All hail the trading experts at ProfitFarmers because they’ve been on a crushing win streak. We warned you that Bitcoin would be heading to $20,000 back in April when Bitcoin was still over $40,000.
We then followed up with the full reasons why, covering the supertrend indicator on May 6th.
On June 13th we told you some big moves were coming as soon as that fresh blood in the water cleaned up after the Celsius issues.
Matthew covered things in detail as part of a HIGH ALERT for market bottom youtube update.
Then we nailed the bottom at $17,777 with our Bitcoin buy signal and market update on Sunday the 19th June.
Pin point accuracy!
It pays to stay in touch with us and here are our top tips for never missing a crucial alert:
- Whitelist our emails (guide here:https://sumo.com/stories/whitelist-email)
- Make sure you have enabled browser push notifications and have the app open in a browser tab (settings>notifications>push on>browser push on).
- Stay on top of socials: Blog (you’re here!), YouTube and Telegram mainly
- Keep an eye on our message board inside the app (work in progress)
What’s Next for Bitcoin
Since our last update Bitcoin found the bottom at $17,777 zone and managed to stage some recovery above the $21,000 area. We anticipate a $19,000-$24,000 zone as a trading range for Bitcoin in the short term.
Breaking below $19,000 is not ruled out but the downside is likely to be capped around $15,000 +/- 10%.
In terms of ALTs, plenty of them have started popping again. However, the volume remains pretty low for most part. Volatility is capped with no large outlier moves.
However some ALTs have started reversing their downtrend and have entered a neutral zone.
Some of the neutral ALTs that we are currently tracking:
STORJ, TWT, SNX, RSR, LIT, BLZ
These have the potential to rip through their current resistance and post larger gains. Check your charts and look at Weekly/Daily levels and then the H4.
Some new listing coins are promising too but we are looking for more volume to kick in.
Some of you may have noticed, our early close feature closes trades early many times. This feature is the hallmark for our risk management practices.
We are going through an extremely bearish downtrending market cycle and any type of bearish news can suddenly change market tone and all coins can lose levels and momentum on extremely short notice. AKA Bottom isn’t confirmed.
Our risk management engine ensures we keep our loss of profit or loss of capital at minimum. A lot of our early close trades close for profits or breakeven and some lose a tiny bit.
The idea here is very simple. We enter a trade based on certain assumptions. In most scenarios the assumptions are based on current market conditions and a string of validation criteria.
Now if the trade doesn’t follow the expected path and deviates from assumed scenarios or if market conditions change, it makes little or no sense to stay in that trade.
This dynamic approach allows us to maximize our profits by staying longer into a good performing trade and exiting early from a non performing or slow performing trades.
On a net basis one good trade covers 5-10 bad trades. Our major focus is risk:reward. Typically we have noticed 4-5 days in a month where the market offers big outlier moves.
On those 4-5 days we make 80-90% of the profits for the month. The balance 10-20% comes from the other 25 days.
So learn to ride the markets on those crazy 4-5 days and make the most of it. And be prepared for slow, sideways boring days during bear cycle. During a bull cycle, we get on an average 12-15 strong trending days.
It is possible to make money in both scenarios as long as you are willing to accept the fact that slower markets are part of the game.
Stay in the take for long enough and eventually you will catch all market cycles including the huge winning days.
How to turn $10,000 into $286,251 in just 2 years (and why bear cycles aren’t that bad)
Kingston was facing an epic challenge:
- Massive market volatility
- Worst downtrend in history
- Crypto projects and stable coins imploding
- New to crypto trading
- No access to copy-trading features (USA resident)
- No access to automations like the break-even stop-loss (USA resident)
Despite all of that, Kingston managed to grow his account size +15% in the last month
15% doesn’t sound super exciting at face value, but if you were to compound 15% growth per month on a $10,000 trading account you would have $286,251 after 2 years.
This just goes to show that what looks like modest gains, against the backdrop of everyone on social media pretending to make 1000% gains every trade and buying Lamborghinis (that they actually just lease for pictures), actually turn into serious cash if you simply make a long term plan.
Bear markets can sometimes slow you down, but they don’t need to eat you alive. Especially if you have a PRO trading tool like ProfitFarmers.
PS – We also have some video interviews with some of our lifetime members coming up too! Don’t miss out!
Read the full case study now!