Oh no – not another bitcoin post!
Isn’t there anything else going on in the word of astro-trading?
Of course there is.
But the fact is, bitcoin continues to dominate the trading conversation.
And most of the conversation about bitcoin is focused on just how high it can go.
There’s not much market experience or trading savvy in the the conversation, though.
Most of the players and speculators aren’t talking about bitcoin support or bitcoin resistance.
They’re only staring into the stratosphere.
Why Bitcoin Support and Resistance Are So Important
Whether your focus is short-term profit or long-term security, it’s critical to have specific price levels in mind.
You need to establish some expectations of support and resistance zones.
A support zone, by the way, is a price range or a price level that provides a floor for trading activity, an invisible barrier that somehow prevents the price of bitcoin from falling any lower.
A resistance zone does the exact opposite.
It defines an upward limit, an invisible ceiling that keeps rising prices under control.
If bitcoin support or bitcoin resistance get broken with significant trading action that’s either below or above these boundaries, respectively, it delivers an important message to active traders.
So you’ll want to pay attention to those bitcoin support and resistance zones.
If you know what they are, you can make more informed trading decisions.
You can reduce your risk.
And you can also reduce your blood pressure!
Calculating Support and Resistance
As you try to figure out where those critical price levels lie, you can look at trading charts.
You can use your intuition, or just make a blind guess, a shot in the dark.
You may even have a complicated formula that you use to fine-tune your calculations, in an effort to use excruciating precision in setting up your forecasts and expectations.
Or you may want to use astrology.
As I noted in a post a few days ago, there are powerful astrological factors that can work wonders in identifying key bitcoin support and resistance zones.
I talked with Larry Pesavento about them yesterday when I was a guest on his Trade What You See program.
Here’s the video of our discussion during the broadcast: