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I met Charles at the call centre where I worked just after graduating from college. He was the second person to ever ask me if I “traded” and he told me to consider getting into it. But long before I met Charles, I came across general consensus and thanks to that, I associated trading with scam activity. The day before Charles quit, he informed me that he was going full time into trading. I stared at him for a few seconds trying not to let my facial expressions betray me. I thought he was mentally dehydrated. After that day, as promised, Charles never returned to work. The following day I sat at my desk and looked over at his empty seat. If trading had my curiosity in the beginning, now it definitely had my full intrigue.

V. Olisa Udora

Thanks to many people like Charles, I now gaze at the charts of stocks and cryptocurrencies and break down price action to predict trends and potential trade options. I look to always start from what I call level 0: the fundamentals. Once you’ve understood the fundamentals of trading, it’s time to analyze the leading token on the crypto exchange. Bitcoin!

White Lines = major support and resistance levels.

Green Lines = upward trend line.

Red Lines = downward trend line.

Purple/Yellow Lines = moving averages.

Green Arrows = potential continuation.

Red Arrows = potential reversal.

$16,000, $34,000, and $58,000 are three prices where we have strong support and resistance levels. After the 2022 crypto “great depression”, we see $BTC break the $25,000 resistance level in March and use it as support in the months of June, August, and September before continuing its bullish run. May, June, August, and September presented entry opportunities with September offering the security of the safest bet along with the fastest turnaround. By October, there was enough evidence to suggest that the $58,000 level would be crossed; which (if you had only just entered) was still a good $20,000 away in price at the time. We are currently in a range where our main support and resistance levels are the price regions of $47,000 and $58,000 respectively. If $BTC falls below $58,000, the likelihood that we will fall to $47,000 is high. However, if $BTC continues its bullish run as a result of increased adoption and other factors like the US elections and more government policies, we might be headed beyond $74,000 and there is no data to attempt to determine where it might get to before significant pullback.

The 2023/24 season for crypto saw Bitcoin ($BTC) have its greatest year since inception. On the 1st of January, 2023 the price of $BTC was $16,541.77. By the end of March it was $28,465 and half way through the year it was $30,472. By the end of the year, it was $42,283.58. That’s a 155% gain. Let me introduce you to one of my favourite quotes:

“If you had put just $1,000 into $xyz, you would have….”

Realistically speaking, whatever you had put into $BTC in January of 2023, by Christmas you were pulling out 1.5x that amount. If you forgot about it or weren’t too excited and left your portfolio alone, a few months later in March of 2024, that 1.5x would become 3.3x. Meaning:

“If you had put just $10,000 into $BTC in January of 2023, by March of 2024, you would have your $10,000 principal + $33,000 profits.”

That’s all folks. Imagine you traded a principal amount equal to your annual salary and bought 3 years of your time back in a little over one year. What would THAT have done for your mental health right? Now imagine you did that with your spouse? Game changer. All of a sudden you’re free to sort 3 years of your finances out. Free to lend a helping hand. Free to solve more problems.

Not too many people are familiar with crypto or trading/investing. Only until after the US SEC’s ETF announcement in January did many risk-averse investors finally agree to add crypto to their portfolios. The month after that announcement $BTC recorded a 51.94% positive amplitude in price. Considering the fact that $BTC recently broke its all-time-high, there’s a lot of speculation about where it can get to especially with increased adoption. Suggestions that it can cross $100,000 exist and don’t actually look like mentally dehydrated talk at all. You might have had this question pop into your mind while reading this:

“Are there more tokens with the potential to move like $BTC and produce a 1.5 – 3.3x profit?”

The answer is yes.

$ee you next time!!

***DISCLAIMER***

Featured Token posts with trade analysis are based on a personal prediction model and not to be taken as financial advice. Readers are required to conduct their own research and consult with the relevant industry professionals.