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Galaxy Digital: Bitcoin and ether will double by mid-2023

Galaxy Co-Chairman Jason Urban told Kitco News in an interview that Bitcoin and Ethereum are moving forward steadily and could rise in price by 100% in the second quarter of 2023.

Market order (market) - an order to the exchange to open a deal instantly at the current price.

Limit order (limit) - an order to the exchange to open a deal at a specific price.

Market Maker (MM) - a person/organization that uses limit orders to ensure the liquidity of an instrument. MM is able to manipulate the movement of quotes.

Liquidity - the ability to quickly buy/sell an instrument. This is the amount of money in the glass (table of limit orders).

Flat (consolidation) is a narrow lateral price range on the chart.

A trend is a strong directional movement, accompanied by an orderly movement of extremes.

Extremes - obvious price lows and highs on the chart.

High - price maximum, low - price minimum.

Level - a line formed by 3 extremums.

Shelf (pool) of liquidity - a zone of massive concentration of stop orders, which is used by large players to take positions. Such pools are located at visible price levels.

Structure break (BOS) - updating the last low, which led to the last high high in case of an uptrend, or updating the last high, which led to the last low low, in case of a downtrend.

An order block is a candle that has generated a strong movement due to the manipulation of the market maker. Growth or fall begins with it, and therefore a large number of limit orders are concentrated here.

Imbalance - too fast price movement, leaving behind a volume gap within 3 adjacent candles.

Absorption is a formation of 2 adjacent candles, the last of which completely covers the body of the first.

Pin bar - a reversal candlestick formation with a large shadow and a very small body.

OTE is the optimal area for opening a trade. It is determined by stretching the Fibonacci on the extreme wave of the movement. OTE - range between 0.62 and 0.79

The market is positive today, most of the violas are green. BTC is now trading above $40,500, ETH is trading around $3,000.

Bitcoin dominance: 42%

Index of fear and greed: 27 (fear)

DROWS

A drawdown is a temporary state of a trade in which the current price of an asset is below the average position price.

Since we work with market uncertainty and our own psyche, everyone makes mistakes and drawdowns, even the most experienced investors and traders. This is fine.

3 options you can take:

1. Do nothing

We treat the situation as an exercise in patience.

Patience and the ability to wait are the most important qualities necessary for success in investing and trading.

We analyze possible mistakes in risk management that led to the current situation. We draw conclusions.

2. Averaging

With a well-designed risk management system, drawdowns do not cause any negative emotions, but are an excellent opportunity to gain a larger position at the best price.

3. Deal within a deal

If the average position price does not give you peace of mind, and the target deposit is exhausted, then you can take active steps to reduce it.

The method is suitable for more experienced investors with trading skills, free funds to work with a deal and a willingness to take additional risks.

1. Determine a strong support level.

2. We collect additional volume (realizing the additional risk). 3. In case of a rebound by 30-50%, we sell this volume.

By making several such trades, you can significantly reduce the average position price.

All three methods refer exclusively to assets for which a full analysis has been carried out and their potential for growth in the future is obvious.

Jack Schwager Technical Analysis. Full course.

Jack Schwager is a recognized expert in financial markets. He wrote this book based on his own experience. This is not just a collection of basic terms and market tools - this is a practical guide that tells you how to correctly apply the theory in real trading.

Thomas Bulkowski. "The Complete Encyclopedia of Graphic Models".

The author did a really painstaking, and therefore unique analytical work - he provided comprehensive statistical data for each of the figures of technical analysis. Based on the collected data, he describes in detail how and under what conditions this or that figure works. The book is voluminous, so it is worth starting with those figures that you use most often.

Steve Nison Japanese Candlesticks. Graphical analysis of financial markets”.

Japanese candlesticks are a technical analysis system that was used in the East in the 18th century, but in the West they learned about it much later. But this is the most convenient and understandable analytical tool! So the book of one of the most famous technical analysts, Steve Nison, is a wonderful guide for both beginners and already experienced traders and investors. After all, despite the title, the book is devoted not only to technical analysis, but also to the psychology of trading.