[Daily Discussion] - Tuesday, August 31, 2021 Bitcoin Markets |
- [Daily Discussion] - Tuesday, August 31, 2021
- Is DCA a good choice for those who are new to cryptocurrency investments?
- BTC/USD 4hr analysis 8/31/2021
| [Daily Discussion] - Tuesday, August 31, 2021 Posted: 30 Aug 2021 09:00 PM PDT Thread topics include, but are not limited to:
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| Is DCA a good choice for those who are new to cryptocurrency investments? Posted: 30 Aug 2021 10:39 PM PDT I'm far from the world of any investment; my profession requires more creativity than dry calculation. And even though I like what I do, I understand that it's time to add some passive income to my budget, especially now that I have received a small inheritance. And I'm afraid that if I don't invest it in something worthwhile, it'll get lost in my daily spending. The amount isn't so significant to turn to professionals who make stock investments. Given that one-time investments are meant for people who know what to expect or in cases where they are professionals with a definite advantage like information and knowledge, this method isn't fit for me (I have neither of them). I thought of going into cryptocurrency and trying to handle it on my own. I know a couple of people in my profession that managed to make some cash out of tokens, and I can't say that I'm dumber than them. After googling this topic, I came across DCA. I decided it might work because studying charts, trends, Fibonacci, stochastics, and a million other technical indicators isn't a great time pastime. And besides, I'm not very good at math. Also, I've read about people who lose their sanity being stuck to the screen all the time. I don't want to join them monitoring every coin movement. I'm afraid that with my irritable nature, I might get crazy. I'm not expecting DCA will make me a billionaire in a few seconds. I'm simply looking for a tool that will bring a small passive income to multiply the little inheritance that my granny bequeathed to me. I was thinking of using https://dollarcostaveraging.io/, but honestly, I still doubt what bot to choose, and I'm constantly switching from one to another. Should I try DCA or look for something else? If yes, what DCA can you advise? If no what should I look into? I'd be grateful for any advice on this topic. [link] [comments]  |
| BTC/USD 4hr analysis 8/31/2021 Posted: 31 Aug 2021 06:06 AM PDT Good day! I have the 4hr pulled up today for BTC and we can see that we are clearly in consolidation at this point. That can be a good thing or a bad thing depending on your positions. As we approach the end of the triangle I drew I expect a move to occur. This could be just a breather before the bulls recommence the rocket ride north. If the bears win this triangle we can revisit 44k. 44k looks to be support. Albeit minor support. The 200 MA lies below us at around 45k. This is only the 4hr 200 MA so it is not quite as solid as the daily 200 MA. But I still appreciate the reliability of the 200 MA. Even on the 4hr time frame. The daily 200 MA is sitting just above the 4hr 200 MA at around 46k. So support is quite abundant and as a result the bulls may pull another bull candle on us... No guarantees though so set that stop loss traders. I pointed out the 100 EMA. Many people ask me why I mix Moving averages (MA's) and Exponential moving averages (EMA's) and all I can really claim is through rigorous time and effort reading charts on the regular I saw a lot of reason to keep the 100 EMA in my repertoire. We can see it clearly is support on the 4hr time frame anyways. One thing I noticed is every time we test the 100 EMA we seem to go a bit more south in relation to where the 100 EMA lies. With each test we drop just a bit more. Just keep an eye on the 4hr 100 EMA as if we lose it I believe we may just drop to approximately 44k... Right now my best advice to play this pattern is to do what I do. Go long and set a good stop loss. If we break up I get profit. If not my stop will trip and I may lose a bit but I plan to make up for that on the bounce. Have a great Tuesday and always remember WTFDIK?? TLDR: Bulls still are on top of a lot of support. But the bears are lurking... Beware of the bear [link] [comments]  |
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