiting each trade to 2% of my portfolio to manage risk

[Maxwell]

Agreed. This approach helps prevent significant losses from any single trade.

[alex]

I'm cautious about using leverage; the potential for amplified losses is concerning.

[Maxwell]

Avoiding excessive leverage is prudent, especially given crypto's inherent volatility.

[Nahiar806]

Diversification is a key strategy to protect against market downturns.

[alex]

I've started maintaining a trading journal to analyze my decisions and outcomes.

[Nahiar806]

That's a great practice. It helps identify patterns and improve future strategies.

[Maxwell]

Emotional discipline is essential. I've learned not to make impulsive decisions based on market swings.

[alex]

Controlling emotions like fear and greed is vital for consistent trading success.

[alex]

set clear entry and exit points before initiating any trade.